Business finances can be complicated. But, implementing accounting software best suited to the needs of your business can help alleviate some of the stress that comes with handling your business finances.
Accounting software won’t only help automate certain transactions and financial processes within your business, but it will also give you a bird’s eye view of the numbers within your business, allowing you to make informed business decisions, establish a healthy cash flow, and help you file accurate tax returns.
Finding the right software for your business can be difficult because there are countless programs with unique features, pricing plans, and learning curves. You need to understand which software suits your needs best.
Understanding your business needs before choosing accounting software
A few things to consider when choosing accounting software for your business are the software’s features, usability, and cost. When considering its features, think about what you want the software to do for you. Are you interested in accounts payable and receivable functions? Do you need to generate several reports or send invoices? Some software is designed for inventory tracking, project management, payroll, or other functions.
Regarding usability, consider the number of users you want to access your program. A cloud-based system can be accessed from anywhere. However, desktop software may only be accessible by individuals who have it installed on their desktop while working on said desktop. Another usability factor to consider is whether you need mobile applications.
Finally, think about the cost. There might be software that is perfect for you but costs more than you can afford. Some businesses do well starting with basic and inexpensive software, while others require more expensive software with extensive applications and features.
Other factors to consider when choosing an accounting software include:
• Your accounting skills
• Cloud or non-cloud-based functionality
• Your budget
• Features needed
• Integration with your bank
• Data security
Businesses QuickBooks Online software is best suited for
The top industries that use QuickBooks are:
• Information and technology
• Hospital and Healthcare
QuickBooks is software that is geared primarily towards small and medium-sized businesses. It offers on-premise and cloud-based services that allow businesses to accept payments, manage invoices, payroll, etc.
Some of QuickBooks’ distinguishing features include automatic payment reminders that simplify following up on past due accounts receivable, sending and requesting payments online, and taking snapshots of receipts and having those automatically introduced into QuickBooks as expenditures.
Businesses Xero software is best suited for
Top industries that use Xero include:
• Computer software
• Financial services
• Marketing and advertising
Xero is a cloud-based accounting software built primarily for small and medium-sized businesses. Larger businesses have been able to use Xero, primarily when they integrate with other software.
Xero is considered a QuickBooks alternative. The software manages invoicing, bookkeeping, bank reconciliation, and more. Xero works on the service as a software model. So the product is sold by subscription based on the number of entities within the company that uses the product.
Xero has a relatively low learning curve and includes features allowing businesses to pay bills, claim expenses, make bank connections, accept payments, track projects, and perform bankroll. Small businesses appreciate the platform’s features that allow them to capture data and use the program for online storage.
Businesses NetSuite software is best suited for
Top industries that use NetSuite:
• Information technology
• Computer software
NetSuite’s accounting tools are designed for medium to large businesses. It can help manage back office operations from inventory to shipping to billing to human resources. As an ERP, it’s primarily used as accounting software. NetSuite offers comprehensive financial management tools that allow medium and large businesses to grow especially when facing a shifting and complicated business landscape.
Because of its comprehensive nature and its feature-rich approach to addressing accounting, NetSuite can have a higher learning curve. Some of the key features of NetSuite include a transparent audit trail, tax management, fixed assets management, inbuilt financial reporting, and a flexible payment process. Inventory control, payroll management, bookkeeping, and general accounting features are just a fraction of what NetSuite can do.
NetSuite is advanced accounting software. It is equipped with comprehensive, robust features to take care of every financial and accounting management need of a business. It is a true enterprise software platform.
Which accounting software is right for your business
There are so many factors that go into determining if an accounting platform is right for your business. We can’t determine this without looking at your business, processes, and goals. At Fusion CPA, we encourage anyone interested in using an accounting platform for the first time or changing the software they use to talk to an experienced CPA. They can walk you through the steps needed to get the right software for your business.
This blog article is not intended to be the rendering of legal, accounting, tax advice, or other professional services. Articles are based on current or proposed tax rules at the time they are written, and older posts are not updated for tax rule changes. We expressly disclaim all liability in regard to actions taken or not taken based on the contents of this blog as well as the use or interpretation of this information. Information provided on this website is not all-inclusive and such information should not be relied upon as being all-inclusive.