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Top five accounting software every business owner should consider

By SoftwareHub NG /Jan 25, 2022 /323 Views

Accounting is very important aspect of every business. Accounting and proper book-keeping record is a major success factor for small and emerging businesses. The traditional use of books, pieces of paper, manuals, is gradually fading as a lot of businesses rely on internet and social media awareness which breeds more outreach, this development influences the high need for software that aid other aspects of businesses especially accounting.

There are software which make tracking of finances easy to navigate. Poor accounting habit kills due to lack of calculation, improper funds control, poor knowledge of finance management and many problems. The software listed below would be of utmost importance to businesses in their activities.

  1. Xero is an accounting software with over three million subscribers, founded in New Zealand and has a team of 4,000 staff working to satisfy customers and maximise positive feedback. They specialise in payment and tracking of bills, calculate spending, connect clients’ banks to the app and set up bank feeds, accepts payments and track projects for a secured transactions. The good news is one can access the app through a one month free trial before paying $22 monthly.
  2. FreshBooks was specifically built to meet the needs of self-employed professionals built in 2003 by the founder, Mike, after the loss of his invoices which led him to seek better ways of accounting, he later programmed what led to the birth of FreshBooks in United States of America. Creation of opportunities for clients and business owners to account for their various income streams, over twenty four million users, payment of sixty billion invoices and saving 192 work hours are what they boast of.They manage projects, make online payments, tracks time, covers expenses and receipts, creates professional invoices software with a brands personalised logo. Creates financial summary and report documentation and security; a good place for freelancers and contractors. One can earn through affiliate, referrals, reselling, and development programs. Each of these features can be tried for free for startups.
  3. Quickbooks comes to mind for it's smooth running features good for startups, medium businesses, accountants and book keepers. They create solutions for manufacturing, wholesale, distribution, professional, chemical, food and beverage industries, none profit organizations inclusive. They manage inventory, cash flow, invoice, value added tax and overall business finance. It creates a good quality HR software management boosting efficiency and profit. Developers can be partners as it offers access to Sage products certification, developers support, education, access to Sage university and e-learning promotional opportunities.
  4. Waveapps is for simple bookkeeping for small businesses. It understands, accounts, and manages finances mainly for accounting and professional invoicing which are done for free but no other services. The con of this software is its limited problem solving features but the usability comes comes with little charges. It manages payroll, tracks funds and utility of businesses according to their percentage and securely kept against intruders.
  5. GoDaddy is the best for e-commerce businesses for it's specifics. Founded by Bob Parsons in 1997 Arizona, United States, a public internet domain which has over 20 million customers and 9,000 employees.  It solves almost all aspects of business from creation of domain name to provision of digital marketing suite, marketing tools like content and photo creation, e-mail creation with domain name which makes one's business look professional, web hosting, website building, protection against malware, WordPress hosting. They create business reports for both profit and loss transactions, online payment process, track expenses and monitor sales and payment is required to access these services.

Reasons businesses must have a good accounting software

« Software accounting enables the growth of careers through its various features which enables ease and less time consumption. Steady automated reminders of clients to track and settle pending customers, ensures payment and online bank transfer.

« These software show percentages of where finances are channeled. It promotes intentional spending and waves the need for hardcopy receipt to avoid the risk of losing it.

« Bank reconciliation made easy because of the inter connection of bank accounts to the software which make settling differences easy by verifying confirmation of accounts.

« Good accounting apps adjust to ones set local tax regulations providing a better understanding of a good working space.

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