What Does An Accounting Software For A Small Business Does?
Presentation by Maggie Morris
Accounting Software reduces the amount of time spent on data entry by allowing users to sync their business bank accounts and credit cards with the software. Once synced, transactions will flow into the accounting software, where they can be categorized into various accounts. While most accounting software is easy to use, a general understanding of accounting principles is needed to ensure that financial reports are prepared correctly. For this reason, many businesses hire bookkeepers or accountants to review or maintain their books. Cloud-based online accounting software makes it convenient for businesses to access their books at the same time as their bookkeeper or accountant.
- It’s important to use a tool that will help you analyze your business and see where your money is going. And when you have the data that you need, it will help you see how you utilize your assets.
- Accounting software saves you time. You can sync it with other banking/payment tools and can get the financial information that you need. You can connect it with Stripe, Square, Paypal and other several apps to make your life so much easier.
See related article here: Apps to Support Your Business
Most Basic Functions of Accounting Software For Small Businesses
- Bank and credit card syncing
- Accounts Payable
- Accounts Receivable
- Online payment collection from customers
- Basic financial statement preparation, such as profit and loss statements, balance sheets, and statement of cash flows
- User access for accountants or tax professionals
The 4 Best Accounting Software for Small Businesses
Quickbooks Pros and Cons
Watch the video at the 06:36 mark and hear Maggie’s detailed explanation of Quickbooks Pros and Cons
Simple Start is the most limited one but is sufficient when you're just starting out. According to Quickbooks, their most popular package is the Plus but according to Maggie, the most popular to her clients is the Essentials package.
Maggie is a wholesaler and can give you 30% off on Quickbooks Online forever.
Xero Pros and Cons
Watch the video at the 09:51 mark and hear Maggie’s detailed explanation of Xero Pros and Cons
FreshBooks Pros and Cons
Watch the video at the 10:22 mark and hear Maggie’s detailed explanation of FreshBooks Pros and Cons
Wave Pros and Cons
Watch the video at the 11:02 mark and hear Maggie’s detailed explanation of Wave Pros and Cons
Maggie works with a variety of industries and don't specialize in a niche. Her clients vary from designers, gyms, cleaning services, dental practices, financial advisors, psychologists, IT firm, and contractors. She has 16 years of experience and is proficient in Quickbooks desktop and QBO. Maggie also works in Xero and in a variety of CRM Systems, payment systems, and invoice submission systems.
Maggie’s ideal client is a small business with up to 25 employees.
- Do you need help in learning and navigating bookkeeping software?
- Did you fall behind with your bookkeeping and need your books cleaned up?
- Are you current but no longer have time to do your own bookkeeping?
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