Top 10 Accounting Software’s for your Business

The phenomenon of Accounting software came into existence to help the small-scale firms manage their financial tasks with ease and accuracy. These are tasks like auditing, financial accounting, income, expenses, equities, tax compliances. These software’s are a quick and cost effective solution for small scale businesses rather than hiring a full time accountant for keeping a track of their tax returns, payrolls and accounting needs. The confusion arises where these firms have to choose an accounting software with a lot of options in the market right now. We have prepared a list to help you narrow down your options and ultimately choose the right accounting software for your firm.

List of Best Accounting Software’s

With the rapid advancement in the online working trends, the finance and accounting domain is quickly adapting to the accounting software’s, management systems. There are also multiple learning systems and employee training tools, to manage time when it comes to training interns and getting them familiar with the organization's hierarchy.

QuickBooks Accounting System

This is a cloud based accounting software that provides services to free-lance consumers and to small scale firms. The QuickBooks accounting system is also utilized in restaurants, retail organizations and other nonprofit firms. Coming to the main features of this accounting software, it provides accessibility in real time, enhanced reporting accuracy, automatic invoicing and choosing from different invoicing templates.

QuickBooks accounting system also provides the ability for multiple people to host while simultaneously protecting your data as well. Using this accounting software allows you to have a seamless collaboration between multiple employees within the organization immersed in solving accounting queries. By using this accounting system, you can also cater to payroll, bookkeeping and taxation needs.

Here are some of the specifications you get with quick books accounting system:

• Invoicing
• Tax Calculations
• Automation
• Payroll management
• Sales Tax Surveillance
• Report management

NetSuite

Another cloud based software, NetSuite is a one stop solution for all your ERP applications, financial statements and inventory management. NetSuite also provides functions for HRs to explore. Like QuickBooks there is plenty of automation, aimed to provide a seamless accounting experience to your accounting personnel. NetSuite is great for small scale firms and businesses in the transitional phase of achieving the status of a mid-sized business. Their data accessibility interface is quite familiar and is great for PE or VC based business. You can also opt for manual processes so that you have the complete command over your data. NetSuite is a great way to adhere to financial standards and policies.

Following are some of the key features of NetSuite:

• Get all around visibility and efficiently do cash management.
• Accounts receivable tools save time.
• All in one software for tax management be it local or global.
• Provides assets solution with a fully integrated system.

Xero

Xero is ideal for small scale businesses, freelance accountants and bookkeepers. It gives you the ease of access when it comes to simplifying the day-to-day tasks that are time consuming. These are things like updating records on spreadsheets. Xero offers you the exclusivity to connect to 1000+ other vendor applications. It also provides tools for construction and retail businesses, and other non-profit organizations.

Here are some of the key features you get with Xero:

• Produce reports concerning different currencies by using its reporting function.
• Accumulate and schedule the payments of bills through online payment and automation.
• Xero provides automation in terms of generating tax returns and expense reports.
• Provide a secure bank feed according to the requirement of the user.
• Arrange bank transactions.
• Provide a safe route for file management for employees.
• Provide flexibility in reporting, trail inventory and purchasing orders.

Sage Intact

Sage intact deals with accounting, ERP and offers management in analytics, HR and payroll requirements for clients. With sage intact you have functions at your disposal such as advanced functionality that is useful in automating and providing seamless finance processing. Easy to use dashboards and reporting interface which provides simultaneous collaboration, efficient data-driven insights and eye catchy visual elements for billing management.

• Reduce time required for accounts payable processing using automation
• Automation of revenue recognition performance
• Provide an easier way for general ledger tasks by using GL powered AI.
• Provide healthy stock quantity utilizing its inventory management module.
• Provide an easy to manage tax requirements using Sage’s Intacct Multi-tax.

Thomson Reuters CS Professional Suite

The Thomson Reuters CS Professional Suite is adaptable everywhere from small scale to large business owners. There are 9 dedicated services available, from basic accounting functions to financial advisory services that are used simultaneously to create a seamless workflow experience in a finance firm. Just the accounting and auditing module provides three important components: accounting software for solving all accounting queries, an audit management software, and a tax management and balance software.

Nevertheless, here are some of the key takeaways you get with Thomson Reuters CS Professional Suite:

• Mobile friendly and adaptable usage using SaaS, Virtual office CS.
• Transfer the data with ease from the spreadsheets or other platforms directly to CS.
• Modify reports according to the user's needs.
• Allows the option to work with clients using clients’ portals and websites.
• Provides a seamless tax preparation experience using its tax and asset management options.

Fresh Books

Fresh books is one of the more unique accounting softwares as it offers a design tailor made for freelancers and self-employed personnel in the field of accounting and finance. Fresh books is a software used by small scale firms. This software provides real time accounting tools. Fresh books is readily available with basic and advanced accounting tools, expense tracking, tax tools, and automated online invoicing. It also provides options for synching data across multiple devices, make routine charts of accounts. It can also make ready-made reports on different financial terms.

• The receiving of direct payments and managing them through automation.
• Surveillance of expenses and receipts with accuracy using the expense tracking module.
• Ease of collaboration with clients to ensure utmost productivity.
• Provide ease in payroll processing through association with platforms like Gusto.

Truly Small Accounting

Truly small Accounting, as the name implies is specifically for small scale businesses. This includes freelancers, operators, and contractors. This software relies on automation a lot and has advertised itself as an easy to adapt platform. Its smart inbox feature is an email alternative plus it also provides settings to make your interface look unique. There is also an invoicing app to assist in keeping an eye on cash flow. 

Here are some of its key features:

• Helps keep the user updated regarding simultaneous sales and tax tracking.
• Compliant with IRS/CRA standards
• Access year old files within 30 minutes
• Multi conversions assisted by multi-currency support.