Four Must-Have Accounting Tools for Your Small Business
For the owner of a small business, every dollar matters. However, tracking your income, spending, payroll and invoicing can take up resources that are better spent growing your business. The following programs can help you sift through the numbers and paperwork and free you up to concentrate on building your company.
Wave’s accounting software is one of the most popular business tools for small to medium-sized companies around the world. The program was essentially designed for freelancers, entrepreneurs, consultants and businesses with fewer than nine employees, and the suite of software technology is free of charge for that reason.
The Wave software has been vetted by accountants; it has real accounting features, with “lite” cloud accounting capabilities for the integrity of your information. Additionally, you don’t have to bother with manually entering your data. Wave connects securely with accounts such as PayPal and traditional banking accounts, and the data is organized instantly. The professional results include tax reports and balance sheets.
NolaPro is one of the best accounting and organization tools a company can have at its disposal — in lieu of an actual accountant. The program performs several accounting functions. One of these is the collection of contacts, including suppliers, employees and vendors.
NolaPro also has a ledger feature that showcases double-entry accounting and produces documentation generated to the industry standard. The program manages your company’s customer orders as well as your vendor purchases, leaving you time to work on the other areas of your corporate agenda. NolaPro also handles billing details, such as quotes, receivables and recurring invoices, and it deals with payable activities like writing checks, organizing bills and issuing purchase orders.
The Xero software helps small businesses get things done while on the move and eliminates the need to invest in an accountant. The program lets you log into your accounting software remotely from your PC, Mac, tablet or smartphone. From there, you can see all of your current financials. This program is popular because it fits into the modern remote culture of most small firms and lets you stay continuously connected and ready to handle any issue.
Xero includes Quick Banking, which lets you manage your business credit card, bank and PayPal accounts. You can also monitor your inventory to streamline purchasing records, invoicing and sales tracking. Additionally, it makes handling payroll a straightforward process, bypassing manual data entry and making sure all the information fits within the parameters of your payroll format.
The structure of the GnuCash software will be familiar to those who have experience with open-source technology — it is customization friendly and versatile. The GnuCash program is a small business financial accounting software solution that can be adapted to a variety of operating systems, including GNU/Linux, BSD, Solaris, Mac OS X and Microsoft Windows.
Even though this sophisticated program is ideal for coders, it is perhaps even more useful to novices and administratively minded business owners. It streamlines the handling of stocks, income, bank accounts and expenses in an efficient and robust way. The program is intuitive and fast, and using it is similar to using a checkbook register. What makes GnuCash so compelling is that it was designed with industry standard accounting principles in mind to ensure that its reports are not only accurate but also present a professional appearance.