As the owner of a small business, keeping track of accounting is an important part of the job. Knowing where your finances stand is the best way to ensure your business’ success. However, many people also find the time spent on these things to be boring and less exciting than other tasks. That’s precisely why having the best digital accounting tools is crucial. It can speed up time spent on numbers while ensuring all the needed information is available for taxes.
While having a professional accountant is important, so is handling the day to day number crunching. We’ll be sharing some of our favorite solutions for accounting below so you can make sure your business’ books are kept pristine and no errors go undiscovered.
Intuit QuickBooks Online
Intuit QuickBooks Online is generally regarded to be the top accounting app for those who run small businesses. It’s flexible, has a ton of depth, and offers an easy to navigate user interface. This accounting software supports hundreds of integrations and add-ons, allows you to run customizable reports, and even provides support for payroll tasks. However, it can be a bit more expensive than other options. It’s a matter of paying for the huge amount of value that the software provides.
FreshBooks
Those who are looking for an intuitive method of doing double-entry accounting will appreciate what FreshBooks brings to the table. It works well for both freelancers and small business owners and managers. With a robust variety of features, the software includes support for time tracking, estimates and invoices, and projects. It has detailed client records, inventory tracking, and team collaboration tools. However, it doesn’t provide quarterly tax estimates and the mobile apps don’t include all the features from the website.
Xero
While most businesses start small, not all of them stay that way forever. With Xero, you get tools that can be used for everything from small businesses to huge corporations. It offers more than 700 app integrations and support for as many users as you want. It has a huge number of features and is known for its exceptional support options. Some of the things you can expect from it include inventory tracking, even estimates, and recurrent invoicing.
Wave
Wave is a free software solution for accounting that has plenty of features for a company that has employees. It offers an excellent user interface with easy navigation, substantial transaction and invoice management, and multicurrency support. If cost is the main barrier to using digital accounting service, this is the solution. However, it doesn’t have time tracking features, the record templates are a bit plain, and the payroll features are less extensive than other options.
No matter which digital accounting solution is right for you, remember that having a small business accountant by your side is still important. Mistakes happen and only an expert can ensure everything financial is handled in the right way for your business and the government. If you’re looking for a small business accountant, Venture CPAs is your accountant in Denver, Colorado, and beyond.
