Top 10 Best Bookkeeping and Accounting Software for Small Business | 2018
5 Factors to Consider in Selecting Bookkeeping Software: It is very important that you keep tab of your finances so that you know where the money goes. Knowing the flow of your transactions give you perspective of where you are headed to. You can see if you are spending too much money on useless or important things. If you have a list of things where you have been spending your money on, you have a better chance at managing your finances. You can correct and improve some bad spending habits. It is going to be quite a laundry list though if you do not have bookkeeping software to aid you in the task.
The same thing applies if you are running a business because all the more that you will need a systematic account of its financial activity. Whether you are running a small-scale business or a large one, there are reports to be done, clients to be entertained and employees to be paid.
It is just apt that you seek comfort in a bookkeeping software to help you out with your business, not only in putting things in order but also to get you off the headache of tracking these details so that you can focus more on other equally important matters in your life.
Consider the following factors in selecting your software:
- Decide what you will use the software for. Are you going to use it for your own personal use or for your business? Software built for business purposes has a different interface.
- Take into account your budget. Obviously, you can only get the one that is within your budget, but try to look for software with features that has greater value for your personal and business use. You can also take advantage of free software but they have limited features. Each kind of software has its own merits and limitations, so it is up to you to decide if the free platform works for you.
- It should be easy to use because it is supposed to lighten up your work and not torture you with difficult to understand applications.
- Make sure that your software company offers excellent 24/7 technical support or customer service because you don’t know when certain applications get broken.
- Find out which one works for you- the online solutions or the offline solution. With online software, your account is accessible online anywhere in the world anytime as long as you are connected to the internet. Offline software, on the other hand, needs to be downloaded or installed in your pc. The installation process, sometimes, requires the help of a professional especially if it is a business account.
In general, choosing bookkeeping software that works best for you largely depends upon your needs. For business, the most suitable software is the one that really fits the type of business you have. Service-oriented businesses have different needs from product-oriented companies. Therefore, there might be features dedicated to a service business that are not useful to a business that carry large inventories of products.
How Small-Scale Businesses Can Benefit from Web Based Accounting Software
It used to be that only big companies are able to enjoy the benefit of bookkeeping system. Small enterprises back then could not afford the cost of having one installed in their office, so they would have to deal with the gruelling days of manual bookkeeping. However, those days are gone all because of the introduction of web based accounting software in the market.
Small businesses now have the option to automate the recording of their business transactions thereby decreasing workload for everybody. You know how recording business transactions the old way can be really time-consuming. You would have to manually enter accounting data into some columnar spreadsheets and compute the figures with a calculator or any available computing gadgets.
With business transactions getting more and more complicated each day, it becomes harder than ever for a clerk or a businessman to meet the demands of keeping these records up-to-date. It did not take that long for bookkeepers to realize that manual bookkeeping is no longer practical in this day and age because not later, accounting software became the ultimate answer to the problem.
Read on some more benefits that your business can gain out of using web based accounting software:
- There are fewer headaches on your part when it comes to maintaining it. Accounting software packages that are not hosted by third parties on the web are very expensive because that would mean hiring your own I.T guys to keep everything in check. That is just impractical for a small-scale business to hire additional staff for that work. Having a third party to host your accounting software will surely save you a lot of money and a lot of trouble because you would only have to think about your monthly payment of subscription.
- The start-up cost for this kind of software is very minimal and within range of affordability for small businesses. In fact, some companies offer a trial period. After which, regular fees can be billed. The monthly fees are usually based on the number of people registered as authorized users and the volume of transactions that need to be processed.
- Personnel are not restricted to access the system only in their office. When office hours are done, employees have the freedom to continue work at home or anywhere they want. It only takes them an internet to be able to access data files and they can resume work. This also gives flexibility to staff who are located overseas or assigned in other branches to work with and have access to important data without really physically going to the main office.
- Training your staff get acquainted with the new accounting software is usually taken care of by the third party company. Besides, the software is made to be easy even for the most unsophisticated internet user. A user manual or a video tutorial can also be provided to walk them through the whole process.
If you have limited resources, web based accounting software is your best option there.
Top 10 Best Bookkeeping & Accounting Software for Small Business:
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Award-winning online accounting software for small businesses and accountants in the UK. Take a 30 day free trial.
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