What is Accounting software and why do you need it?
Accounting software helps accountants, bookkeepers and business owners to manage accounts and process financial transactions. Every business has its own individual needs when it comes to accounting software. Some companies may require complex software – for others, generic software may suffice. Accounting software is a gift to modern businesses and makes accounting tasks simple to analyze and understand.
Main features of Accounting software:
- Record of financial transactions
- Payment processing
- Prevention of human error
- Automated updates
- Electronic tax payments
- Mobile friendly
- Helps with time management and productivity
How to Choose the Right Fit for your business?
There are a few things to consider before making your accounting-software-choice. Obviously there are many options and it all boils down to finding the software that best suits your needs. But these 5 tips can make things easier.
1. Identify your business’s unique needs
2. Be sure to do your research online and off
3. Explore cloud-based softwares
4. Know what your budget is from the get-go
5. Seek advice and expertise from your accountant
How much should a small business expect to pay for accounting software?
There is some great accounting software on the market and much of it is affordable for small business owners. Providers such as Intuit Quickbooks, Oracle Netsuite and Freshbooks are worthy of your attention. Below is a quick glance at their pricing.
Intuit Quickbooks for small business has 3 pricing tiers including the Simple Start plan, Essentials plan and the Plus plan. Each tier assists with invoicing, payroll, BAS and more. There are no locked-in contracts and you can cancel anytime plus Quickbooks allows you to integrate with over 500 apps.
- Simple – $11/month
- Essentials – $18.50/month
- Plus – $26/month
Oracle Netsuite Cloud Financial Management Software is the first choice for many organizations, it caters to small and mid-size businesses to enterprises and global companies.
- It costs $999 for their monthly licensing fee PLUS a per-user charge, which starts at $99/month.
Freshbooks has 3 tiers, Lite, Plus and Premium, in addition to a customizable fourth tier which is for businesses with more complex needs. Freshbooks also offers a stack of features and you can try it for free.
- Lite – $6/month
- Plus – $10.50/month
- Premium – $15/month
- Select – custom pricing
In 2022, accounting software is paramount for all businesses, whatever the size. It assists accounting professionals with payroll, invoicing, managing expenses and tax filing. It also reduces mistakes (often due to human error).
If you’re a business owner looking for speedy data entry capabilities as well as an all-in-one internal database – then accounting software can give you the assistance you deserve.
Accounting software for small businesses can help you organize your company all-around. Let us find the Right Accounting Software for you today!