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Blog » Top 3 Tools for Better Accounting – Xero, QuickBooks and NetSuite

Top 3 Tools for Better Accounting – Xero, QuickBooks and NetSuite

Last updated: 13 Oct, 2023 By | 6 Minutes Read


Are you looking for a reliable accounting tool for your business? You have come to the right place. Today, companies have realized the potential of accounting software in streamlining their processes. Yet, some businesses cannot make the right decision as plenty of software is available in the market.

Traditional bookkeeping involves deploying employees for tedious manual entry and data processing. It not only shifts the focus of in-house teams but also does not ensure accuracy in numbers. Leveraging accounting software has gone a long way to simplifying the accounting process.

Another trend that has recently emerged is the outsourcing of accounting functions to agencies that can comprehensively handle your books. It offers benefits like zero investment in infrastructure, such as hardware and software, to set up an accounts department. These savings can be better utilized for product launches and offering competitive pricing. Further, you will have all the time to focus on business growth and development.

Top accounting tools that are universally acknowledged are Xero, QuickBooks and Netsuite. All three have features that can be specifically structured to meet your business requirements. You can also avail of QuickBooks Accounting, Netsuite Accounting or Xero accounting services offered by outsourcing agencies.

Let’s explore the major benefits offered by these tools. However, remember, they are not limited only a few these, there’s a long list.

Benefits of  the Right Accounting Tool – Xero, QuickBooks and NetSuite

Xero :

  • Monitor Cash Flow in Real-Time – You can monitor and view your financials on an Internet-enabled device such as your smartphone, tablet or laptop.
  • Integration of Third-Party Applications – Integrate inventory management, invoice management, and payroll management in Xero with ease. It gives you access to the best and most advanced apps available.
  • Customize Purchase Orders on the Move – Have total control over what has been requisitioned from your suppliers and delivery schedule even on the go. Access fields that complement specific devices such as an iPad.
  • Attaching Specific Files – This feature is very useful as it enables you to backup and authenticate all transactions with documentary proof. It is easy – just drag and drop scanned copies of documents and invoices in Xero and later match and collate them with those on file.

QuickBooks :

  • Availability of Updated Reports – You can get updated reports of your finances on a real-time basis unlike traditional methods. No more waiting till the end of the quarter, half year or accounting year. This will help you take quick business decisions.
  • Invoice Management – QuickBooks fully takes control of all your invoicing functions. If you outsource your bookkeeping functions to QuickBooks accounting services, the agency will print, dispatch and monitor every invoice throughout its life cycle so that all payments are received on time. You will not have any problem with cash flow for your business.
  • Bank Reconciliation – With QuickBooks bookkeeping, bank reconciliation is always kept updated at monthly intervals. This ensures that your cash book is balanced as are other heads of accounts that are directly linked to receipts and payments.
  • Employee Documentation – When an employee is hired, there is a large amount of documentation that is required which has to be submitted to state authorities. These can be very complicated. However, one of the features of QuickBooks is the built-in formats that make this task very easy. The software also helps payroll management and tax calculations.

Netsuite :

  • Perfect eCommerce Platform – In today’s business environment, there is a touch of ecommerce for most companies since potential buyers today prefer to search online for products and place orders instantly. Netsuite perfectly complements these functions through optimized inventory management, order execution and business analytics.
  • Real-Time Dashboard – A dashboard that operates on a real-time basis ensures that you are always updated on all accounting heads and by default the overall financial position. Netsuite accounting services will process all data at your end and such important parameters as receivables, payables, income and expenses can be instantly viewed from the dashboard.
  • Payroll Management – This crucial activity is fully taken care of by Netsuite software. Simply fill in the particulars of salary and deductions and the processing will be taken care of. Better still, upload these particulars to outsourced agencies and payroll management including tax computation will be implemented timely.
  • Seamless Integration with Your System – Now that the benefits of outsourcing accounting functions have been established, Netsuite takes it a step further. Services offering this software seamlessly integrate with your systems such as important parameters as vendor management, business analysis, and profitability, enabling you to manage and monitor your business better.

Even though these characteristics have been compartmentalized under different heads, there are many features that overlap each other and are common to two or more. This is what makes an accounting tool so useful.

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If you are looking for a top of the line QuickBooks Accounting, Netsuite Accounting or Xero Accounting services, contact Cogneesol. We are leaders in this field offering assured and consistent results, guaranteed to make accounting functions easy for you. For more information, visit www.cogneesol.com.