Bookkeeping and accounting software is a boon to businesses, small, medium or large. It was not long ago that accountants and business owners had to dabble with manual accounting which was a burden in itself both in terms and cost.
With the advent of accounting software, accounting and financial management are simplified to a point that most start-ups and small businesses do not even require an accounting professional. As for SMB enterprises, accounting software has given an ability to focus on research and analysis accounting and financial systems with the help of rich, advanced and productive features these accounting systems had to offer.
Choosing the Right Accounting Software is The Key:
So whether your business, is a start-up or an SMB an accounting software now plays a foundational role to play in efficiently managing finances for the smooth running of operation – provided they choose the right bookkeeping and accounting software.
With so many bookkeeping and accounting options available it can be difficult for a startup or small business that is looking for accounting software. If you are in a similar situation, our accounting experts at Outsourced Bookkeeping can help.
Having helped hundreds of businesses with our outsourced bookkeeping and accounting services, over the years our accounting experts had had extensive experience with accounting software. And we think the below 4 is the best booking and accounting software of the lot:
QuickBooks: QuickBooks is the most popular finance, tax and accounting solution that is known for its simple, user-friendly interface and powerful features. QuickBooks has hands down the best mobile app which can cater to all your bookkeeping and accounting requirements and is the best accounting and bookkeeping software in this lot.
QuickBooks vs others: In addition to offering all essential features for bookkeeping and accounting QuickBooks offers Sales tax tracking, Automatic tax deduction categorization,1099 contractor payment tracking, Mileage tracking, Sales tax tracking that can be crucial for small and medium businesses. But the entry-level version of QuickBooks i.e. self-employed limits the features and is a suitable option for freelancers and self-employed only. However, for small and medium businesses QuickBooks’ advanced plans are the best accounting software available in the market. For years now it has been a go-to cloud accounting solution for our clients at Outsourced Bookkeeping.
Xero: Let us start with XERO which is the most simple and powerful accounting solution that is a perfect fit for small businesses. A cloud-accounting solution you can load up Xero and use it anywhere you need to; if you are using remote accounting services your accountant can simply log in and get your work done whenever you need them. In addition to providing all the essential booking and accounting functions you need, Xero helps you send custom invoices, reconciles your bank transactions, tracks inventory, captures invoices, offers tools for POS, CRM and plenty more.
Xero vs others: Unlike other accounting solutions like Fresh Books and QuickBooks, Xero offers unlimited user access which means you can easily take help from your accountants and third party accounting services to get your stuff done at the same time. Xero starts at 11$ which is very affordable but comes with one caveat of limited bills and invoices.
FreshBooks: Fresh Books is another major cloud-accounting solution provider that offers all the essential accounting tasks (based on plans) with customized invoices, rich features, and efficient mobile apps. Its basic plan is a perfect cloud accounting solution for freelancers but not so much for other businesses unless they can afford advanced ones – the next point is why.
FreshBooks vs Others: Unlike Xero FreshBooks doesn’t limit invoices you can send but it does limit the number of billers per month in its basic plan, Also a big caveat is that FreshBooks’ basic plan doesn’t offer bank reconciliation, unlike Xero which is why it is perfect for freelancers with fewer transactions. So Fresh Books’ basic plan is only suitable for freelancers and if you have to make full use of it you have to upgrade to its advanced plans. You can try the basic plan at $15, check it out and then make a decision based on your requirements.
Sage: Used by over 6 million businesses all over the world, Sage is the most established cloud-accounting solution of the lot. Developed with small businesses in mind, it offers all the essential bookkeeping and accounting solution with superb functionality for financial reports, record keeping and overall accounting management.
Sage vs others: Unlike Xero or FreshBooks, Sage doesn’t limit the capabilities of entry-level plans. At 10$ Sage offers all premium features along with 24/7 support, digital assistant and unlimited accounting activity giving small businesses the most bang for your buck. The caveat of Sage is that it limits user access based on plans. However it provides you with all the bookkeeping and accounting services if you have an accountant that can fully leverage the accounting solution, it is a great addition.
Each of the above accounting software has its pros and cons based on the domain of your industry functionality you desire and also your budget. Choose one among the above four cloud-accounting solutions and hire an accountant who can help you extract the best value out of the solution. At Outsourced Bookkeeping our accountants are experts in all the above four cloud-accounting solutions and we are ready to help you.
So, which is the best cloud accounting software for businesses today?
While the above 4 are our top picks, if we had to recommend you one among the above four, it would be QuickBooks. With a simple interface and great set of features, third party integration and customized plans based on your requirements, it can perfectly align with your goals as your business grows. However, to leverage the full potential of any cloud-accounting solution, especially for QuickBooks, you need experienced assistance that can provide Online QuickBooks Services for your business.
QuickBooks Services by Outsourced Bookkeeping:
Being one of the best back-office accounting firms in the market, Outsourced Bookkeeping has helped much small and medium businesses with our outsourced bookkeeping and accounting services.
Our accounting experts are also QuickBooks Certified Pro advisors who can help leverage the power of the cloud-accounting solution for improved accounting and financial performance of any business. If you are a small and medium business looking for QuickBooks Services, then you can contact us here:https://outsourcedbookeeping.com