Are you searching for a tool that can help you manage multiple accounts or one where you can learn more accounting skills? Then, what you need is accounting software. The use of accounting software is something every accountant must know.
The world of accounting has changed from what it used to be a few years back. Technology has changed a lot of things. Most CPA Bakersfield uses accounting software to carry out their job and manage clients’ accounts.
There is a lot of accounting software out there, the majority having similar features and functions. However, the best accounting software aid businesses in processing details such as, payroll, accounts receivable and accounts payable.
Tips for Selecting the Best Accounting Software
One of the benefits of good accounting software is that it massively reduces the errors associated with accounting papers. So, how do you know which software is right for you as an accountant? Here are three tips for selecting the right accounting software.
1. Consider your needs and skills
The best way to find the right accounting software is to consider how your business operates. You may want to consider specialized software that will help your kind of business. Although accounting software can help your work, a certain amount of accounting literacy is also required.
2. Prepare a budget
There are different accounting software for all kinds of expenses. More specialized software will be more expensive because specialized software doesn’t often have a large user base. If you want to get a specified software, you will be paying a premium amount. You might need to plan for this sum.
3. Pay attention to extra features
Some accounting software comes with other functionalities. Some add-ons make your accounting software compatible with other software such as tax software, e-commerce software, and so on.
Five Best Software an Accountant Should Master
There are hundreds of accounting software available for download on the internet. However, here are five software any accountant should master.
QuickBooks Pro is a packaged accounting software that benefits small and mid-sized businesses. It has more than 200 integrations, and it is a popular choice for CPAs, bookkeepers, and many other professionals. The price of QuickBooks Pro is budget-friendly. For #299.95/year, and three users can make use of it simultaneously.
Users will also have access to automated updates, backup, and recovery at no extra cost. Other features that make QuickBooks Pro a good idea for accountants include accounts payable, tax support, inventory management, mileage deduction tracking, general journal entries, 100+ reports.
2. Sage 50cloud
Sage 50cloud is well-developed accounting software that has been around since the 1980s. The software is old fashioned, and it has a lot of features and functionality. Sage 50cloud has a different pricing scheme for the needs of businesses.
The Pro accounting plan comes with accounting features for a sole proprietorship business at $50.58/month or $503.23/year. The premium subscription for up to five users comes at $78.22/month or $778.63/year. With $197.55/month or $1981.75/year, up to 40 users can use the Quantum accounting plan.
This software also comes with add-on features for an additional fee. These features include Microsoft Office 365, payroll services, a payment management system, and so on.
Xero is accounting software designed for medium-sized businesses and large-sized businesses. More than two million people use the software and around 16,000 accounting firms. It comes with numerous features and integration.
Xero also offers three pricing plans. The early subscription comes for $9/month, but its features are limited and restricted. The growing subscription is $30/month. This plan grants unlimited access to users. The established plan comes for $60/month with support for advanced expense tracking, multi-currency support, and project management equipment.
FreshBooks is accounting software that has good usability. The price of this software is affordable. What is most interesting is that it comes with a 30days free trial to enable users to familiarize themselves with the features.
FreshBooks allows users to access the best invoice-payment functionalities, including overdue payment reminders, payment claims, delay fees, and direct payment gateway. It can also receive payment from other financial software such as PayPal, Google checkouts, credit card payment, Amex, Etc.
5. Zoho Books
Zoho Books is an online accounting app that gives you the opportunity of managing the inflow and outflow of money from an account. The app has a cloud-based interface that makes it a good option for a sole trader or freelancer.
The basic plan pricing comes at $9/month, with a limitation of 50 contacts, three automated workflows, and users up to two. Accountants can get the standard subscription for $19/month with contacts up to 500, automated workflows up to 10, and three users. The professional subscription will give you access to a full packaged experience for $29/month.
Choosing accounting software as an accountant can be a tiring task. You can choose the software that fits your needs from the above-listed options. If one does not fit in, never forget that there are many others you can choose. Your budget should be well planned. You should also be ready to take advantage of demos and free trials.