One of the many reasons a business fails to succeed in the absence of a robust bookkeeping or accounting system. After all, no one wants to run out of cash.
With a myriad of options in the market, you can either set up an accounting system manually (consider: accounting books); or electronically (consider: Google/excel spreadsheets); or use an accounting software. And unless you wish to get seasoned in book-keeping practices, accounting software is the most practical choice for a busy entrepreneur or a small-mid sized business.
Here are some considerations:
Since every business has its own unique need, the following aspects will help determine your choice –
- Do you require the software to calculate all payroll requirements (PAYG, annual leave, long service leave etc.)
- Does it combine other task management requirements such as inventory, work in progress, orders, jobs etc.
- Can it handle more than two bank accounts
- Cash flow in a foreign currency?
- If you have multiple departments, separate financial records for each business
- Can it collaborate or interface with other payment gateways such as online payments
- Does the system include customer records or CRM
Software Options that you can Consider
The market is swarmed with customizable accounting software packages designed to meet diverse bookkeeping requirements of the businesses. Some of these software systems are free to use. Out of the multiple options, the best accounting systems for a small business are:
2. Quick Books:
It is the software designed for growing business enterprises. It offers a consolidated customer and supplier database. You can get your company’s snapshot on the dashboard. The unique feature of this program is its ability to track your business mileage by claiming deductions. It can calculate the quarterly taxes and troubleshoot problems using its self-help feature. Use it to generate online reports and keep a track of your finances with its cloud-based remote access capabilities.
This online accounting software helps in managing your business finances efficiently. You can connect it to a wide range of mobile app solutions tailored to your business. A PayDirect online feature allows faster payments and MYOB Essentials helps in managing ATO compliance requirements. You can prepare instant reports on BAS, GST, and PAYG. Also, you can link documents easily to the bills.
3. Reckon One:
For easy accounting and powerful functionality, you can choose Reckon One. It is specialized accounting software for small businesses. The salient feature of this software is its flexibility. You can add its modules as per the requirements of your business. It is the only software program that can be put on hold. It is a cloud-based program that hosts the entire data within Australia. Additionally, it has the most stunning dashboard allowing you to choose the widgets you need.
This cloud accounting program helps in making better business decisions with its advanced reporting and analysis tools. You can automate the manual processes and avoid human errors. It is easy to manage the cash flow and organize all your finances in one place. There are three scalable editions suited to the size of your business. You can opt for add-on modules for payroll management and credit card processing.
The interface of this software is similar to that of QuickBooks Online. However, it has more enriching features embedded into it. It has Mac integration feature that can be natively connected to Mac UI. You can set up this software with most of the major banks in the USA. Apart from this, it has features like expense claims, invoicing, payroll management, reporting, data security, multi-currency tracking, and much more. You can also run this software on your mobile using its multi-platform app.
6. Cashflow Manager:
It is a specialized small business accounting program available in different versions. It has an easy column methodology. With its cloud version, you don’t need to do the regular backups of accounting data. You can record unlimited transactions. The software is safely hosted in Australia. It offers seamless telephone and email support with a free subscription to Cashflow Manager Care.
With its user-friendly interface, Nominal contains a lot of functionalities for freelancers and small businesses. Some unique features of this program include time billing, an easy time-sheet for recording time spent on a project and easy integration with PayPal accounting using PayPal API. There are automated features for invoicing, payments, fees, and transfers. Also, track inventory and make necessary adjustments when required. The program is completely tax-compliant.
With innovation and simplicity at its core, Saasu is a dark horse in this race. It offers features like a live dashboard and personalized invoice creation. You can make online payments through the program using PayPal or a credit card. Its Cashflow Forecaster gives you insights about future cash flow. Invoices can be created in multiple currencies, and help track all correspondences using the customer database and address book.
These are the best software options for small business accounting.