Last Updated on 26/05/2021 by Deepak Singla
Operating a company involves several tasks and aspects, a paramount of which is Financial Accounting. Maintenance of the imperative financial records to submit to the taxpayer authorities and other governing bodies is vital to keep your company in a legitimate form.
It is also crucial to determine your cash flow statements, streamline your revenues and expenses, recording daily transactions via Financial Accounting, thus an aspect not to be ignored. The size of your business does not matter; financial accounting is essential in all forms whether it is electronic based or manual paperwork.
The size of your business does not matter; financial accounting is essential in all forms whether it is electronic based or manual paperwork.To manage your finances and ensure that you won’t have any problems with local authorities, make sure to use the best tax software for small business that will help you save money on accounting fees
However, with the rapidly changing times and the integration of technology in all aspects of life, it is only wise for companies to upgrade themselves to embrace the technological advancements and thus reap its benefits. If you are a finance student struggling with online marketing dissertation topics, remember to include financial accounting procedures as well in your subject.
How do I upgrade my Financial Accounting procedures?
Adapting yourself to the digital era is not such a complicated task. All companies are gradually moving away from paper-based work to electronic forms of data storage. Financial accounting has been made comparatively easier with computers. Processes are enhanced and accelerated. Now we can download all kinds of softwares for financial accounting procedures and recording as per our requirement.
Here is a list of the Top 10 voted and recommended Financial softwares for your business:
Freshbooks has been amongst the top award-winning softwares in the category of financial accounting softwares and earns the top place in this list as well! Offering responsive design for desktop and mobile both, its interface is user-friendly and it automates a myriad of processes ranging from ordinary transactions to online payments via integration of third party apps such as PayPal to modifying the logo on your transaction. For small businesses, it offers an affordable package as well. A reliable and fast accounting suite which transforms financial accounting into a pleasant venture.
Previously known as PeachTree, Sage50cloud is now an online accounting software and amongst the oldest. It has very well managed to keep its feet steady in the financial accounting softwares market with its advanced features and high degree of customizability. It is installed locally on the computer but requires internet for a few cloud based functions. It eases up processes such with its cash flow manager tool and allows easy inventory as well. Businesses ranging from small to medium to large can license the software as per their requirements. Project management, inventory adjustments, budgeting, tracking and managing invoices all within the software is possible.
Quickbooks can also be deemed a veteran in the financial accounting softwares market. Developed and marketed by Inuit, its usage is majorly employed by small and medium sized businesses due to its software packages suitable as per the nature of the business. It offers on-premises local computer software solutions consisting of the necessary financial accounting procedures and its cloud solution also consists of payment methods in the advanced suites. Quickbooks Enterprise, the business version of Quickbooks carries all the advantages helpful for large scale businesses with its advanced features. Quickbooks also allows user to import data from other formats as well such as from Microsoft Excel. The mobile app is also highly responsive.
Xero Software is developed by a New Zealand based company and is commended for its easy-to-use and utterly attractive user interface. An amateur with no prior knowledge or experience in software based financial accounting can learn this software without perplexities. An online based software, it can be logged in and operated from anywhere and is mainly used by small businesses due to its laid-back tools and interface and affordable packages. The free version also grants access to plenty of basic financial accounting features with responsive mobile apps as well.
Designed primarily for freelancers and microbusinesses, FreeAgent is cloud-based accounting software accessible from any browser and available as a Mobile App as well. It is suited for project-based businesses and small businesses with support for unlimited number of users, customers and transactions. It has an understandable user interface, with the software itself guiding through several processes starting from setting up an account. The trial version allows you to acquaint yourself with the software before you decide on licensing it. The software is UK-based so customers working in other countries can suffer from the drawback of not having customer support other than UK official working hours.
However, its pros outweigh the cons and the minutest accounting tasks can be easily performed with this software. Its timesaving capabilities include adding time slips to invoices, tracking expenses, setting up automatic payment reminders, converting estimates into invoices and of course connecting to PayPal and banks as well for online payments.
Acquired by Oracle Corporation, and licensing its database software from it as well, NetSuite Enterprise Resource Planning (ERP) offers a wide array of financial accounting services for mid-level to large scale enterprises. The product earned PC Magazine’s Editor’s Choice in 2013. While the product is originally geared towards customer relationship management, the suite highly comprehensive for automation of financial accounting procedures ranging from inventory to maintenance of ledgers to pre-configured dashboards. It is cloud hosted ERP system with state-of-the-art user interface offering highly configurable features, connected to each country’s regulations making it accommodating to global accounting tools. Organizational management, HR, Financial accounting and management, smooth supply-chain management, all is possible with this ultra-suite.
Microsoft Dynamics GP
We are all familiar with the Microsoft Corporation and the Office Suite of course but many of you are not aware that besides Microsoft Excel, Microsoft offers a complete enterprise solution highly beneficial in terms of financial accounting and management especially for entry-level enterprises. With a user-friendly interface and enhanced connectivity between all functions and modules, it also easily integrates with other systems as well such as CRM. Works well with multiple currencies and offers a plethora of third party add-ons as well. The software is on premise software which requires a database server (SQL) for setup. Reviewing financial statements and importing data from Excel make tasks much less complicated for a first time user.
Saasu garnered attention via word-of-mouth and was originally not well known up until a year ago. It is cloud based software with an easy to use user interface delivering solutions to variety of financial accounting procedures mainly for small businesses. Its packages are cost-effective now offered in three options; small, medium and large. It integrates well with third party applications and offers support of online banking and payment procedures as well. Overall, it is worthwhile as an accounting software for first time users with plenty of financial accounting options.
A fast-paced online financial accounting software with advanced reporting tools and straightforward import/export options which allow you to switch to another software as well if you are not satisfied with Zoho. Zoho Books is powered by Zoho Suite which also contains a variety of business solutions such as CRM and 40+ integrated solutions to allow businesses to operate smoothly. Inventory Management, Payroll processing, sale and purchase can easily be integrated with your online shopping and E-Commerce websites as well. Mobile App, affordable prices, online payment options all make this software definitely one to consider.
Last but not the least; Wave is a free cloud based software with multiple easy to use options highly admirable for a startup business. It’s free and has been gaining traction from a while due to its constant updates and robust features. Automated expense tracking, cash-basis accounting, and a lightweight ecommerce feature, have made the software even better. Additional Wave Products can be bought at affordable rates as well for businesses looking to upgrade their Wave Software. No database required, runs on cloud and features Mobile Apps as well. Such features make Wave hard to forget when we consider financial accounting softwares.
So I have listed down the top ten financial accounting softwares for your ease. We may not be the best assignment UK when it comes to concluding posts, but I will say that it is rather unjustified to deem any software useless as all of them carry their own features and advantages and may appeal to one user or the other. Either way, do you know about more new softwares? Then do not hesitate to share!