If you are a small business, you will surely need an accounting software to manage your business functions. It has been observed that many of the US businesses fail as there is no appropriate bookkeeping system leading to inefficient money management.
An effective accounting software helps in automating the tasks, thus reducing the errors in the cash flow management and financial statements.
Accounting software has essential modules such as general ledger, accounts receivable, purchase order, billing, invoicing, sales order, and bookkeeping, which helps to keep track and store the financial information.
Some of the top accounting software are:
AvidXchange: This platform is specially designed for B2B companies, so that they can manage their bill payments and the accounts payable. Most of the paper invoices get easily lost, which this solution quickly resolves with the help of its electronic invoicing function. It keeps the records accurate and saves costs. The solution has an automatic payment function. AvidXchange is trusted by more than 5000 B2B companies across US.
QuickBooks Enterprise: The software provides an end-to-end solution for various businesses in different industries. It helps to integrate the inventory tracking, payroll, others without the help of the ERP implementation. It can seamlessly manage the workflows, extensive transaction data, and others.
Xero: Xero accounting software has revolutionized the complete accounting system. The software has many essential features, such as purchase orders, inventory, payroll, fixed assets, invoicing, smart lists, GST returns, expense claims, and online accounting. Xero hugely reduces the time spent going through the high-volume of records and make your task easier by helping you to focus on the exact information. It offers discounts for the nonprofits, and various other companies.
Xero is available at different pricing models and can be purchased at $25 per month. The package can handle many difficult accounting tasks such as multi-currency transactions, invoices, quotes, and bills.
BigTime: BigTime is one of the professional automation software services. The solution focuses on tracking the time, billing, as well as the management. The platform is highly customizable, which can be tailored to fit your needs exactly. The major benefits of using BigTime are that it helps in DCAA Timekeeping, expense tracking, project management, cloud integration, among others.
BigTime can be purchased at $10 per month. As this is a user-based pricing plan, it helps you to have as many users which are needed.
FreshBooks: The software provides a good experience with team collaboration tools. It is an intuitive solution that supports expenses, invoices, etc. FreshBooks can be integrated with the MailChimp, BaseCamp, and Paypal. The main features of the software are payments management, expense tracking, invoicing, and reporting. FreshBooks can be purchased at a price of $15/month.
Zoho Expense: The solution is useful in making expense reporting and tracking easier. The main features of the Zoho Expense are integration with the Zoho Books, integration with the Zoho CRM, expense analytics, importing card transactions, simplifying approvals, etc. The solution helps to eliminate the data entry, accelerate the approval process, and automate the accounting expenses. The solution can be purchased at a price of $15 per month.
Sage Intacct: It is a cloud-based financial management solution that keeps the accounting and cloud platforms in a single tool. The main functionalities of the product are purchasing, accounting, subscription billing, cash management, and financial consolidation. Sage Intacct is available at different pricing plans, from $400 per month.
Conclusion: The old method of manually executing the financial work with the help of pen and paper is significantly getting replaced by the accounting software. The software helps to eliminate manual errors, which sometimes get unnoticed by a human eye. It helps in the right bookkeeping programming, and providing accurate information.