Do you run a small business? It can be amazing, but it can also come with many challenges, particularly in the era of lockdown and Covid-19 in which 100,000 businesses across the world are said to close down shortly.
But another challenge of running a small business is tax and payroll. How do you decide what financial tax and accounting software are right for you? There are lots of things to consider, and much of it depends on your business.
Here’s everything you need to know about accounting software.
Quickbooks is one of the world’s leading accounting software programs. It can be used to keep abreast of all of your expenses and invoices, and you can even create reports all from the same program.
What makes it great is that it can be used on your phone as well as on a computer so if you need to keep track of how a particular expense will impact the business finances as you are buying it, you can.
The reporting side of Quickbooks is also great. You can automatically create eye-catching reports to send to any investors or shareholders but these can all be customized to suit your business needs. The font size and colors can also be changed as well.
Freshbooks is a relatively cheap accounting option. It is subscription-based which can suit many business owners that might want a low-cost option to start with but want to change as the business grows.
One of it’s most powerful options is the ability to be able to track where and when clients opened invoices. You can be sure that they’re telling lies if they tell you they never received it and you can even share this information with them if they persist.
Pabbly helps you shape your business and take it to the next level. Their software is designed for medium-sized businesses as well as small businesses and can not only manage your payments; it can also give you great insight into your customers.
There are tons of metric features that allow you to get an insight into the type of people buying your goods or using your services. This can prove invaluable as these are not predictions or assumptions, but these reports are based on real data.
This is a great choice of software for you if you have many international clients as it supports over 23 different currencies. As it also works with PCI clients, Pably can also integrate Paypal and Stripe Pay to ease your workload further and make payment as easy as possible.
Sage Pay is one of the industry’s leading accounting software. It is more expensive than some of the other software, but it is a worthy investment. Sage cuts out a lot of the bureaucratic tasks that you have to tend to in other programs.
Instead, it sends your invoices and reminders for you. It also adds up what you owe when it’s time to hand over your dreaded tax returns. These features are great so long as they work and you don’t have any complex arrangements that you would be better of filling in yourself.
Another cool feature about Sage is that you can integrate it with Microsoft Office and outlook. With this, you can connect to real-time information about your customers, such as credit history and balance information.
Xero is for the mobile loving business owners. If you travel around a lot and your team is remote, then this is the accounting and payment software for you. From the palm of your hand, you can see track inventories, attach bills, and connect to your bank account.
One of the best things about this software is the ability to see your cashflow in real-time. Sometimes it can be hard to know how much money is coming in and out of your account and what it is being spent on. If you are in a shop looking to make a purchase and want to know how that will affect your business having Xero mobile can be useful.
Another great feature of Xero is the fact that is links with a payroll system – gusto – so that you can manage your employees on the go and make sure they are all paid on time and their tax codes are correct. This is vital, especially since the introduction of the new overtime rule that was introduced this year.
Xero is one of the best small business accounting software in recent years.
The great thing about this software is that it’s free. So if you’re just starting out with your business and don’t want the expense of complicated software Slickpie could be for you.
You can conduct your invoices entirely online – producing invoices and automatic payment reminders from anywhere in the world. Slickpie even offers automatic data entry using Magicbot, one of its best-loved features.
What Financial Tax and Accounting Software is Good for You?
If you want to know what financial tax and accounting software is good for you then the answer is to think carefully what the needs of your business are. Do you have many employees and complex tax arrangements?
If so then you’ll probably need more complex software that you pay a monthly subscription for that can manage your payroll and your tax for you.
If, however, you are a small business and you are the only employer, then starting with free software like Slickpie could be fine.
If you are interested in learning more about financial tax and accounting software or small business accounting software, then be sure to check out the rest of our site.