Accounting is the language of business. Not having accurate accounting information is like trying to get on the right train in Tokyo when you don’t speak Japanese. In the end, you will be lost and unsure of your business’ financial footprint.
Whether you’re a beginning farmer or have a thriving business, accounting software can make your life easier and save you hundreds of hours of time and stress. The best accounting software can perform most accounting tasks, such as keeping track of expenses and daily transactions, paying bills and employees, sending recurring invoices and syncing data across financial accounts. There’s no substitute for an accounting pro who knows the ins and outs of tax law, but today’s packages can help you with everything from routine bookkeeping to payroll, taxes and planning.
When Business News Daily asked small business owners what made the “perfect” accounting software, there was one resounding requirement across the board. The best accounting software saves business owners time and doesn’t add to the already stressful nature of owning a small business.
The good news is there are more accounting software options than ever, including subscription Web-based options that don’t require their users to install or update software. Those businesses that prefer not to entrust their data to the cloud, may be happier with a desktop tool. Below are four of today’s favorite options among small business owners:
- Wave is a free, easy-to-use program that also has some surprisingly strong accounting and invoicing tools.
- Gusto ($29 per month) is inexpensive, has a simple and attractive interface, and incorporates the payroll tools most often required by small businesses.
- FreshBooks (from $19.95 per month) is exceedingly friendly, understandable, and attractive. FreshBooks is the site to beat when it comes to managing and tracking invoices, time and expenses for the very small business.
- QuickBooks Online ($39.95 per month) is a cloud-based accounting application that includes the most comprehensive set of features for small business. It’s easy to use, aesthetically pleasing, and has numerous integrated add-ons. QuickBooks can also be purchased as a desktop install.
Purchasing the right accounting software and then using it is one of the most important ways to know the financial state of your business. However, if you don’t take the time to extract information from the software, analyze that information and then use it to make decisions, the software is just another wasted purchase. Without knowing how your operation has performed financially, it is impossible to predict where it can go.