Just like you need air to breathe, your company needs proper cash flow to stay in business. You already have a great idea. You already have a good product for which the world is waiting. Great job! But for your business to succeed, recordkeeping needs to be done well. One of the main problems that business owners face is how to manage their financial reports. This sounds intimidating. Statistics show that half of new businesses fail within five years. And one of the main reasons for business financial failure is poor record keeping and controls.
You overthink marketing and sales growth. But you hate to think about record keeping. To avoid the chance of financial mismanagement, you should invest in accounting software to manage your finances. Additionally, it gives you the advantage of identifying opportunities to improve the financial health of your business.
The following are accounting software that you would want to use for 2023:
- Sage Accounting – This is one of the biggest players in the accounting software space. Compared to its alternatives, it is more basic, easier to use, and less expensive. At just $25 per month for unlimited users, invoicing and expense tracking, bank reconciliation, and advanced reporting, it’s a great value. This software is for those who need moderate functionality. It gives a cash flow forecast that provides 30-day visibility into your finances. It also has a sales tracker that shows the status of your sent invoices so that you’ll be able to see if they are already paid or overdue. This helps you to remind clients who have not paid their invoices. The downside is that it lacks accounting and bookkeeping services and receipt capture functionality. Sometimes it took a while to load.
- Xero – This is a more reliable and detailed accounting software well-suited for all businesses of all sizes. You will have access to all common functions including invoicing, expense tracking, receipt capturing, and billing whether your business is product- or service-based. It has pre-built integrations with more than 800 third-party software applications through Xero’s Marketplace. With it, you can track time, and you will not need to pay for a third-party receipt capture tool. It’s user-friendly enough for entry-level entrepreneurs. Also, there is a varied reporting section and both the software and dashboard are highly customizable.
- QuickBooks Online – This has the highest rating in the accounting category. It works as a one-stop shop that makes users easy to do most accounting jobs on one platform. QuickBooks accounting software has 70 reports included in the platform with the option to customize the reports if needed. It’s the best all-around accounting platform for most small businesses. Though it’s not user-friendly many accountants and bookkeepers are trained to do it. The top features of Quickbooks are the dashboard, live bookkeeping services, and extensive reporting. Though it is more expensive than its competitors, many bookkeepers will choose to use this software to avoid the stress of incorrect bookkeeping.
Your bookkeeping software is one of the foundations that cannot be overlooked, regardless of your size or industry. Still worried about your bookkeeping jobs? Make sure you have the professional help you need all around you. A professional bookkeeper at Workergenix will help you solve your recordkeeping problems. Talk to us and see which accounting software works best for your growing business.
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