The fast-moving world today demands quick solutions to every issue. We keep our ears and eyes wide open looking for ideas that are just a click away. The same applies to businesses all over the world, in times when there are a number of accounting tools available in the market; no one wants to stick to old-school accounting. Managers need reports and information instantly to take quick decisions for the benefit of the company. With such growing demand for error-free data and information, companies are always looking to invest in accounting software that serves their present and also every growing future need.
What do these tools provide to companies and businesses in general?
A good accounting tool stores all the business data and gives accurate information about the financial health of the company and tracks business progress. Accounting with features of GST and IND AS helps companies fulfill all rules, regulations, and compliances successfully along with tracking sales, purchases, and other business transactions effectively.
There is various accounting software available in the market which can be used by companies either for a particular specialized finance function or for all accounting functions. These tools may be expensive but the price easily offsets the benefits they provide based on your business size and needs. The benefits of these advanced accounting software are not limited to but include the following:
- Generate reports quickly
- Easily links bank accounts and business transactions
- Easy to use
- Improves financial performance
- Greater speed and accuracy of data and records
So, Let’s see what are the top 10 tools that companies should be using for bookkeeping and accounting
If you are looking for versatile software, then QuickBooks is the tool for you. It can easily be used by small businesses who may not be experts in accounting and also by professional accountants who deal with invoices, profit, and loss, balance sheets, etc. QuickBooks offers you everything.
It offers classic accounting tools with dashboards for financial records and data and easily syncs bank accounts, credit cards, etc so that your financial data is always up-to-date. The user can also customize it as per their requirement for invoice generation, online receipts, and payments, etc. It also has the ability to use pictures of receipts for various business expenses. Since QuickBooks uses cloud accounting it can be easily shared with your accountants, tax- consultants and can also be accessed anywhere, thereby saving a lot of time.
Along with providing all the features of QuickBooks, Xero scores on being extremely user-friendly. Xero helps you add as many users that you want for free. While this is useful for small businesses that have few employees but need to add third parties, advisors, consultants, etc., and is also of great advantage for large organizations that have many employees. Another advantage of using Xero is that it allows you to easily migrate from QuickBooks, FreshBooks, etc.
FreshBooks is also the most sought-after accounting tool by companies in today’s business environment and that is because it offers individual customer service without any extra fees. This is very helpful for companies who need to train every employee on the software which greatly reduces the company’s cost of training. FreshBooks not only tracks expenses and invoice but it also tracks timesheets, it can be easily integrated with bank accounts, process payrolls, make payments, generate financial statements and reports, etc.
Wave is the best accounting tool for small businesses and service providers who generate simple invoices and do not have a lot of payroll and inventory. The free features that Wave provides cover all the accounting needs and also helps accountants and financial professionals to pull necessary data and reports. Just one account of Wave can be used for multiple businesses. It can also be used by many users and there is no limit on the number of transactions. Wave can be easily accessed on the mobile, thus making it available for use at the tip of your fingers.
- Sage Accounting:
Sage is a cloud-based accounting system that easily manages accounting, inventories, cash flows, taxes, etc. It helps in data management to generate various financial statements and reports with just one click. Sage provides payroll solutions that make it very convenient to pay, track benefits and also report employee-related taxes. It can be easily integrated with POS apps enabling quick and efficient management of accounts receivable.
NetSuite is very useful for businesses that are in their growth stage as it offers accounting, financial, and management solutions. It provides full accounting and billing services, order management, supply chain, and logistics management. It is the best solution for companies that engage in e-commerce sales and maintain customer relationships (CRM).
WagePoint is an accounting tool that fulfills all your payroll accounting needs. It saves your money and energy as it does everything online right from payroll taxes, filing statutory forms to even paying employees online. With WagePoint at your service, you do not need to spend your money and resources on payroll processing.
Neat is one such accounting tool that easily integrates with your other accounting tools and tracks expenses, creates expense-related reports, and helps in quick and easy sharing of data with many users online. It scans receipts and documents and categorizes records and expenses under correct heads thereby reducing the laborious manual entries saving the company’s time and money.
Gusto is another payroll accounting tool with a wide selection of features that is easily accessible on mobile making it convenient for use. Along with having features like accounting for employee taxes, paying employee reimbursement, and expenses, Gusto offers an additional feature of enrolling, accessing, and managing various health benefits and retirement plans for employees.
Employees who spend money for business activities need to be reimbursed regularly, recording such expenses can be a tedious and time-taking activity. With Expensify at your rescue, all employees have to do is click a picture of the receipt and upload it on the app while the officer has to just approve the same. In this manner, expenses get easily categorized and syncs with your accounting system, and employees get reimbursed immediately, thus, providing a win-win situation for all.
Though the above tools are highly recommended for use by the bookkeeping and accounting industry, everyone is not proficient in the use of all these tools.
Diligen is one such bookkeeping and accounting service provider with a team of professionals who are well trained to use all the above-stated accounting tools. Diligen not only helps clients manage their data using these tools but also provides training to our clients and their employees on the use of the accounting tools if necessary.
With Diligen at your constant service, who believe that the customer comes first they provide clients with advice about the use of the best accounting tools based on their business needs. Diligen also helps clients design and customize various accounting tools to best suit their business needs. So, if you are looking for someone to help you with these tools then do get in touch with the Diligen soon.