Accounting
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What is Accounting software?

Accounting software allows to oversee all the financial transactions within an enterprise or organization. A good accounting system will take care of all the aspects of finances, including reporting, payroll, accounts payable & receivable; as well as general ledger functionalities. Some accounting software will include more specialized functionalities depending on the type of business (e.g. nonprofit organizations…).

There are a market trends you need to understand when evaluating what software to use and which firms to hire:

Mobile apps are on the increase
There is an increased need for native applications to work with mobiles and tablets, and accounting follows the same rule. Many vendors are offering innovations in the mobile area, and it is worth taking a look at what they have to offer.

Software as a Service is getting more popular
Buyers understand the advantages of using web-based software rather than self-hosting it themselves. Not only are the upfront costs lower but the adoption by staff and employees is also easier and therefore faster.

Industry specialization is important
Vendors are having to supply software that is specific to company’s specific industries; due to high demand by consumers who want a solution more tailored to their needs. It is important to check for those specific features when looking to adopt a software solution that will work best for your industry.

The need to gather business intelligence
A lot of data is now being gathered and used to help improving business intelligence, and this data can be gathered and used by adopting the right software solution. Vendors are integrating business intelligence with their financial management systems, and it is an area worth investigating as businesses can greatly benefit from such practices.

Types Of Accounting Software

Accounting software should cover all the necessary aspects of a business’s finances. Here are the main applications:

Main core accounting
This is at the center of every business’s finances, with all the functions required to balance their books. It includes general ledger functionality, along with tracking accounts payable and tracking accounts receivable. Furthermore, it also includes tracking fixed assets and bank reconciliation.

Accounting for projects
This is a more project-oriented module which ensures to maximize job efficiency and profitability by tracking all the costs of said project with accuracy. It accounts for materials, overheads, labor and equipment to help making the best financial decisions for that project.

Expenditure and fund accounting
This helps companies to track the spending of their funds and it supports nonprofit organizations so that they can track their expenditures as well as their donations and grants; ensuring those companies meet GASB (Governmental Accounting Standards Board) regulations.

Managing inventories
This sort of solution helps companies to make sure they maintain the right levels of inventory so that they can maximize profit by avoiding to over-spend. It also helps to lower the costs that rise from inventory depreciation.

Dealing with billing and invoicing
This allows to automate the process of collecting payments from customers so that collection gets done with as little errors as possible.

Handling budgeting and forecasting
Those systems can forecast budgets and expenditures by using historical data and estimating future conditions.

Budgeting for fixed assets
This allows to track fixed assets by putting them all into the one centralized database. It collects asset information, maintenance scheduling, cost and depreciation as well as all necessary financial information for fixed assets.

Managing payroll
These systems basically help enterprises keep track with employee payrolls. This includes the creation of paychecks with functions to withhold and pay taxes; along with generating tax and legal reports.

Why Use Accounting Software?

The benefit of using Accounting software solutions is vast and goes a long way into helping to make a company’s finances better, more efficient and more profitable:

  • Companies have a better clarity to see costs and expenditures, leading to better financial decision making.
  • The right audience can have access to clear reports generated by the system.
  • Companies are more accountable to donors, lenders and investors; leading to better trust towards that company
  • Better accounts reporting ensures a company stays within compliance towards federal requirements and reporting standards.

Your use of software will of course depend on your needs and the needs of your business:

  • Small businesses who are looking to upgrade from a very basic system will want a new system that supports more complex functions. Opting for a more robust small business accounting software package. It is important to take into account the functionalities required by their specific industry in order to choose the right solution.
  • Enterprise buyers work for different businesses so they will be looking for a system which can integrate and consolidate with multiple company’s systems. In this situation, the integration must be seamless; but it is also worth focusing on the different features that suite has to offer. It is often a compromise between integration and functionality.
  • Best-of-breed buyers tend to focus on a software’s specific functions rather than its integration with other systems. Depending on which industry they work in, they will look for software that covers the necessary functions needed by that specific industry. For example, universities need software that can track the distribution of financial aid; whilst construction companies will require software that can break the costs down for each different project. In this case, it is functionality over integration.

RISKTURN

by Riskturn

RISKTURN is a cloud-based accounting tool for businesses of all sizes and industries. It offers budgeting and forecasting features that integrate financial and time variables in cash­-flow planning.RISKTURN’s built-in cash flow template helps users record costs and revenue. Users can mark cash flow items as fixed or variable, select depreciation and amortization plans, composite items by quantity and unit price and import or export data from Microsoft Excel. Financial data and cash flow projections can be displayed in graphics and charts.

