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

Last updated: 11 Nov, 2019 By | 6 Minutes Read

There is a plethora of accounting software that is available today and this is mainly because companies and businesses have veered around to the view that it pays to make the accounting process simple and manageable. Hitherto, the scenario was quite the opposite.

Traditional bookkeeping entailed the deployment of staff in large numbers and tedious manual entry and processing of data. Not only did this block the services of qualified manpower in time-consuming and repetitive tasks, but it also could not guarantee high degrees of precision and accuracy since human errors had to be factored in too. Use of 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 this activity. There are many advantages that can be had from this. The first is that you do not have to invest in infrastructure such as hardware and software to set up an accounts department. This savings can be better utilized for product launches and offering competitive pricing to be ahead of the competition. Further, by not having to supervise this activity in-house, you will have all the time to focus on business growth and development.

The top 3 tools for better accounting that is universally acknowledged to be the top of the line ones 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 to streamline your bookkeeping process.

Some of the main features offered by these tools are given here but it has to be kept in mind that these are just the important ones and the list is by no means exhaustive in nature.

Xero :

  • Monitor Cash Flow in Real-Time – You can monitor and view your financials any time from a remote location on an Internet-enabled device such as your smartphone, tablet or laptop.
  • Integration of Third-Party Applications – Hundreds of applications such as inventory management, invoice management, and payroll management can be integrated in Xero, thereby giving 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 the state of your finances almost on a real-time basis and unlike traditional methods, do not have to wait 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 these tools so useful.

Recommended Post: Accounting Software For Small Business: Gather Information To Make Quality Decisions

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.

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