Choosing which software program to use when converting your business to digital accounting is a major decision. While there are plenty of choices on the market, it’s important to pick a program (or combination of programs) that has the features your business requires.
The Most Popular Digital Accounting Tools
Quickbooks
This is the most popular accounting tools software amongst many small businesses. It includes multiple features that a business owner who is responsible for his or her own bookkeeping will find useful, such as the ability to quickly create invoices, pay bills, and generate payroll reports. It is important to note, however, that this software program begins to hiccup once a company starts to grow. There are glitches when multiple users try to enter data at the same time (though many of these errors have been fixed through the upgraded Quickbooks Cloud). Many users also report that the software is difficult to use at multiple locations.
Peachtree Accounting (Sage 50)
This program was one of the first digital accounting tools ever introduced; it has been a part of the commercial market since 1978. In 2013, the program was made available worldwide and became cloud-based, giving users the ability to coordinate their accounts in multiple countries at the same time. The cloud-based version of the program is known as Sage 50. Users of this software say that they’re particularly impressed with the software’s ability to track inventory levels in real time across multiple warehouses. This makes Sage 50 a particularly useful tool for businesses that deal with international suppliers and customers.
Xero
Small business owners who are looking for a program with basic accounting tools should take a hard look at Xero. Xero claims to be the global leader in online accounting, offering cloud-based financial services for managing transactions and interfacing with many different banks. For this reason, many investment-based and venture capital firms rely on Xero for their accounting needs. As a company expands, the software offers a number of additional packages that can be used to track shipping, billing, and payroll.
Choosing the Best Accounting Software for Your Business
Each of these platforms offers a unique approach to digital accounting, whether it be through cloud-computing offers or a small business edge. This is where MoneyThumb comes in. In order for any of these programs to work, it’s necessary to provide the appropriate data. Rather than spend hours entering in every receipt, invoice, and payment check, our software can convert each document that your company receives, be it internal, from a client, or from the bank, into a digital file that can be easily read by your accounting software.
Whatever digital accounting tools you choose, make sure that they fit with your business plans for today and the future. A good software program will be easy to use and easy to grow with.
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