Best cloud accounting software for small business
We have previously looked at ‘How much should I charge for my services’ so now is the time to look at the billing/invoicing side of the process and find out what is the best cloud accounting software, or even desktop accounting software, for small businesses.
If you want to carry out your own accounting processes then here are some software options that will help you simplify the process. You can select from products such as software that is downloaded to PCs, or alternatively you could opt for cloud based software that is accessible anywhere. Cloud accounting software is hosted on remote servers and allows data to be accessed, sent and stored directly to the “cloud”.
Freshbooks offers invoicing, time tracking, projects, payments, and reporting options. Customers based in 160+ countries. Strong global community.
Quickbooks offers invoicing, time tracking, projects, payments, and reporting options. PC and MAC versions. 1 year subscription.
Express Invoice Professional by NCH software. With an easy to use interface and cloud access this package supports multiple users.
Sage Accounting is perfect for sole traders, freelancers and small businesses. Automate bookkeeping, master your cash flow and meet MTD VAT requirements.
What is accounting software
Accounting software is software that has been designed to help you manage your daily financial transactions. When you are running a business you need to ensure that you understand what is happening financially within your organization. Accounting software allows you to have control to carry out your own accounting processes. From raising quotations, creating invoices, preparing statements, reconciling bank statements and month end reports, accounting software packages help you maintain a full audit trail of your companies financial activities.
If you don’t feel confident, or you don’t have the time to do your own invoicing then there are registered bookkeepers and online accountants that will be able to help you.
Why use accounting software?
- Improves efficiency
- Automates your accounting processes
- Helps you understand your cashflow position
- Tracks expenses
- Reconciles bank statements
- Manages inventory
- Create reports and analysis
- Provides audit trails showing your financial history
- Can link directly with your accountant
- Can be cloud-based allowing 24/7 access
Additional accounting software features
If your company employs staff then look for an accounting software package that will also offer features to help with payroll. Some very sophisticated packages are available on the market which allow everything from calculating hours and processing wages right through to paying payroll taxes and making the necessary legal deductions.
Other features available can include things such as
- Time tracking
- Job tracking
- Inventory levels
- Inventory tracking
- Job status
Make a list of the areas of support you need to run the finance side of your business (invoicing, payroll, inventory, etc.), this will help you focus on what to search for as the vast array of products and features currently available on the market can be quite overwhelming.
Using an accounting software package can allow you to accurately track the progress and development of your business, staff, customers and products. It will ultimately free up time and allow you to focus on business growth.
Have a look at our other equipment recommendations for office products you may need.