Whether a business is small or large, there is one aspect that does not change for all businesses and those are its accounts. No matter the size of the business, there is a need to keep an account of all the business transactions and records, in order to estimate the financial position of the entity.
Automated programs not only allow for better record in bookkeeping but also speeds up the processes, thoroughly and show the data through various patterns. Accounting solutions manage;
- tax returns,
- financial records,
- transactions,
- reporting,
- general ledger management,
- accounts payable and receivable,
- invoicing,
- expense tracking,
- financial reporting.
Why is an accounting solution needed?
It is important for the financial reporting and analysis to be conducted through experts so that errors are avoided. In the digitized world of today, not all businesses can hire and afford teams of accountants to manage their financial records.
Therefore, no matter the size of the company, there are accounting solutions available in the form of software programs to help mitigate the problems and provide accommodating solutions for all kinds of business owners and specialist teams.
An accounting solution is important for;
- efficient financial management,
- accurate financial reporting,
- time cost savings,
- enhanced decision making,
- streamlined collaboration.
Accounting solutions for medium businesses
Medium businesses need accounting solutions in order to reduce the costs of hiring professional accounts for management of accounting and financial needs.
- Zeni
Another AI generated software is Zeni, that performs different accounting and financial management functions that offer a one in all platform solution to all businesses. Indebted with the SaaS accounting program, the software is able to generate the financial accounting solutions and automated bookkeeping methods to increase accuracy and simplify the financial procedures.
On the other hand, another feature provided by the program is the cash burn rate, which allows the businesses to understand their expenditure trends and make better business decisions. The services of the financial team of the software are provided in the form of accrual bookkeeping and reconciliation statements. The software is priced at a higher rate of $549 per month.
- MyCounto
One of the best features of the software is that it is automated in financial management solution for regular business to track their monthly progress and expenses. Since the software offers unlimited transactions, this differentiates it from the competitors. MyCounto is an AI generated software that offers lower cost of accounting and can help the company to grow without a transaction limit. The software is provided at a starting cost of $100 per month.
- Biztory
The software offers accounting and bookkeeping solutions to the companies. With more than thirty thousand consumers, the program suits the needs of all types of users whether they have any experience in using cloud softwares or not.
Thus, the program provides a user friendly interface to businesses that outsource their accounting and financial data. This allows the companies to concentrate on their core functions and use the software for accounting solutions.
The program allows the businesses to leave their financial hassle for teams and experts who are qualified in handling the financial data and compliance activities. Thus, Biztory is a complete and cost effective solution that provides unlimited reports for businesses on their financial history. The options start at $111 per month.
- Jurnal by Mekari
The software provides the options of generating detailed reports to companies based on their product and inventory management. Through Jurnal, the business can monitor their products and inventory with accuracy. It helps the businesses in managing their costs and budgets effectively, thus providing ease in generating taxes.
The software is specifically in compliance with the Indonesian tax system and regulations. The software specifically suits businesses with present financial teams and provides a capable and reliable accounting solution that estimates the growing needs of the business. The cost of the software allows it to be accessed at $33 per month.
Accounting solutions for small businesses
Small businesses need accounting solutions in order to manage their finance and accounting measures on their own.
- Xero
Small and medium sized businesses need effective accounting solutions for simplifying the financial operations. Xero provides a cloud based computing accounting software for the businesses in order to manage the businesses more effectively. The interface of the software is user friendly and uses real time analytics, so that the users are able to track their finances through costs and production of invoices.
The program also includes more than eight hundred interfaces that can be used outside, which makes the overall process simpler by linking the accounting procedures with the operations of the organization. The main aim of the software is to provide small businesses a more efficient software system that is also simpler in use, to help them grow. For the costing options, the software tends to have an economical price of $20-60 per month. Ranging from different packages, the software offers a comfortable solution.
- Bukku
With the assistance of Bukku, any time of business can automate the financial and accounting position of the company through a user friendly approach. The software includes a very strong and user friendly layout, including a range of features.
Many of the bank receipts are generated automatically through the program. The cloud based procedures provides accessibility on all devices, where financial data can be viewed easily. The software provides ease in interaction with colleagues through Bukku. The software begins at a price of $13.
