What Is Bookkeeping Software And How Will It Help My Business?
If you’re in the process of setting up your business or are looking to manage your finances and cash flow more efficiently, then you’re probably in need of bookkeeping software for small business. This must be your lucky day, because here we’ll not only discuss the best bookkeeping software on the market, but we will also shed light on how accounting and bookkeeping software differ and the tangible benefits it offers.
Before we begin, let’s talk about one of the biggest misconceptions in the business world: that bookkeeping software is the same as accounting software. Even though both the applications have some overlapping features and their names are often used interchangeably, there are major differences between the two.
Bookkeeping software offers features that deal with the identification, measurement, and recording of financial transactions. Accounting software, on the other hand, can be used to summarize financial data and interpret it to determine the financial health of the business and make calculated decisions for the future. In simpler terms, accounting software encompasses most of the features of bookkeeping software and provides a holistic overview of the financial transactions (and status) of a business. Most of the best bookkeeping software comes with the ability to integrate with third-party accounting software, allowing the two applications to share information and remain in tune with each other.
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How to choose bookkeeping software?
Depending on whether you want home bookkeeping software or small business bookkeeping software, you’ll need to evaluate the different aspects of the application. Before purchasing, it’s absolutely vital that you carefully analyze your needs and demands against the features offered by particular personal bookkeeping software. There are hundreds of home bookkeeping software and bookkeeping software for small business available, and we recommend that you review the different choices to choose the one that caters to your specific needs.
In the following passages, we will talk about some of the most important characteristics and features pertinent to bookkeeping software that you must consider prior to buying one:
Mobile access
One of the most important questions you need to answer is, “Does my bookkeeping software for small business offer me mobile access?” This access can be via a mobile-friendly, responsive website or a smartphone application. Mobile access is increasingly important in the modern world; if you can’t have ubiquitous access to the most important financial information, you can’t harness the true potential of your bookkeeping software.
Cloud-based
Another great-to-have (and often must-have) feature often found in the best bookkeeping software is cloud-based operations. When you’re able to access the application from any browser on any device, without needing to install any hardware or software, you can stay connected and keep your data organized at all times. This increases the overall efficiency and, eventually, the productivity of a workforce. Freshbooks offers great cloud storage, allowing you to access your invoices and documents anywhere and at any time.
Are all your bookkeeping needs covered?
Different businesses have different bookkeeping software needs. Do you require it simply to keep track of your pending invoices, or do you also want it to have a built-in customer relationship management system, which will help you maintain your customers’ finances all in one place? Perhaps you want your bookkeeping software to allow you to send business proposals and perform expense tracking? You’ll want to consider your specific business and personal needs and choose the best bookkeeping software with all the functionalities you’re looking for.
Ease of Use
Another important aspect that you need to consider is the ease of use of a bookkeeping application. Make sure that the small business bookkeeping software you purchase doesn’t have a steep learning curve, which can cost a lot of time and money on training. You’ll want to ensure that the software allows you to seamlessly dispatch invoices, purchase orders, and moreover the Internet. Moreover, make sure that it connects with your various other financial accounts and applications seamlessly. Freshbooks is a great bookkeeping software that is both efficient simple to use.
Customer support
An often-overlooked aspect of a bookkeeping software provider is the quality of their customer support. You might hit a brick wall during your first run of the software or need answers to some queries right after you set the application up. This is why it’s necessary that you have a reliable and friendly customer support team at your disposal.
Which bookkeeping software should I buy?
Now let’s get to the business end of this article. We know precisely what to consider when buying personal bookkeeping software, but what are the best available choices in the market at the moment? Read on to find out.
Quickbooks
Quickbooks comes with some of the finest invoicing and expense management features out there. Along with being well designed and user-friendly, it offers comparatively reasonable prices.
Zoho
Zoho is another top choice when it comes to bookkeeping software for small businesses. Via an intuitive, lag-free interface, it allows you to invoice and bill with ease. It also comes with a free trial version, so you don’t have to commit to the purchase until you’ve tried it out.
FreshBooks
FreshBooks makes it easy for businesses and freelancers alike to manage their finances. You can easily bill clients and generate invoices, and the software integrates seamlessly with third-party applications.
Final Word
When it comes to choosing the best bookkeeping software for your small businesses, you have many choices. Where on one hand it makes it easier for you to choose something that meets or exceeds your specific needs , on the other, it can often make you spoiled for choice. In this article, we’ve talked about the differences between accounting and bookkeeping software, highlighted some key aspects and features that you must consider prior to buying small business bookkeeping software, and given you three of the most recommended choices.
Before you make a final decision, make sure you evaluate your choices carefully and only go with an application that is destined to change the bookkeeping dynamic of your business for the better.