While it may be easy for large businesses to keep a staff of inhouse accountants on hand, it can be far more difficult for small and medium business owners.
These entrepreneurs often need to do their own bookkeeping and accounting. In order to do so, it’s key that they find a software that is powerful and flexible, yet easy to use. What should business owners look for in bookkeeping and account software? There are several important tasks that all programs should be able to do:
- Invoices: Your software should be able to set up invoices to send out. It’s important to get paid! Keep getting those cheques!
- Creating Estimates: Your software choice must always be able to create estimates of your fees so that your potential clients know what they are likely getting into.
- Expense Tracking: All accounting software should have an excellent expense tracking section allowing you to determine where your company is spending the majority of its money.
- Reporting Trends and Statistics: Analytics and analysis is often the best way to determine where your business can save money or make more money. A quality reporting portion of a program will allow you to seek out trends and improve your efficiency while saving on your bottom line.
Premium tasks are generally add-on features that not all companies may require. However using these addon features is often where the most benefit can come from with your bookkeeping and accounting software.
- Payroll - As the size of your business grows, so does the need to have adequate automation of your payroll and employee management. Your software should be able to manage all of your payroll needs and track hours, properly deduct taxes and help with direct deposit or printing off a good old fashioned cheque for your employees.
- Managing/Paying off your Bills - This allows the accounting software to automatically determine your bills and pay them online. Cheques can also be created, but the most benefit is the ability to automate the majority of the bill paying process saving a large amount of time.
- Payment Processing - Some software programs will allow for direct quick payment options. These integrate into your website to allow your customers to pay online.There are specific programs that can work as web vendors as well. However, when it’s already integrated into your bookkeeping and accounting software, the convenience increases dramatically.
- Inventory Management - Again this is not a standard feature in most bookkeeping and accounting software however it can be a very useful one. Tracking product as it moves throughout your company and immediately integrating it with your accounting software can allow for even more analysis.
There are many bookkeeping and accounting software options to choose from. Some of the very best are listed below. Keep in mind it is important to always compare and find the package and program that is best suited for your business and the needs of your employees and customers.
- Paychex Online