The best accounting software for medium-sized businesses

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Best Accounting Software for small business

What accounting software is ideal for a small or medium business?

Even if you have a small or medium business or even an accountant dealing with your finances, other help is always appreciated. Using an accounting software product won’t replace your finance person, however it will help you keep an overview of everything. In addition, you can optimize all your business processes. So, as a first tip, you should look for a robust and scalable accounting tool that can help you with many of your tasks, not just the accounts or invoices. But also, the readability of the data to execute analysis of debtors for taxes. But then again, choosing the right software for your business depends on your needs.

To help you with this decision and make an informed decision, let’s look at some of the best useful accounting tools for small and medium-sized businesses. Afterwards, you can try the one that meets your needs.

Each product will be advertised as being the best for multiple types of businesses. However, you should consider some features and qualities when purchasing an accounting tool. For example, the chosen one must be precise, easy to use, flexible, scalable and versatile. And you should buy the one that can automate different tasks for you. Otherwise, you’ll end up buying multiple tools for every need you have.

Therefore, try and choose a more complex product. But then, you should know that accounting software is not just for large companies anymore. It can also be useful for start-ups, small and even medium-sized companies. Even as a freelancer, you can use accounting software to ensure that you are legally ok. So you need to choose an affordable one, but not the cheapest one. An accounting product that will be a good investment for your business.

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Some of the accounting processes that this software product should include are:

  • ledgers
  • chart of accounts
  • Billing
  • Account reconciliation
  • Accounts payable
  • Financial reports

Now, let’s look at some great tools to help you with your financial tasks.

invoice.com

Bill.com is a cloud-based, AI-powered automation software for accounts payable and accounts receivable. According to the company, Bill.com is a smart digital business platform. From the beginning, Bill.com has helped vendors, vendors, and customers create a collaborative environment. If you are wondering why you should choose Bill.com, I must say that this tool will automate all the time-consuming tasks, saving you like 50% of your time. Plus, even if you’re not a giant in the industry, you can integrate Bill.com with the big boys like Quickbooks or Xero. Regarding its characteristics, we can say that it covers some important ones:

  • Accounts payable
  • accounts receivable
  • International Payments
  • Automatic check payments
  • ACH payments
  • 1099 Contractor Payments
  • Customer service
  • Bill.com App
  • Bill.com Integrations

If you’re asking how much money you’ll pay for this one, it’s simple. Pricing starts from $39 per user per month, which is not the cheapest accounting product but expensive. However, it is a great product to try as it has a 30-day free trial.

QuickBooks

This is from another league. It has been on the market since 1992 and is designed to be an accounting SaaS product for small and medium-sized businesses. Since 2013, QuickBooks Online has become an accounting platform with numerous users and has developed different versions for various countries to meet their demands and needs. While QuickBooks is one of the best accounting platforms for midsize businesses, it is easy to use, flexible, yet robust, and offers many features to its users. Now, let’s see what features it offers.

  • cloud accounting
  • Billing
  • accounting reports
  • inventory management
  • Sales and expense tracking
  • mileage tracking
  • Manage accounts payable
  • Real-time collaboration with accountants
  • Latest Product Updates
  • Automatic download of bank transitions
  • Automatic backups of encrypted data

QuickBooks offers several types of plans regarding pricing plans, from individual needs to complex needs and large companies. The price starts from $15 per month and it is an individual plan. And it can cost you $1,275 for the most customizable plan. However, it depends on what you need and your business. But QuickBooks can be a great option.

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There are many other great tools on the market like FreshBooks, TaxJar, TaxAct, US only, Plooto and many others. Now, with so many options and interesting accounting products, you are the only one who can make a good decision for your company. And it all depends on the software that suits your needs. Of course, there is never a single answer to these questions because here, the term best is subjective. Still, keep in mind to choose an accounting software that will give you a great return on investment.

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Categories: Technology
Source: condotel.edu.vn

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