We are living in a smart age where technology drives us to become better at our work each day. Technology has completely transformed how we used to work. Tasks that required hours of manual and mental work a decade ago, can now be completed with just a click. Each and every industry is benefiting from this technological advancement and Accounting & Bookkeeping industry is one of them that is of concern to us.
Accounting and Bookkeeping is an ever-evolving landscape that has adapted pretty well to the technological boom. From the manual paperwork to using Excel to using Accounting software, the Accounting industry has come a long way.
Accounting software is application software that can perform various accounting and bookkeeping tasks like a record: financial data of a business, payroll, accounts payable, accounts receivable, and many more. It can also reduce bookkeeping discrepancies that can prove to be costly. Accounting software varies widely with the functionalities they offer and are designed in accordance with the business requirements(small business and large business requirements can vary widely).
However, when it comes to the best Accounting software for small businesses, the one name that pops up instantly is ‘QuickBooks. According to acecloudhosting, QuickBooks has around 800M global small businesses and self-employed customers, and 56M prospects visiting QuickBooks every year. But what makes QuickBooks best for small Business. Here are a few key features that make QuickBooks the stand-out Accounting Software for small businesses:
Features of QuickBooks for Small Business:
Mainly QuickBooks offers two products that are:
QuickBooks Desktop which is a one time purchase software that is installed on your computer and offers robust inventory management, job costing, and industry-specific features and reporting.
QuickBooks Online offers quite similar features to the Desktop version with the major difference being that it is a cloud-hosted platform.
However, our concern is QuickBooks Online which currently serves 4.5 million global customers with a net add of 1.1 million new customers in FY’19.
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Key Features of QuickBooks:
One of the features that make QuickBooks Online the best Accounting software is that it automates daily tasks like handling recurring invoices, bill payments, payment reminders, sync bank, and credit card transactions data; bank reconciliation, and many more such tasks, thereby saving time as well as avoiding human error.
- Excellent reporting:
QuickBooks further offers excellent reporting with predefined templates available like general ledger, trial balance, 1009 transaction reports, P/L templates, etc. Moreover, it offers graph features that can be used to analyze data easily and make business decisions based on the same. It also allows you to schedule business emails and ease off the manual workload.
- Electronic invoicing
QuickBooks Online offers email invoicing features along with other features like accepting online transactions, e-signatures and saves time. You can optimize emails for mobile devices as well as syncs easily with Gmail accounts making it easy to send invoices via your Gmail account.
- Easy integrations
QuickBooks Online can be integrated with many third-party apps and software that you may be already using. Some of the popular integration include CRMs, email, e-commerce platforms, payment processing, time tracking, payroll services and many more
- Mobile app
QuickBooks Online also comes with a mobile application that makes it easy to be accessed from anywhere in the world, using your mobile device. You can do the following using the QuickBooks Online mobile app:
- Create, customize, send and track invoices
- Click photos of receipts and attach them to your expenses
- Reconcile transactions
- View customer information, add new customers and message customers directly from the app
- View data such as your account balance, accounts payable, accounts receivable, profit and loss report, and open current and past due invoices
- Accept online payments
QuickBooks Online Pricing:
- Simple Start Plan that costs $25/month and supports one user.
- Essentials Plan costs $40/month.
- Plus Plan costs $70/month.
- QuickBooks Advanced costs $150/month.
While there are many Accounting software out there, QuickBooks for Small Business has always stayed a step ahead from its competitors, mainly due to easy accessibility and affordable pricing. So if you still don’t use Accounting software and figuring out which will be the best, just go for QuickBooks Online, it has it all!