For any business, having a well-structured Bookkeeping Software is necessary. A bookkeeper safely manages the account books, thus easing the job of a small business accountant. With the advancement of technology, bookkeepers and accountants use software applications, which have made accounting pretty smooth and streamlined.
Regarding the use of software, business owners frequently ask the experts which software will be best to manage their business accounts. That is why we have drafted this blog to give you an idea of effective business accounting software.
What are the factors to consider while choosing the best bookkeeping software for your business?
Providing a direct answer to this question will be a little tricky because it will depend on a lot of things, including:
- The industry where your business belongs to.
- Your business goals (including status quo, exit, growth, etc.).
- Employees and the skills they possess.
- The size of the company,
- The problem you will be trying to solve.
- Whether you have an existing accounting system and its details.
- Preference of your external accountant or bookkeeper.
- Whether you need mobility around your business data entry and giving reports, etc.
The list can be very long, and you may get different answers and the same recommendations every time.
When the annual turnover is less than $3 million, and the number of employees is under 20, it will be called a small business. Any business with an annual turnover of more than $3 million will be called a mid-sized business.
What Is The Popular Bookkeeping Software For Small Businesses In 2021?
Here we discuss the five best bookkeeping software used by most small business bookkeepers Perth.
Designed especially for micro and small-sized businesses, FreshBooks is top-rated cloud-based accounting software. The reasons for its popularity are as follows.
- It has a wide range of features like expense tracking, invoicing, time tracking, credit card payment options, and a business report host. The interface is also simple to make the accounting process more manageable.
- The payment process is also accessible to every user. Payments can be made in any currency, and you can save ample time by sending invoices to your customers. The customers can also pay using their credit cards.
- FreshBooks also integrates with other services like MailChimp, PayPal, WordPress, etc.
In the world of accounting and bookkeeping, QuickBooks is a pretty familiar name. Owned by Intuit, QuickBooks comes in several different varieties. The beneficial factors about this software are as follows.
- Desktop editions, as well as online editions, are available. Therefore, based on the requirements, you can select from a large variety of QuickBooks Online, QuickBooks Self-Employed, QuickBooks Live Bookkeeping, QuickBooks Online Advanced, QuickBooks Desktop for Mac, etc.
- With the help of the QuickBooks team, you will also be able to create a custom package.
- Because of the expanse of QuickBooks products, it will always be a better idea to visit the QuickBooks website to see the updated price list, available versions, and deals that Intuit offers.
Xero is another very familiar name in accounting and one of the most widely used software. Most business owners select Xero because of its low-cost early plan account. The most significant features of Xero are discussed below.
- You can use Xero on your mobile device as it is an intelligent app for iOS and Android. In addition, it also offers excellent cost management and tracking system.
- You will find numerous configurable reports and simple budgets and can give data access to as many additional users as you want.
- If you have any problem with billing and invoicing issues, you can choose Xero for its growth plan. Although it requires a significant amount of money, an unlimited number of invoices and bills can be entered.
- Xero offers a unique functional feature named ‘convert your QuickBooks files, which can be an excellent option for a small business.
MYOB stands for “Mind Your Own Business”, and by taking a look at its beneficial factors, you will get a clear understanding of why the name is the perfect one.
- The software offers more than 50 business management solutions, including accounting, payments, payroll, CRM, retail point of sale, professional tax solutions, etc.
- MYOB has a vast range of products and thus is the perfect software for businesses of all sizes. So, no matter how large your business is, you will always find your solution here.
- MYOB has an excellent customer support system. Whenever you call them, they will respond to your call, which means you will always have the chance to get help from about 40000 accountants and bookkeepers attached to MYOB.
- Another beneficial feature of this accounting software is its excellent backing for businesses based in New Zealand and Australia. You can check the vast range of initiatives they use to support small businesses. MYOB had also signed up to the Australian Supplier Payment Code. It ensures faster payment for Australian companies.
If you want decent-looking accounting software at a lower price, Sage Accounting should be your option.
- Various modules are available to manage invoices, quotes, innovative bank feeds, cash flow forecasting, multiple currency support, and handle VAT.
- It also has a well-structured support system. So, whenever you face troubles, you can check their detailed video tutorials and web help. In addition, they also offer free unlimited phone and email support 24/7.
- Accounting Start is another fundamental feature that can be very useful for small businesses.
Which Software Will Be Best?
The efficiency and performance of software will ultimately depend on your business and the purpose you want to fulfil.
- If you want to consider overall performance, your options should be either QuickBooks or MYOB because of their extensive features and user-friendliness.
- Invoicing is an integral part of service-based businesses, and as FreshBooks offers the most customized invoices, it will be the best option.
- Xero and Sage Accounting can be the best option if you specifically consider small businesses. Both of them offer simple accounting.
As different software serves different purposes, you should choose your bookkeeping software wisely. Even if it’s a small business, targeted accounting is the need of the hour. For further help and assistance, you may consult a professional accountant.