Top Accounting Software for small businesses to choose in 2019
Which is the best Accounting software for small businesses in 2019? It’s a question on many minds as we walk through another year of fast-paced technology and its application in accounting. Keeping tabs with the latest in the industry, here’s a list of the best accounting software for small businesses in 2019.
Before we dive into the list, let’s see what accounting software can do for you and why it is so important.
The Importance of Accounting Software
Accounting Software brings together the systems and applications that help organizations manage and process their financial data. This software is used by bookkeeping teams and accounting professionals to perform accounting tasks, automate operations, record and monitor accounting records, measure indicators and provide a comprehensive report of the organization’s financial activities.
According to a new market report published by Transparency Market Research, the global accounting software market was valued at US$ 5,715.9 Mn in 2017 and is expected to reach US$ 11,771.6 Mn by 2026, expanding at a CAGR of 8.6% from 2018 to 2026. As the numbers clearly show, organizations recognize the importance of accounting software and are adopting it across their financial functions. Good accounting software provides the following benefits:
By automating systematic operations and bookkeeping processes, accounting software helps to minimize errors that can come with manual operations.
What could be faster at calculations than a computer? This benefit is complemented with the introduction of automation in the processes. By configuring accounting software to automatically process each entry, the need for balancing the books or calculating taxes and expenses manually is completely removed. The information is thus available in just a few clicks at any time you want.
Reduced overall costs
Through automation and faster processing speeds, accounting software frees up your accounting resources to do more in a significantly lesser time. Reduced labor and administration costs with increased efficiency can mean major cost savings for the organization in the long run.
Built-in reporting modules allow for comprehensive reports to be made available immediately. In just a few clicks all the information is processed by the software in real time.
Good accounting software allows the easy integration of tax return applications with the existing system. With financial data stored and processed systematically and tax variables in place, the software calculates your tax returns without much manual effort.
4 Best Accounting Software for small businesses in 2019
FreshBooks makes it easy to address recurring invoices and subscriptions and integrates seamlessly with existing business applications. A single dashboard allows users to manage all their financial transactions without the need for additional software. The company continues to add features and capabilities to simplify and streamline financial management for business.
Some of the features that put FreshBooks on our list:
- Absolute Control — FreshBooks eliminates the need for any other software, as it integrates all necessary functions in one complete suite. Users can access all that they need from a single dashboard.
- Collaboration — The software allows for easy collaboration among teams and thus improves work quality.
- Mobile optimization — Mobile add-ons for Android and iOS makes it easy to access the software on the go.
- Time Tracking — The tool allows you to integrate time tracking with billing, enabling freelancers and business professionals to directly bill and get paid online for their work.
QuickBooks is sized at approximately 29 million businesses in the US and enjoys an 80% market share with small businesses. It keeps improving its product features. It recently launched a sales tax calculator landing page on its site. This was done with the goal of helping small and midsize businesses see how local sales tax affects their business.
Some of its other excellent features are:
- Easy Navigation — In addition to displaying well-placed icons to the most important functions, QuickBooks Online uses a combination of graphs, lists, charts, and menus to make information actionable.
- Helpful Modules — The application allows you to access and implement the different accounting task and functions in a logical and easy way. You can choose subsets and perform batch actions.
- Extensibility — QuickBooks can be integrated with hundreds of third-party applications. This way, you can gain access to a number of other built-in functions through add-ons
- Thorough Reports — By capturing and systematically processing financial data, Quickbooks offers a number of custom templates for comprehensive reporting. Among its excellent record keeping features is inventory tracking with the help of billable time-entries, weekly timesheets etc.
- Sage 50cloud
Sage 50Cloud is fast gaining momentum with its top-of-the-line cloud-based applications. The company saw a 10.5% boost to its recurring revenue, which came in at £387m at the close of 2018. The firm’s subscription services grow by almost a third and generated £237m. Among the many features that make Sage 50cloud unique is that its user’s sites are populated with their own sales tax return rates.
Some of the features of Sage 50cloud that puts it on our list:
- Extreme Flexibility — The application has a robust hybrid solution by combining desktop software along with powerful features enabled by the cloud.
- High security — Screen-level user access and high-level security measures ensure the protection of your financial data.
- Affordable — With a view to helping small businesses, Sage 50cloud provides affordable enterprise-grade features.
- Excellent Support — Sage University is an excellent tool provided by the application, with training modules, support articles and on-demand help.
- Zoho Books
Zoho Books is an extremely efficient cloud-based accounting solution. Its functionalities are particularly convenient for small businesses. With a straightforward approach to accounting, Zoho Books cuts out the trimmings and gives small businesses access to the functionalities that matter in an easy way. In October 2018, it announced its efforts to simplify Making Tax Digital (MTD) compliance by allowing the submission of VAT returns under the UK government’s MTD program.
Some great features of Zoho Books:
- Automated Payment Reminders — This is a functionality that helps SMBs keep on top of their invoices and ensure collection of due payments. Recurring activities like billing, payment reminders, auto charge, and acknowledgment notes after payment are automated.
- Simple but Sufficient — It offers all the features that a small business needs including invoices, expenses, sales and purchase orders, time tracking and inventory management.
- Automation of Bank Feeds — It eliminates the need for extensive data entry by allowing the easy import of bank and credit card details. It organizes data in compliance with the banks’ rules and makes compliance easier.
- Collaboration — Collaboration features allows vendors, clients, and other users to comment, accept/ decline estimates and e actively involved through the application itself.
These were on our list of the best accounting software for small businesses in 2019. With INFINCE simplify the implementation of your accounting system and run your business efficiently with the best accounting technologies. Get in touch with us now to learn more about how your business can benefit from INFINCE.
Vinod has conceptualized and delivered niche mobility products that cater to various domains including logistics, media & non-profits. He leads, mentors & coaches a team of Project Coordinators & Analysts at Fingent.