It is a wish of every entrepreneur that when they start a business, they can utter all the business activities and projects without any errors so that they accomplish their commercial goals within a specific fixed time period. It’s all possible when we utilize accounting tools for small business to large business.
We all know that human nature is a complex nature which can make mistakes anytime inadvertently so the same as an accountant in every company is the holder of accounts and finance which is only one keeping all business transactions recorded. When it comes to the human, an accountant is also a human who can make mistakes at any moment. In those circumstances, entrepreneurs need to adopt accounting software so that they can hold all the running crucial and slight activities.
As we all know bookkeepers also perform a vital role to make accounting records which also need valuable accounting software.
Bookkeeping: Bookkeeping is recorded by a bookkeeper who records financial statements, ledgers, cashbook, daybook reports, chart of accounts, journal, cash and accrual accounting. After doing all these activities, bookkeepers build a strong foundation by using methods[ cash and accrual accounting ], give reviews about company’s performance for analyzing status of accounts and for the growth development to make more effective bookkeeping. Bookkeepers can use a single entry system and Double entry bookkeeping system for proper accounting records.
The accountant has to prepare substantial items that make up the accounting books and keeps recording every transaction in it such as :
Financial statements include income statements, cash flow statements, and balance sheets which as follow.
Income statement : In this statement, all the transactions related to expense and revenue which the company incurred and earned from sales respectively has been recorded in accounting books.
Cash flow statement : By this statement, analysts can easily analyze the status of cash in and out the business even if they get to know how much cash has been utilized for business operations such as assets, inventory.
Balance sheet: By this sheet, analysts get to know that the assets and liabilities are equal or not which describes the loyalty and clarity of business. Balance sheet also shows the equity shareholder’s part from net income and narrates the financial location of business.
Basic of accounting tools
Accounting Tools is the accounting place where an accountant and bookkeeper can become a user of them to record transactions related to business activities without taking any outsider’s help.
Accounting tools contains many versions which perform different role such as:
Best Expenses tracker app to track expenses
Accountants or users can use the best expense tracker app to track plenty of expenses together at the same time from numerous locations. With the help of this tracker app, user can record all cost of operations such as rent expense, wage or salaries expense, factory expense, Equipment depreciation, and so on.
Expense is a cost which we need to pay for business services to the people who are a prolonged team in a company.
Wrong expense entry will put a bad impact on financial records so users need accounting software to remind them how much expenses are left to pay.
Best Payroll software to track payroll services
Accountants or users can make use of the best payroll software to track payroll services such as payment to vendors for assets, payment to employees for their work after deduction of taxes, and many more, all the payroll services are automatically tracked according to the business transactions.
Payroll process is an essential part of every business which is strenuous to handle without any mistakes. If human do accounting without any support of accounting tool so try do lot of mistakes which put bad impact on financial records and disbalance of cash.
Best Invoicing software to track invoices
Accountants or users can make use of the best invoicing software to track invoices, it contains bills of customers of goods or services and payment to supplier for goods or services such as account payables.
This app automatically tracks all the invoices according to the invoice transaction in business at the same time. Accounting tools remind us how much bills have to be paid to the suppliers and get paid from customers.
Best Inventory management software to track inventory
Accountants or users can make use of the best inventory management software to track inventory according to every sale of inventory transaction in business. Inventory describes “Quantity of inventory sold”.
Inventory includes all the items controlled by the business for selling to earn a profit. For example: product of company. Profit on inventory is dependent on the cost of goods sold.
Inventory is considered as an asset of the company which turns to goodwill later after all inventory is sold because the company gets out net revenue from sales.
Other benefits of accounting tools: CPE course
Accounting tools contain many courses which provide to the students or others who want to know more about courses related to business such as 225 CPE courses,48 Best Business Books, accounting and finance 5000 active articles, podcast. All these things will clarify the accounting, finance operations and transactions to the students or professional workers( work in the same field but want more development).
We can’t define how accounting tools perform for us to manage the accounting and business operations without inviting any mistake.
There are many more reasons to adopt accounting tools such as:
- Data accessible from anywhere
- Get Customer support
- Compatible to use
- Account privacy and protection
- Speedy process
- Avoid errors
- Friendly with users
- Connect with Banks
- Automatically update data
Before adopting any accounting tools, we first need to know the pros and cons of accounting software.
Free Accounting tools
If you want to run your business effectively without facing any obstacles and want to run a business with the best accounting tools you can select free accounting tools which contain many features, strategies, and quality of handling the business activities such as track expense, invoices, inventory, sales and purchase of goods or services, payroll services. Etc.
For better smoothness in business circulation, you need to choose any accounting software from here.
Wave – Friendly accounting software
Wave is a free accounting tool where anyone can create an account to run their business activities. You know what an accountant prefers to use an accounting tool for a double entry system, real accounting system because it contains easy, and simple features, functions. The best part of this, it connects with banks for daily transactions and allows you to handle account receivables, financial statements with given information. It is famous for designing software for simple accounting.
ZipBooks – Web based software
ZipBooks starts a free plan for users to get an opportunity to know more about its features, functions, storage data. It allows people to make social payments such as paypal, google pay, etc if you are allowed your tool to connect with bank statements. It helps users to access data from anywhere with proper security of high speed. It is faster in the process of installation, data accessing, internal server.
Slickpie – For small business
It is best for those who are looking for recordation of bookkeeping and track invoices with bills and receipt. Best for making financial reports, data reporting, reconcilations of errors. It facilitates user and their dealers, customersto use social payments for transactions.
GnuCash – payroll software
GnuCash can be downloaded from web browsers for microsoft windows, Linux, and many more. It allows the user to make payment in different currencies through social payment apps. It has a special feature of payroll services which is done very effectively.
CloudBooks – Cloud accounting software
It’s totally free for freelancers and small businesses which are active mainly for business advanced activities. If you are thinking to choose thisaccounting tool, it is the best decision because you can also get technical support from cloudbooks team.
Sunrise – Best for BookKeeping services
Sunrise offers bookkeeping services, it works like a search engine optimization because it optimizes everything related to business activities such as expense, invoices, bills, cash transactions, purchase and sales transactions, and so on.
It is a best option for you, if you choose this tool to manage finance operations.
Online Accounting tools
There are some other online accounting tools which are best for accounting operations which are extremely available for small business to large business such as:
- Zoho
- Quickbooks
- Xero
- Sage
- Freshbooks
- Sage300 cloud
- Sighted
- Wagepoint
- Gusto
So these are some online accounting software which are available with premium features and advanced tools but contains high cost. If you have a budget to buy these accounting tools, you can choose one accounting software from above them.
I know, it’s hard to choose any one of them because everyone wants a valuable accounting tool to run their business operations smoothly within a budget which contains all requirements needed in every business.