Running and growing a business requires a solid accounting foundation. This entails keeping good financial records and using the appropriate tool now. This is especially true now that the COVID-19 pandemic has resulted in more complex scenarios, such as managing remote workers, possibly fewer customers, a smaller advertising budget, and the usual bookkeeping headaches. One of your considerations as you consider ways to expand your business should be acquiring the appropriate accounting software, which you can begin with inexpensively but expand with advanced tools.
In this article, we will discuss few accounting software programs for small businesses. These solutions are more similar than dissimilar, with standard features such as general ledger management, invoicing, and payment processing. However, it is the minor details that can make or break a deal (e.g., flexibility, support, and stability), so pay close attention.
1. FreshBooks
The first item on our list is an accounting solution that makes financial management simple. FreshBooks makes it simple for users to handle recurring invoices and subscriptions. It accepts credit cards, Google Checkout, and PayPal for online payments. This software seamlessly integrates with well-known business applications, allowing for streamlined processes. Because it is a complete suite, there is no need for additional software, giving users complete control over their financial operations from a single dashboard.
2. NetSuite ERP
NetSuite ERP accelerates your company’s growth by integrating financial tools with sales, marketing, and eCommerce. There is a contact manager in the sales tool, which allows you to manage leads, automate communication, track your sales pipeline, generate quotes, and sync calendars with your teams for better collaboration. The eCommerce component combines order management, order processing, and order fulfilment. A shipping module allows you to add features as your needs change, while an inventory management tool keeps track of your inventory.
3. QuickBooks Online
QuickBooks Online is an accounting solution that simplifies even the most complex accounting processes, making it ideal for small businesses and freelancers. Accountants, small business owners, bookkeepers, and finance officers use it frequently. All of the app’s features are available to up to five users. However, functionalities for offers with an unlimited number of users are specific.
4. Tipalti
Tipalti is a cloud-based payment technology and management software well-known for assisting businesses in meeting deadlines on time. The solution aids in the resolution of issues such as late payments, noncompliance, administrative overload, and complications caused by human error. Time spent on financial management has significantly reduce, resolving one of the most pressing issues confronting accounting teams. Businesses that use the product can safely assume that they comply with all existing tax and regulatory requirements without requiring too much human intervention.
5. AvidXchange
AvidXchange is a finance platform that helps B2B businesses manage their accounts payable and bill payments. This effectively eliminates the need for paper invoices. Furthermore, you can save time by automating what would otherwise be time-consuming payment processes. You can use the purchase order application to ensure that your company’s backend runs smoothly and consistently, with a steady supply of critical materials. Meanwhile, you can use the approval workflow to ensure that your workforce receives the supplies they require as soon as possible.
6. Rossum
Rossum is an AI-powered platform that automates accounts payable by eliminating 90 percent manual processes. Rossum collects all documents required for your accounts payable, whether paper-based or electronic, from various sources, including DMS systems and email inboxes. After that, all documents are filtered to remove duplicates, spam, and other unnecessary data, resulting in a clean, curated collection of documented transactions. Now you no longer have to keep your business partners, and others updated on their invoices and other documents with Rossum
7. Plooto
Plooto is a powerful payment processing system for accountants and bookkeepers that completely automates AP/AR. This platform excels at managing your cash flow in all aspects. Its intelligent approvals ensure that all bills are paid correctly and on time, and it can make payments in more than 30 countries. The platform tracks each payment, so you can see who approved what and when. Its Pre-Authorized Debit (PAD) agreement can make it easier to pay recurring bills.
8. Tradogram
Tradogram is a simple platform that assists businesses in making the best procurement decisions possible. It has powerful features that allow for lower costs, increased revenue, and improved supply quality. It is also adaptable, which makes it a versatile procurement solution. It can also connect to your inventory database and other sources of supply data. One appealing feature is that for a limited time, you can try out all of the features for free to see if the software meets your needs.
9. Yooz
Platform suitable for both large and small businesses. It’s a full-service account payable automation solution with features like workflow management and real-time monitoring, as well as purchase order creation and compliance tracking. Now companies will be able to streamline their AP processes that without the need of many software solutions. Yooz employs artificial intelligence, deep learning, and big data as well.
10. SignRequest
Instead of just being an e-signature software, it can also include accounting and integrate into your workflow. By using electronic signatures you can save both time and money. You no longer have to waste time, paper, ink, or electricity printing on actual paper because you can sign digitally instead. SSL 256-bit encryption protects every document and signature that it processes. You can also sign documents with a GlobalSign digital certificate, which increases the security of your data and protects you from fraud.
