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Accounting Software for Small Businesses: Gather Information to Make Right Decisions

Last updated: 17 Jan, 2022 By | 6 Minutes Read

Small businesses, for decades, lost market share to bigger players due to limited options. One common example was that they’re unable to hire a large team of accountants to manage the books. The result was inaccuracy and human errors creeping too easily for liking. The introduction of accounting software has changed the markets, for better. Small and mid-sized businesses have got the same advantage.

These accounting applications have eased off the burden and brought that elusive competitive edge to them. The next step was to revolutionize the industry by offering cloud-based accounting services. Keeping the security and changing business trends in mind, big and small businesses shifted the focus to cloud computing.

Selecting the right accounting software is a difficult task. Businessmen should run through top options to know which one would be right for them.

1. QuickBooks Online

This is a mobile-based accounting application meant for professionals who want to access data through handheld devices. Quickbooks online accounting software is an ideal option for people who share the habit of working from anywhere, anyplace and anytime.

It also allows you to include the accountant and discuss reports with them without compromising on security, at all. Users can customize invoices and get fetch the latest information from bank accounts.

2. FreshBooks

Small businessmen prefer accounting software which does not require them to share extensive knowledge. FreshBooks is one of the easiest and convenient ways to manage daily accounting tasks, effortlessly.

Users can have access to PayPal or 12 other payment gateways to enhance business operations. With data encryption and data backup services, it offers unparalleled protecting against security threats.

3. Sage One

Sage One is specifically designed to cater to the challenges faced by small business owners. It also offers PayPal and Sage Payment Solutions to accept credit card payments.

As a user, you can send invoices, track payment status, connecting credit cards on the account and separate income from expenses, etc. The ease factor makes it one of the popular programs among small businesses.

4. Zoho Books

Small businesses can manage accounts better with Zoho Books. It offers different tools to help experienced and first-time users to harness the power of cloud accounting. Users can link bank accounts to create a list of transactions and categorize them.

The single most useful feature is that it allows businessmen to add other apps to enhance business productivity. There is an option to include Zoho Projects and Zoho CRM.

5. Xero

Xero is popular among small businesses for its wide range of features. It helps businessmen to manage inventory, order status, and reporting, etc. Businesses can use different applications considering business requirements.

Read Also: 5 Common QuickBooks Accounting Software Problems You May Face

Businesses should study each of these programs closely. It is only after doing research that you would be able to identify the right accounting software. You should try to avoid purchasing it based on a recommendation, alone. Your business has got a unique model and it requires accounting software based on it.  It is always recommended to outsource accounting services to an offshore service provider since it saves a big deal of your time and money.

Get in touch with Cogneesol and we can help you choose the best accounting software for your business.

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