Dealing with bureaucracy and accounting has been consistently named among the most irritating parts of running a business. Entrepreneurs prefer to spend a lot of time on tasks they are good at, be it creating exciting products or dealing with customers. But accounting is one of the necessities that you cannot simply ignore if you want to stay in business for long. There are ways by which you can make the process easy, streamlined and less bothersome.
Firstly, hire an accountant on a full time or a part-time basis to set up the process around your business. Second, subscribe or buy a good accounting package to implement the process your accountant sets up. Get your accountant to oversee the process and train your employees and yourself in using it the right way. Following these simple steps will take away 95% of your accounting problems.
There are hundreds of accounting software on the market and choosing a good one can turn out to be a time-consuming task. So we have listed the best software for small businesses. Most accounting software comes with a free trial period, test one of these and see which works best for you.
Xero is on top of our list because of its affordable plan and timesaving features. Xero is a cloud-based application that supports unlimited users. Using this application, you can send invoices to your customers, track time and expenses, connect with your bank to sync accounts, manage your inventory, pay bills and a host of other things expected from a good accounting software.
Xero has a top notch customer service team that operates 24/7 on the chat and email channels.
QuickBooks is a well-reputed vendor in the accounting domain. They have numerous suites of applications to meet your needs. If you are self-employed and need accounting only for one user, this is the best plan for you. If you have a few employees and inventory management is your main concern, sign up for QuickBooks Online Plus that costs about $50 a month.
In case you are a service based business like a writer, hairstylist, photographer etc, Wave provides a free accounting software. It does not have inventory management tools. You can send an unlimited number of invoices, track your income and expenses, create financial reports etc using this nifty tool that also comes in the form of an android app.
Freshbooks is another option if you are a one-person company. It is more of an invoicing application than a full-fledged accounting software. But note, it does not have an inventory management capability.
If you want a full-fledged accounting package, AccountEdge Pro is a good option. It is not a subscription service but has a full -service double entry system. It has the capability for invoicing, payment, purchases, payroll run and inventory management. It has a onetime fee of $149 and you can even try it for free for 30 days.