By not having a good bookkeeping system, an alert that the business is running out of cash could exist, which could be the reason for the failure of the business. An entrepreneur can opt for a manual bookkeeping system, electronic or accounting software. Accounting software is the most reliable choice of bookkeepers.
Despite that, there are conventional desktop packages available in the market but cloud systems are still being focused they are dominating the market. There are various reasons due to which they are much focused on the market.
For example, they can be accessed anywhere there is the availability of the internet, both the entrepreneur and accountants can have live access to accounts. With its remarkable features like bank feeds, payment gateway support and payments in Superstream, Cloud Accounting are connected vastly.
However, entrepreneurs have to face certain problems regarding software as they do not have training about the usage of the software. Moreover, due to the delay in the production of reliable accounts, accountants find it hard to provide tax advice.
The requirement of accounting software varies from one business to another. Some aspects need to be followed before opting for software
• The ability of the system to manage multiple accounts.
• Calculation of Payroll like annual leave and PAYE etc.
• Handling Foreign Currency
• Handling management requirements like Tracking stock, orders and work in progress, etc.
• Interface with other systems like online payments
• Record of Customer Relationship manager system
The Top 5 Best Accounting Software Packages
There are many different cloud-based accounting packages to choose from. I’m focusing on the five I think are most likely to make your shortlist of options.
Xero is a very popular online accounting software in the market. Initially, Xero was meant for business users only but now entrepreneurs have made a big ecosystem of CPAs who directly assist the owners of the business.
Xero, the software can be used to reconcile statements and to enter invoices. This way the bookkeeper can easily and efficiently access the business information and can do tax returns. Xero displays the information needed to have front and center with activity buttons on the dashboard.
2. Intuit QuickBooks
There is a guidance QuickBooks, the accounting software for small business, is an attractive dashboard that shows income, expenses, profit, and loss when logged in. There is also the availability of the option to bring back the record from Excel, MYOB or Reckon. to add a logo and to customize invoices. The feature of security is unique in QuickBooks as compared to other software.
3. MYOB Essentials
MYOB has earned worldwide fame for decades. MYOB is an efficient and reliable software. The data displays on the dashboard in terminology like MONEY IN and MONEY OUT. Some actions like payment of bills, the creation of invoices are just at a click away. The scanned documents can be stored in Essentials. The basic drawback that exists is, the sample company data is not provided by Essentials. The way to choose a free trial is to enter your own data in the application. Kounta, investment in point of sale system, can integrate cash register solutions.
4. Reckon One
The industry veteran, Reckon introduces the cloud accounting software service Reckon One. This is easy to use and efficient software, the important information is displayed on the dashboard on front and center as the accountant need not scramble to look for the bills to pay and due invoices. The feature of a free trial is available.
In Saasu, the detailed summary of profit-loss, cash flow and balance sheet with invoices outstanding is displayed on the dashboard. According to the preference, components can be rearranged or removed. This software supports payroll, bank feeds, and inventory management.