Businesses have been relying heavily on paper document management for invoices, record keeping, account management etc to accomplish everyday tasks. However, there are many disadvantages to this system which includes loss by fire damage, misplacement, security issues, negative environmental impact on trees etc. Using advanced equipment and high-end software including OCR (optical character recognition), ICR (intelligent character recognition) software, professional document scanning companies can digitize records, receipts and invoices, thereby protecting them from various disasters, saving storage space, making records easier to access and helping your company to go green.
Accounting is an integral part of any business organization. It provides businesses with a view of their profitability and in certain cases, losses. The process is necessary for sound financial management, which enables businesses to keep expenditure and income records, which in turn can be utilized to come up with sound financial decisions. Earlier, these tasks were done manually with the use of bulky ledgers and journals, taking up a great deal of time and effort. Today, businesses are using accounting software, which is capable of automating these processes along with reporting tasks, thereby eliminating the need for the consolidation of manual entries. Accounting software helps reduce costs and human errors, making them vital tools for just about any type and size of business.
The following are some of the best accounting software which can be used in small as well as medium-sized business offices.
- Zoho Books – This is a smart accounting solution that is designed to manage cash flow and finances of small businesses. It is easy to use and helps managers make intelligent business decisions. It offers hassle-free accounting, excellent support, uptime and security. It can send customers professional invoices and even accept payments online. The platform is powerful which gives users absolute control over financial management. It has useful features such as P and L, cash flow statements and balance sheets creation. The dashboard of Zoho Books is able to display financial overviews and graphs. In addition, the solution is capable of streamlining other back-office functions.
- Xero – This easy-to-use cloud-based accounting software has tools that helps manage invoices, bank reconciliation, inventory, purchase, expenses, bookkeeping and more. It can make tough accounting tasks simple even for first time users. It connects small businesses with their trusted advisors and provides business owners with instant visibility of their financial position. It can be accessed from any device with an active Internet connection. The robust accounting features of Xero enables small businesses to view their cash flows, transactions and account details from any location.
- QuickBooks Online – This accounting software simplifies the most complex accounting processes. It is one of the popular tools among accountants, bookkeepers, small business owners and finance officers. It automatically syncs business profiles to single dashboards, so that multiple users can view reports and corporate accounts. It can generate profit and loss and trade sheets, invoices and billing, all of which can be accessed through mobile devices.
- Wave – This free business suite offers accounting, receipt scanning and invoicing capabilities. It is ideal for entrepreneurs, freelancers, consultants and other self-employed professionals. It is easy to set up and operate due to its simple dashboard. This app is capable of eliminating the hassles of expense monitoring, payments handling and employee and tax management by making simple work of all invoicing and accounting processes. It allows you to generate and send estimates, receipts and professional-looking invoices in an instant.
- Sage Intacct – This cloud-based financial management platform houses cloud computing and accounting in a single tool. The core product functionalities of this software include accounting, cash management, purchasing, subscription billing and financial consolidation. The platform’s general ledger makes easier information entry and error minimization possible. The system can shorten income losses and effectively control margins and costs. It offers multi-currency support, thus computing for currency difference is much easier with this solution. It can also streamline compliance by automating sales tax management.
- Tipalti AP automation – This cloud-based payment automation and management software helps businesses accurately meet deadlines. This solution is capable of addressing problems such as non-compliance, late payments, administrative overload and complications arising from human error. It helps cut down the time spent on financial management, thereby solving one of the biggest problems faced by accounting teams. In addition, the software can automate the payment operations of any business around the world, ranging from tasks like on-boarding to tax compliance. It can streamline payment processing in around 190 countries.
- Financial Force Accounting – This robust, cloud-based accounting software can increase operation efficiency at minimal cost. The key feature of this platform is the Salesforce Accounting application, which can do tasks far beyond bookkeeping and processing transactions. The product smoothly integrates with Salesforce CRM which enables users to work using a singular platform. This in turn results in an efficient and consistent financial system. This app automates expense and invoice approvals through authorization workflow and can set credit terms and limits. Other notable functionalities of Financial Force Accounting include invoice creation, cash management and ordering and billing.
The above-mentioned accounting software can increase the productivity of the company, improve document security, eliminate the need for extra space and also allows companies to go green. In addition, by investing in such reliable accounting software, businesses can save time, reduce costs, gain visibility into their financial landscape, and keep the financial information safe. Meanwhile, organizations struggling to manage paper-based, large volume financial documents can outsource their tasks to an experienced company that provides bulk document scanning services and be well ahead on the path of digitization.