Whether dealing with personal or business taxes, or just keeping track of expenses, many people end up feeling frustrated when trying to manage their finances and accounts, and this often can be a big obstacle to the success of their business or savings objectives.
But getting your head around figures is essential if you want your business to succeed – it is extremely rare for businesses to succeed without having a deep understanding of their costs and cashflow, and their tax position.
If you aren’t mathematically inclined, you may be more prone to making mistakes as you keep your records, and these mistakes can cause you to either lose money, or at the least, to lose sleep over the possibility of getting audited by the taxman! Maths isn’t everybody’s area of expertise, but the fact that business accounting requires competence with maths shouldn’t deter you from starting a small business and managing your accounting requirements.
Fortunately, there are lots of advanced technological tools that can allow you to keep your own accounting records more simply and accurately. In this post, we will briefly discuss the top 5 accounting software packages that were specially created with small businesses in mind. Whatever kind of small business you are running, you’ll find it easier to keep your own records accurately, and your other account management processes will be simplified too.
In no particular order, here are the 5 best accounting software packages for small businesses:
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FreshBooks
This tool is very popular because it has been around for longer than most others. It initially started out as a tool for generating invoices and tracking expenses. Now, it is widely used to process payroll as well as other expenses. It can also be used to track timesheets and to produce financial reports. These days, FreshBooks can even be linked with customer service smartphone apps.
QuickBooks Online
This is one of the most versatile accounting tools out there for small business owners and entrepreneurs. It contains dashboards that display all your important data and your financial records. It can generate customizable financial reports. It can also be used to create invoices, generate online payment receipts, and process payroll. It can automatically record the information from your receipts to generate a catalog of your expenses. It can also be synchronized with bank accounts as well as credit cards, which allows you to view all your financial data in one place. When it’s time to file for taxes, you won’t have to go digging around for old receipts because QuickBooks Online will have a record of all your transactions.
Xero
The Xero website offers a great accounting package for entrepreneurs, and it includes lots of features that are similar to those found on QuickBooks and FreshBooks, all in the same place. With Xero, you will get an intuitive dashboard that shows a summarized version of your financial information, features for payroll and expense processing, a feature that allows you to create invoices and synchronize them with your bank account, and of course, functions that allow you to create standard reports and to customize them. Another big selling point is that there is no limit when it comes to how many users you can add, add as many as you like, there is no extra charge. Find out more about Xero here.
Sage One
If you run a solo enterprise, Sage One is definitely something you should consider using. For a small monthly fee of less than $10, this package allows you to easily create invoices, and you can use it to receive online payments. There is a slightly more expensive version of Sage One that has a lot more functionalities than the basic version. With the upgraded version, you can generate accounting reports, track expenses, manage your time, and manage projects (this feature comes in handy when your business requires you to deal with contractors).
Sighted
This is a simple yet powerful accounting solution that is extremely useful for small businesses. As an entrepreneur, you can use it to create invoices and quotes. You can also integrate it with whatever online payment system you are using so that you can have an easier time managing your transactions as well as client and merchant details. Sighted comes at 3 different price levels, so you can select one that offers all the features you want at the most affordable price.
About Carson Derrow