Patriot Accounting

by Patriot Software

Patriot Accounting is a cloud-based accounting system for small business owners and accountants. It helps track customer invoices, pay bills, print forms and pay vendors. The tool also integrates with other Patriot products, such as Patriot payroll software. Patriot Accounting can also be accessed through a dedicated mobile app.Patriot Accounting allows users to issue 1099 and 1096 tax forms as well as draft invoices for vendors and contractors. Users can also export spreadsheets that provide financial summaries of business financials for specified timeframes.

Officewise

by Officewise

Officewise is a cloud-based accounting system that enables accountants, business owners and other users to manage finances as well as handle accounting activities. The solution can handle invoices, inventory, journal entries, order shipments, bills and expenses.Officewise helps in banking operations by keeping track of payments, receipts and other transactions. Users can also track inventory at multiple locations and prepare a consolidated report to analyze overall inventory levels. The invoicing feature enables business owners to create and send invoices.

MYOB Essentials is an online accounting solution for businesses of all sizes. It offers tools for tax management, invoicing, payroll, expenses and reporting. The solution can also be accessed by downloading the MYOB OnTheGo app for Android and iOS devices.MYOB allows users to view cash flow and manage payroll, and business owners can manage bills by linking stored bills and invoices with the appropriate accounts. This also helps in preparing and filing tax returns. Cloud-based storage enables real-time updates to taxes and forms.

Pandle

by Pandle

Pandle is a cloud-based accounting solution for small businesses across the UK. The platform helps streamline accounting activities including invoicing, quotations, receipt uploads, payroll services and tax estimations.Pandle supports multiple currencies and exchange rates for currency conversions. Accountants and business owners can create invoices as well as email bulk invoices to customers and suppliers. Users can also set up recurring invoices and send reminders for pending invoices. Pandle has banking features that enable users to upload transaction receipts and pull transaction history from bank accounts in real time.

ZipBooks

by ZipBooks

ZipBooks is a cloud-based accounting and payment processing solution designed for small and midsize businesses. It offers financial reporting, core accounting, budgeting and forecasting.ZipBooks allows users to create customized emails and invoices with logos, themes and messages. The online accounting functionality of the software includes accounts receivable and bank reconciliation. With the help of bank integration, the system automatically pulls transactions and generates real-time summaries of company expenses.

FreeAgent

by FreeAgent Central

FreeAgent allows accountants to set up recurring invoices which are automatically sent to clients as reminders to make payments. Users can also track expenses by uploading the photo of an expense receipt with the FreeAgent mobile app. The solution offers a built-in stopwatch feature to manage timesheets and track employee hours.The user dashboard provides an overview of key business metrics from a single screen. Business owners can track invoices, estimates, timelines and project status. Tax timeline features also provide updates and reminders about deadlines and tax dues. FreeAgent uses a 256-bit secure socket layer connection to secure user data.

Bookly

by Bookly

Bookly is an online bookkeeping solution that enables small business owners to handle accounts and track their financials. The vendor also offers tax consultations and tax preparation services.Bookly helps users to connect bank accounts, applications and credit cards to send data to the bookkeeping team. Users can manage reconciliation, invoicing, transactions, payroll, payments and more. Business owners can add various accounting teams to work collaboratively in real time. The solution also helps team members interact with each other using live chat, email or phones.

Kashoo

by Kashoo

Kashoo is an online accounting solution for freelancers, small-business owners and independent entrepreneurs to manage taxes, audits and other accounting functions. The solution can also be accessed on mobile devices through an iOS app. The solution enables users to work in offline mode and sync data once an internet connection is established.

Clear Books

by Clear Books

Clear Books is a cloud-based accounting solution for small businesses. It enables users to track key financial numbers through a dashboard. The solution can send automatic payment reminders and supports multiple currencies to create customizable invoices.Features of Clear Books includes fixed asset registers, dashboard, contacts, purchases, sales, reports and more. The solution allows business owners and accountants to import bank statements and reconcile statements for multiple accounts. Users can also keep track of expenses and purchases by entering details about suppliers who owe money and expected claims.

TopNotepad

by Top Notepad

TopNotepad is a cloud-based accounting management solution that offers invoicing, expense management, payment management and customer relationship management.Users can create invoices with built-in templates and log payments using client lists. Users can also log expenses using customized categories. The TopNotepad mobile app allows users to upload receipts for expense reports.

Sage One

by Sage One

Sage One is a cloud-based accounting and invoice management solution for small businesses. It offers core accounting, project accounting, expense management and compliance management within a suite.Sage One also features tax management, which calculates applicable taxes using the transaction data. The product also offers cash flow forecasting, which allows users to estimate the cash requirements in the future based on historical transactions.

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