If you are an entrepreneur who handles either a small-scale business or manages a large group of companies together, all the time, several activities are going to happen. Handle all the activities, either management-based or accounting-based, could be challenging for the business at a time. Due to these reasons, it has become necessary that almost all companies use accounting software to stay updated. Nowadays, many organizations or small businesses capitalize on the accounting software to be competitive in the market, predict possible risks, and improve the accounting system’s efficiency.
If we talk about small businesses, then their owners take advantage of accounting software because it helps them track accounts receivable, accounts payable, have precise know-how of their profitability, and be ready for tax season. In this accounting software era, Small businesses may use out-of-the-box management and accounting software without extensive customization based on the type of business. For example, if a business grows, its accounting matters become complex, and a custom-made ERP is often needed.
If a small enterprise uses such IT software, it may create in-house expertise to deal with their accounting problems. Some businesses may outsource their IT function, or it is also the case that they may take the services of a technical staffing agency to find the right personnel for the right job.
Technical staffing agencies are based on strategic thinking, related experience, and an interpretative understanding of the actual problems businesses face daily. These technical staffing agencies aim to find out the long-term solutions to accounting challenges; technical staffing agency works towards getting maximum returns with minimum capital without taking a shortcut.
Here we have explained a few accounting software that helps small enterprises run businesses smoothly and briefly describe their types. These all are considered based on cost, easy to use, integration and scalability.
- QuickBooks Online:
QuickBooks online not only used by the majority of small business accounting professionals, but there are also many continuous online training resources and forums to get help when needed. Its accounting functions can be easily accessed on one dashboard, which makes bookkeeping more efficient.
- Easy to use
- Integration with third-party applications
After 30 days free trial, the four subscription options based on monthly plans are: Simple at $25, Essentials at $40, Plus $70, and Advanced at $150.
Xero is the best for micro-businesses with a clean and straightforward interface that fully integrates with a third-party payroll system. Businesses can accumulate payment online from customers through Stripe and GoCardless.
- Mobile app
- Third-party app marketplace
- easy inventory management
Xero offers three monthly subscriptions are: Early at $9, Growing at $30, and Established at $60.
FreshBooks provides more customization options in terms of invoicing features compared to other accounting software. Its main feature is to transfer, receive, print, and pay invoices apart from bookkeeping.
- User-friendly interface
- Advanced invoicing features
A customer can get its Lite version at $15, Plus at $25, Premium at $50, and a custom service with custom pricing.
- QuickBooks Self-Employed:
QuickBooks Self-Employed software is a priority choice for part-time freelancers and independent contractors who want to trace their income and expenditure for their tax return.
- Mobile app
- Syncs with TurboTax
Its monthly subscription is: Self-Employed at $15, Self-Employed Tax Bundle at $25, and Self-Employed Live Tax Bundle at $35. For the first three months, a 50% discount is also offered for the users.
Wave is perfect accounting software for a service-based small business that sends invoices and doesn’t require trace inventory or payroll. At the end of the year, accountants can also get the essential reports to prepare a business’ tax return from the wave.
- Free accounting, invoicing, and receipt scanning
- Unlimited transaction or billings
- Run various businesses on one account
- Unlimited number of users
It offers two payroll plans; the first plan is $20 plus $6 per employee or contractor.
There are many different kinds of accounting software available for small businesses online, varying their abilities to do specific functions and price tags. Typically, the industry type and amount of employees are the factors that help a small business entrepreneur to begin to choose the appropriate accounting software. If there is a limitation of resources to recruit the perfect employee that deals with accounting software application and usage perfectly, then technical staffing agencies exist in the market to help the entrepreneur find the best candidate for small business. For example, a freelancer may not require or use the same accounting software functions as a restaurant keeper.
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