- Financio
As a SaaS accounting software, Financio is specifically designed for micro and small businesses. It is amongst one of the top financing software whose aim is to help businesses manage their financial matters in successful ways.
On the other hand, one of the most unique features of the program is that it has a bilingual interface, which means that the program can be accessed in different languages to serve enterprises in different cultures and nations. Another advantage is that businesses with multilingual employees can easily interact and work on the software in financial terms, thus providing ease to all parties.
The program includes accounting automation and language support along with other tools to accelerate the performance. One example is that of the cash flow statement provided by the software that can show the financial position of the company. Along with this, the company can access its finances in real time on the dashboard.
The software also fulfills the requirements of small businesses with low budgets as it provides accommodating options at low costs. The software can be accessed from any device, at any location from the cloud based program. This makes it easier to work from anywhere and interact with colleagues. The software can be used at $10 per month.
Accounting solutions for self employed businesses
With self employed business, accounting solutions can provide for effective measures for single owners to be able to handle their own accounting and financial needs.
- Quickbooks
The software Quickbooks is an older version, that has been updated and developed to meet the modern financial requirements of today. It is one of the most commonly and vastly used software program around the world. Initially launched as a personal accounting software, today it includes the full market financial analysis and has adapted to the needs of the industry.
The main features of the software includes the tracking the spending and saving patterns of singly entity owned startups and personal finance accounts, to manage all the financial activities. These include managing the costs, making the invoices and generating financial reports for as less as $5.
Other examples include helping the consumers save for a consecutive period of months. In this regard, the users can manage their finances through their phone devices and through the software app. Users can access their financial data, submit their invoices, manage the costs and access them through Android and iOS, which makes it further convenient.
On the other hand, one of the most popular features of the program is that it provides an expenditure tracker to the consumers, so that once they cross the spending line they are informed.
- FreshBooks
FreshBooks is one of the most popular software program for self employed businesses and personal finances. With more than million of employees and services across 160 nations, the software program provides services in the form of a simple interface that is helpful for both experienced and inexperienced consumers.
Another feature of the program is that it offers plans for different budgets and packages. The program also offers an app which tracks the growth of the business. In this regard, the app automatically generates an expense report. In this way, the program not only saves costs and time, it improves the accuracy of the business. The most accommodating plan starts at $17 per month.
- ZipBooks
The software has been specifically designed for small businesses as a complete financial management accounting solution. The main aim of ZipBooks is to simplify the finances of the businesses by offering a variation in services. These include the intelligence which analyses the financial data by using machine learning and provides insights and suggestions as a result.
The software program provides time monitoring, financial monitoring, financial reporting and cost tracking for the users. On the other hand, the consumers are able to create reminders, plan for upcoming expenses and also set trackers for upcoming bills in advance. The subscription cost of the software begins at $15 per month.
Conclusion
One of the main features of the accounting solutions is that it they serve according to the skills and likes of all users because of their simplicity and intuitiveness. The softwares are recommended to startups and businesses that are on smaller budgets as they are highly affordable.
The solutions are mainly used for speeding up the process of accounts and finance, for businesses. The software's generate processes automatically that does not need monitoring from the bank transactions.
FAQS
How do I select the right accounting solution for my business?
The best way to select the type of program is through your budget. Many of the accounting softwares provide their prices and rates on different platforms and offer their bundles and packages. It is convenient to choose the program by assigning a budget to the accounts. The best option is to keep the budget at the lowest in the beginning and then increase the budget to access more features and services.
How do I know what type of services my business needs?
In terms of financial data handling, the basic representation should be to look for gaps and loopholes in the data of your financial accounts. The weakest areas need more attention. Thus, the software chosen, should meet the requirements of financial analysis that cannot be done by you alone. A better option is to use AI generated software that analyze the data and present patterns.
What is the accessibility of the softwares?
The answer depends on the frequency and location of your travelling. If you travel to different locations, a preferable option for you would be to choose an accounting solution that would be accessible on all devices and through all locations. Another option of accessibility is your connectivity with others. If you interact with colleagues and employees from different parts of the world, it is suggested that you choose a software with a multilingual interface.
Can I change the software?
Ofcourse, the accounting solution can be changed according to your changing needs and that of your business. If you believe the current program is not meeting the needs of your business, you can switch onto a better option.
