The Best Accounting Software for Small Business
Accounting software for small business helps owners and executives easily track the way money is flowing into, through and out of their organization to gain perspective on the financial health of operations.
Business owners can deploy a range of mobile and cloud-based technologies to track money flow and glean insights that drive C-Level decisionmaking by using accounting software for small business. Technology helps to streamline and automate accounts receivable and payable, making expenses, revenue, taxes and bookkeeping more efficient and easier to manage.
Accounting software for small businesses can help business owners:
- Automate expense tracking
- Create budgets based on past financial data
- Build financial reports
- Analyze overall trends to inform decisions
- Easily gather information for, and file, taxes
In this article, we’ll discuss the best accounting software for small business and how each can be used to enhance your business’s performance and success.
The best accounting software for small business
There are dozens of technologies that can be used to manage all aspects of business accounting, from bill payments and invoicing to general accounting and tax preparation.
Perhaps the most well-known accounting software, QuickBooks is a powerful and essential accounting tool. that companies can use for a wide-range of financial obligations, such as:
- Generating financial reports
- Invoicing customers
- Automating bill payments
- Tracking employee time, expenses, capacity and pay
- Understanding fluctuations in inventory
- Preparing and filing taxes
With QuickBooks, companies can easily generate cash flow and profit-loss reports, and view/edit their balance sheets and income statements. This accounting software for small businesses gives owners a snapshot of company finances.
Best yet, QuickBooks can be easily integrated with third-party accounting software for small businesses to more seamlessly automate financial processes.
Sage Intacct is another powerful accounting platform that provides essential cloud-based automation tools. Similar to QuickBooks, Sage Intacct offers automation for revenue, billing, and accounts payable and receivable. It also offers as many as 150 standard financial reports and the ability to customize even more. It has built-in tools that help small businesses increase their margins to improve cash flow and profitability.
Expensify is a pre-accounting tool in the sense that it preemptively tracks company expenses that can be seamlessly synced with broader accounting software for small businesses, such as QuickBooks and Sage Intacct. Expensify has a niche focus on expense management and automation. Its mobile app makes it easy for employees to take photos of and upload receipts.
By enabling expense reports to be filed with just a few clicks from their mobile phones, employees are incentivized to file faster, giving business owners up-to-the-minute transparency into the company’s state of financial affairs.
Bill.com is a central hub for invoices, payments and overall bill management. The cloud-based platform facilitates secure ACH payments and automates approvals so that vendors are paid on time with little additional input from employees. Since it can be integrated with leading accounting software for small business, such as QuickBooks and Sage Intacct, it eliminates the need for multiple points of data entry.
How Accounting Software Makes Businesses More Efficient
By using cloud-based technologies to manage accounting data, small businesses can save time and money. Time can be saved through automation, which removes the need for repetitive data entry and unloads the burden of timely invoicing and payments from employees. Companies can save money by delegating some tasks to platforms that might previously have required the work of accountants.
In a 2020 poll by Sage of 3,000 accounting professionals, 58% of accountants said technology had improved their efficiency and productivity. A vast majority of the respondents, 91%, said technology had enabled them to focus on their clients, or simply be more productive. Much of the efficiencies came from accounting software for small business, which allowed them to automate repetitive, time-consuming accounting tasks such as data entry and calculations.
Custom Accounting Software For Small Business
Accounting technologies increase efficiencies and business intelligence, giving owners more time back and arming them with the knowledge they need to help their businesses overcome challenges and flourish.
Once small businesses set up the accounting processes and customize their workspaces, they can lean on accounting software for small business to complete important financial tasks without having to bring on an expensive accountant for all the heavy lifting. Processes will be automated into perpetuity, with little upkeep required, giving business owners and their teams the ability to focus on clients and strategy.
The A Team Can Help You Get Started
The A Team’s professional accountants and CFOs have extensive experience working with the best accounting software for small business and can help your team embrace these new technologies. Our professionals can help with the initial set up of financial systems automations and account integrations to help you build compliant accounting workflows.