We have left those days far behind when someone seasoned in handling MS Excel was considered an accounting professional. Today, we have multiple software that makes accounting swift and easy. Different accounting software has different features and capabilities therefore, you must know their characteristics to choose the best accounting software as per your business needs and suitability.
You might be wondering how people used to handle their accounts before the advent of accounting applications. A few years back, accounting was a complex and labour-intensive task with ledgers, balance sheets, and spreadsheets. Professionals were relying on MS Excel to perform basic accounting tasks. Though, excel sheets include a lot more than just compiling the data. It was and is utilised for accounting, charting, inventory management, and more. But, it’s complex and difficult to remember formulas that are prone to errors and inaccuracy. Moreover, you always have to create a new spreadsheet for each income stream.
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Best Accounting software for optimum accuracy and business growth
Over the last decade, small business owners have considerably switched from conventional accounting practices to cutting-edge accounting software. Efficient accounting software automates the entire accounting process within a business and minimises the probability of errors. People may also get confused between accounting software and e-commerce management software. The fact is that they both are different and can not be utilised interchangeably, however, they can easily be combined with payment gateways.
Let’s dive into exploring the best accounting software of recent times.
Powered by accelerated multilingual technology, Tally is a trustworthy and extensively used accounting software. Because of the ease, it offers while using, it has become one of the best accounting software for small businesses. Moreover, it provides multiple solutions in terms of invoicing, inventory management, stock valuation, and accounting guidelines.
- Easy bill tracking facility
- Real-time data capture and reporting
- Multilingual capabilities
- Easy compatibility with Microsoft’s applications
If your quest is inclusive accounting software, then QuickBooks is an apt alternative. Developed by Intuit, Quickbooks is available on cloud and desktop versions. The best thing about this advanced application is that a non-accounting person will also use it easily. This one of the best accounting software can manage and streamline your accounting process, billing and tax through one centralised platform.
- Flexible to integrate with leading payment gateways
- Provides significant assistance in tax return filing
- Accurate sales tax calculation ability
- Centralise expense tracking facility
Zoho includes some of the best accounting features. If you are operating a small business, it is certainly one of the best accounting software, to begin with. Apart from that, it allows integration with more than 40 applications. It has in-build features for tax compliance and audit reporting.
- Ability to manage sales orders and invoices
- Automatic tax calculation and invoice generation facilities
- Inclusive accounting capabilities
- Ability to reconcile bank statements
When it comes to cloud-based accounting solutions for small businesses, FreshBooks has all the essential features and capabilities. The thing that makes FreshBooks stand apart from others is its customised invoicing ability and responsive customer service. Therefore, it is the best accounting software for rapidly-growing businesses.
- Ready to use estimates and proposals
- Easy integration with external apps and tools
- Accurate tax and bill calculation
- Easy tracking facility
SAP Business One
If you are seeking an all-in-one accounting software that not only helps you manage your accounts but can also assist you in other aspects of your business, then SAP is the best accounting software for you. Besides accounting, it helps in financials, human resources, purchases, business modules and quality management.
- Cash flow management
- Monitors project cost
- Quick and easy payment reconciliation
- Centralise data management
- Analytics and reporting facilities
How can the best accounting software transform your business?
There is no denying that accounting is the backbone of any company or business. Though, accounting practices have gone through multiple transformations over the years. There was an era when maintaining ledgers and balance sheets was considered daunting and time-consuming tasks. Now, with the best automatic accounting software, accounting has become an easier and quicker process. Accounting software’s ability to streamline and automate a business’s financial transactions, bookkeeping, billing, and tax management are the reasons a company or organisation should make the best use of it to grow.