Accounting Software Selection Made Easy!
Choosing accounting software can be overwhelming. There are so many software options available. Many business owners often wonder which one to choose. I will give you some features to look for in order to make the selection process easier. Accounting software should give you very detailed financial information and should grow with you. Your accounting software should be more than a standard but should be able to support your type of business.
Consult an accountant before going with standard or the cheapest software. Find a professional that will help you with training on your software for your business. You business may call for specific accounts that are not in general software. Account set up is super important to tax and financial reporting.
Look for the following features in your software:
(no specific order)
|Bill Tracking||Financial Statements|
|Client Tracking||Vendor Tracking|
|Inventory Tracking or Add On Capabilities||Integrations|
|Chart of Accounts||Memos|
|Tags (options)||Ability to Add Users|
|Cloud Applications||Banking Integrations|
My top recommended Financial Software options:
Xero is comparative to Quick Books. Xero gives more options for integration and is a better operating cloud application than others. Xero will grow with your business. Pricing is reasonable as your business needs grows. Xero can support job classifications, inventory, and payroll. Here’s a short video to “Enter Purchases Into Xero Demo (no sound)”
Quick books is built for certain industries. Xero and Quick books offer most of the same functions. However, Xero has more add on integration options than Quick Books. Quick books pricing is not so friendly as your business needs grow. Quick Books can support job classifications, inventory, and payroll.
Fresh books is great for anyone new to cloud software. It is very simple to use and It will allow you to create invoices and track customers. Fresh books does not allow for billing and calendar features. Fresh books integrates with Xero and will allow you the option to grow. You can invoice, track clients, and send estimates in this software. Fresh books does not support inventory or payroll.
Zoho has many different pieces in the software and is considered an all in one software. Zoho supports CRM, Project Management, Books, and Expenses tracking. Zoho’s features lower the need for add on as in other applications. Normally accountants do not recommend an all in one software. The best accounting software providers focus on accounting only. However, Zoho has created each module separately and allowing each department to focus on one portion at a time allowing for maximum accounting function for the all in one software.
Today’s technology provides so may options! Use my list above to help you select the software that works for you. Also choose based on your needs and skills and then cost. I recommend seeking a professional to assist with training. Sign up for a training
Beware of one sided software. Software that can only track expenses and invoices. A powerful accounting software will provide all of the functions listed above. Low cost or free software is limited and will not grow with your business. There are some exceptions to low cost. Quick Books starts at 12.95 , Xero starts at $9.95, Freshbooks is Free, Zoho is Free, and each option provides a great accounting platform for growth. However, you will need an accountant. Quick Books is not so user friendly and only integrates with limited other software options. DIY software is great. However, take advantage of training sessions with an accountant.
I offer Ask the Accountant Sessions to Help with Training!