Accounting software plays a fundamental role for any business in not only monitoring and managing the financial position of the business but also strategizing and executing the plans for better performance.
Picking the right accounting software or tool that can accomplish all their daily accounting tasks is the first thing a new small business owner must focus his efforts on. Given there are so many options on the market, a new business owner can be spoilt for choices when it comes to picking the right accounting software for their business. If you are in a similar boat then this blog is for you.
Being one of the best remote accounting firms in the business, Back Office Accountants provide a wide variety of back-office accounting services for all types of business. As a result, our accounting experts have worked with all the major accounting software available in the market.
So in this blog first we are going to help you understand the qualities of ideal accounting software for small businesses and then we are going to list our top 4 accounting software that we think every business can benefit from, based on their industry. So read on:
What makes an accounting software ideal for a small business?
From tracking expenses, recording payments, invoicing, reconciliation of transactions to providing an insight into the financial positions and generating necessary reports, accounting software must efficiently handle and manage every accounting task for a small business. In addition to performing the accounting tasks, here are key things that make an ideal accounting tool or software:
Simple and user-friendly: Not every business owner is into accounting which is why accounting software must as simple to use as possible. While the accounting side of the business is always complicated, accounting software must keep things simple and straight with an intuitive user interface.
Secure and safe: Sensitive accounting information must be guarded thoroughly to ward off potential financial dangers. If you are choosing an offline accounting system, makes sure your office digital infrastructure is guarded well enough. As for online accounting software solutions look into the security practices and guidelines followed by the online accounting service provider.
Scalability: Scalability is paramount when you are choosing your accounting solution. As your business grows, it is important that your accounting software meet the needs and requirements as migrating to other accounting solutions can be painful and time-consuming. So make sure your accounting services provider is offering progressive versions of the current product to suit your business needs as you grow.
Hidden costs & Support: Accounting software providers charge extra for essential add-ons and features, maintenance or upgrades. It helps to know complete information about the hidden costs before you choose one.
Support is often the most ignored feature among business owners which can get you stuck in the ruckus at some point in time. Given they provide regular upgrades you will need post-sales support for the accounting software and we advise you to check the timings and prices (if there is any) beforehand.
That said, every business based in their industry can make use of customized accounting tools that are tailored for their specific requirements. So while picking the best accounting software we have categorized them into four types based on the type of business. Options and two are for any business and options 3 and 4, are for niche business where our Back Office Accountants specializes in – real estate and property management and restaurant, respectively.
Top 4 Accounting Software for Business:
Quick Books: There are multiple versions of QuickBooks based on the business type, but we find Quick Books Online as the best choice for small businesses. Being a cloud-based mobile application, it is one of the most widely used accounting software available today. It is simple, user-friendly, loaded with all essential features, scalable and has offered plenty of third-party applications making it our best accounting software for any type of business.
Bill.com: Bill.com is another top choice accounting solution that can simplify the entire accounting function and experience for small businesses. From capturing invoices, receiving payments and getting payments approvals it supports and gets done all the important accounting tasks with its AI-enabled accounting solution. It is highly efficient and is loaded with advanced integration features and functionality making it a top choice for prestigious business and accounting firms all over the world.
Both Quick Books and Bill.com are our two top choices for general accounting solutions and as for real estate and restaurant businesses below are our picks:
Propertyware: Unlike other choices, Propertyware is not a dedicated accounting solution but a mighty powerful all-in-one rental property management solution that can help business owners with accounting as well. As a cloud-based property management solution it brings accounting, marketing and management of rental properties into one powerful platform making it easy to track, manage and improve revenues significantly. In addition to providing all accounting functions, it’s got a robust Accounts payable and Accounts receivable function, bank reconciliation with online lease, property management, maintenance and operations that make it the single best accounting solution for real estate and property managers.
At Back Office Accountants our accounting specialists are exerted in providing Accounting and Accounts Payable Services for Real Estate Businesses using Propertyware.
R365: If you are into the restaurant business and are looking for accounting software the look no further than R365. Being most specific to the restaurant business, this cloud-based solution handles everything w.r.t to inventory accounting, budgeting, forecasting, catering, scheduling and also generates customizable reports that matter most to your business.
Its simple user interface, dashboard and powerful features let you perform all the functions including budgeting and tracking data of multiple locations without relying on multiple platforms. If you are starting out, R365 is an all-in-one restaurant accounting solution we highly recommend at Back Office Accountants. Being experts in R365 we ourselves regularly leverage this software for providing Accounts Payable Services for Restaurant businesses too.
That said, we also provide Accounts Payable, Accounts Receivable Services, Full-Service Back Office Accounting Services to all types of business using the above accounting software. If you are a small business looking for back-office accounting services or in need of expertise in the above accounting software for your business, you can contact Back Office Accountants here: https://www.backofficeaccountants.com/
