Did you know that a lot of businesses fail due to cash flow issues? Accounting and bookkeeping softwares can help to track and manage your cash within your business. Choosing the right bookkeeping software, therefore, can be the key to keeping your business going.
Every business has its own dynamic, so not all softwares will be suitable for all businesses. This is why it can be a tough decision. When looking for the best bookkeeping software for your business, there are a few things that you should consider. These include the size of your company, your budget, the level of competence or expertise of the staff member that’s in charge of bookkeeping/accounting duties and your cash flow. Here, we provide the most popularly used applications, especially for small businesses.
Top 3 Bookkeeping Softwares in 2020
Each accounting and bookkeeping software is created with its own special features. As mentioned before, one size does not fit all. We’ll outline the features of our top 3 picks below and you can choose which one best suits your needs.
Xero is an all-round accounting and bookkeeping software that has a myriad of features, making it a top choice for various types of small businesses. It is an online-based software that helps small businesses save time and so they can focus on growing. It allows an unlimited number of users and provides extensive reporting. Users can not only get a view of their business’ cash flow and updates in real-time but also perform various financial tasks.
It’s ideal for startups and small businesses as it allows complete mobility. Wherever you are, once you have internet access, you can use this online platform on your Mac, PC, tablet or smartphone to send invoices to your clients/customers, create expense claims, and even perform bank reconciliations within seconds.
For quick and easy bookkeeping and accounting tasks, this is easily a top pick due to the array of functions provided and user-friendly interface. It also has a mobile app that is just as easy.
2. GoDaddy Bookkeeping
GoDaddy Bookkeeping is a solid bookkeeping software that is preferred by many. With this online bookkeeping software, business owners and bookkeepers can manage all of a company’s finances in one place. As a small business, it offers everything you need without any complexities. If you have an online business, GoDaddy Bookkeeping’s direct integration with Amazon, eBay, and Etsy make it a terrific tool for entrepreneurs who sell via these sites.
GoDaddy Bookkeeping allows users to send customizable invoices as an email from within the program. In turn, payments can be sent online from a credit card or PayPal or by check.
Businesses can automate their sales and view and track cash-flow to save a lot of time. It’s also easy to see where your money is being spent and more importantly when you’re being paid or not. The ultimate partner for keeping your books intact and ready for tax season.
QuickBooks is an all-time favorite bookkeeping software for businesses that sell products and have to deal with inventory. It’s another all-rounder that is available online, with a free mobile app. This makes it perfect for on-the-go transactions and management.
The extensive features offered by this app plus its customized packages for various types of users are what make this online bookkeeping software a hit. Its easy-t0-use interface makes creating invoices, automating your spending, and organizing your expenses pretty simple. You can take photos of receipts or see your company’s activities from the QuickBooks mobile app anytime, anywhere. With QuickBooks, users can integrate and sync data with daily business apps such as Shopify, PayPal, Square, TSheets, SOS Inventory and more, to keep their business running smoothly You can even take photos of your receipts and add them to your expenses directly to the platform from your phone.
Reporting is available in an instant. Upon signing in, a quick analysis is available on your dashboard. Tracking the performance of your business in terms of profit & loss, balance sheet, and dozens of other reports is also available in-depth.
No matter what package you use, you are able to invite an accountant or bookkeeper to collaborate with you to work in your account. You can remove their access at any time as well..
The beauty about QuickBooks is that there are no contracts or commitments. This means users can upgrade or cancel their plans whenever they want, except in the case of the Self-Employed plan, wherein you can’t upgrade to any of the other three plans.
Are You Ready To Take Charge of Your Books?
Without a doubt, these bookkeeping softwares help businesses to save time, efficiently track cash flow, get paid, and focus on other aspects of their business. They also eliminate data entry, spreadsheets, and other paper-pushing procedures with piles of paper while keeping your books in order and prepared for tax season.
Need help with keeping your books up-to-date with these top bookkeeping softwares? Partner with a virtual bookkeeper to ensure your records are not only current but also accurate.
Schedule your free 30-minute consultation today. Call (877) 454-2249!