Finances Online writes: Small businesses usually start with manual accounting systems and then add programs such as QuickBooks or Microsoft Excel as their business expenses become harder to monitor. However, it is always best to plan ahead of time. Your organization’s accounting software system must be able to handle your current needs and quickly adapt to future growth.
Look for a robust system that can quickly grow along with your business. The system you select should well integrate with many of the business processes your businesses uses to save time and reduce data entry errors.
Data storage
When selecting a software-based accounting system, you have to make sure the system would encrypt your confidential financial information. That software system should also have the capacity to schedule backups so important information cannot be simply lost during a computer crash. Consider your organization’s physical storage needs, such as having file cabinets to lock up confidential documents and fireproof cabinets so you can have software backups. You can likewise store a copy of a recent data backup off-site that you can retrieve in case there is a catastrophic event that happened at your main office. However, you should also sure the location not too far away to get if you need to swiftly restore the information.
Reporting
Detailed accounting reports can help your managers make better informed decisions. For instance, printing a daily cash report can help you decide when to switch funds to your company checking account to handle payroll checks or even bill payments. Make sure the accounting system has the capacity to generate an entire package of financial statements including an income statement, balance sheet, cash flows statement as well as statement of owner’s equity. In addition, you may want to generate customized reports using the rich information located in your software’s database, such as cost of goods sold, inventory reports, accounts receivable aging, budget variance reports, open accounts payable for your company’s cash flow management, as well as tax reports for the CPA.
Internal Controls
For security purposes, the accounting system you should be getting should offer the choice of limiting permissions by user. The same user should not be allowed to handle deposits as well as reconcile bank accounts. If the system has the capacity to print the person’s initials or provide identification number on reports, this information can be used when auditing incorrect transactions. Your company’s supervisors should be able to have hard copies of reports to ensure the work of their employees. The organization should also have a process for checking out unusual journal entries as well as keep documentation in the accounting files.
Accuracy
The usefulness of an accounting software system would mainly depend on the data accuracy it contains. Start by getting professionals whom you trust to provide the information perfectly the first time. Do not try to save money by shortchanging your data entry personnel because you think any person can do the job correctly. Saving money by giving low wages may even cost much more in terms of accounting fees especially if you need to correct financial statements. Periodic review by your company’s supervisors can also catch various errors before they can have an effect in your company’s period-end closing numbers.
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Here are five robust accounting software systems and their solutions.
1. Quickbooks Pro
QuickBooks Pro is established on the simplicity as well as popularity of Intuit’s QuickBooks, which is regarded as the entry-level software system for many small businesses. It brings additional features to the table, specifically by enabling business accounting to become easier by providing windows you use to track common business transactions, including invoices, check writing, and purchase orders. It integrates with a number of third-party products, scalable, and expandable.
QuickBooks Pro SmartScore and Customer Satisfaction
Our B2B experts reviewed QuickBooks Pro features, user experience, customer support and other key elements of the service. Final results as summarized by the SmartScore system gave QuickBooks Pro a score of 9.0/10 while the results provided by the Customer Satisfaction Algorithm place the overall user satisfaction rating at 98%.
2. WorkflowMax
WorkflowMax is a project management solution that has been built to handle all your business management needs, which includes project tracking, invoicing, job monitoring, timesheets, reporting, and all various aspects of project management. It flaunts a seamless integration with Xero’s business software as well as systems, including Xero Accounting software.
It is a wide set of project management tools that works perfectly with companies from different industries. It has an extensive list of applications designed to boost the potential of any enterprise.
WorkflowMax SmartScore and Customer Satisfaction
Our B2B experts reviewed WorkflowMax functionalities, user experience, customer support and other key elements of the service. Final results as summarized by the SmartScore system gave WorkflowMax a score of 7.3/10 while the results provided by the Customer Satisfaction Algorithm place the overall user satisfaction rating at 100%.
3. FinancialForce Accounting
FinancialForce Accounting for Salesforce is quite easy to learn, use, as well as maintain. It is a simple yet powerful cloud accounting system. FinancialForce provides an an end-to-end solution that is ideal for small and large sales as well as service-oriented companies that are looking for ways to make their business operations more effective at less cost.
It has the Salesforce Accounting app, leveraging the power as well as the flexibility of the efficient Force.com cloud platform. FinancialForce Accounting also integrates with Salesforce CRM to enable your employees to work as one team.
FinancialForce Accounting SmartScore and Customer Satisfaction
Our B2B experts prepared a detailed review of FinancialForce describing its features user experience, customer support and other key elements of the service. Final results as summarized by the SmartScore system gave FinancialForce Accounting a score of 6.7/10 while the results provided by the Customer Satisfaction Algorithm place the overall user satisfaction rating at 98%.
4. FreeAgent
FreeAgent is a web-based accounting and financial management tool that is well suited for those thatve small businesses and with up to 10 employees. Whether you are new to the business or are already successful in your business, this system is for you.
FreeAgent was created to respond to the difficulties of handling financial matters for those with small businesses as well as freelancers. It is currently being used by over 35,000 small businesses as well as freelancers in up to 80 countries who realized the tool is an easy and efficient method to handle their books and invoicing.
All your system data is backed up a lot of times every hour to the company’s secure server.
FreeAgent SmartScore and Customer Satisfaction
Our B2B experts made a full review of FreeAgent listing its features, user experience, customer support and other key elements of the service. Final results as summarized by the SmartScore system gave FreeAgent a score of 6.7/10 while the results provided by the Customer Satisfaction Algorithm place the overall user satisfaction rating at 98%.
5. KashFlow
Considered the top accounting and bookkeeping software solution in the United Kingdom, this tool has been giving topnotch online accounting software platforms for small business companies since 2005.
KashFlow is a top, cloud-based, and user-friendly accounting software solution designed to help small business owners really make sense of their business accounts. However, it has options for various businesses, full of automated features and well integrated with add-ons such as DropBox, PayPal, and many more.
KashFlow clients can generate quotes quickly, produce invoices that are fully customizable invoices, balance books, and check out their expenses.
KashFlow SmartScore and Customer Satisfaction
Our B2B experts reviewed KashFlow accounting software detailing its features, user experience, customer support and other key elements of the service. Final results as summarized by the SmartScore system gave KashFlow a score of 7.0/10 while the results provided by the Customer Satisfaction Algorithm place the overall user satisfaction rating at 93%.
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