Today, Small Business owners have a wealth of cloud-based software and technology at their fingertips that allow them to do more with less, operate more efficiently and compete with bigger companies. This is very true of the category of software known as Accounting and Bookkeeping Software. Accounting and Bookkeeping software for small business can be very confusing because there are categories and sub categories of software and to a small business owner who may not be an expert in accounting processes, selecting the right accounting software to help run your business can be frustrating an confusing. This post will help clarify and simplify accounting software for the untrained small business owner.
Accounting software is software that automates or assists the user in a variety of accounting and bookkeeping tasks. Most typically a cloud or internet-based software it stores business’ financial data and information necessary to complete annual taxes, and is often used to perform actual business transactions such as generating vendor invoices, managing spend and expenses and tax preparation.
Most modern accounting software is always connected to the internet. This means you can connect from any internet-capable device, like your laptop or smartphone. This online space where you can access your data is called the cloud. Online accounting software automatically receives and updates because it’s always connected to the internet.
Different kinds of accounting software do different things. Most of them automatically enter, store and analyze data for you. This is especially useful for saving time on tasks like bank reconciliation. Accounting software also offers useful tools like invoicing, bill payment, payroll, and financial reporting.
The core accounting and bookeeping software features listed below would be considered the bread and butter functions that pretty much all accounting apps should offer to a small business owner.
These features may or may not be part of a core accounting software application like QuickBooks but rather may be a separate software app like Neat is for expenses or bookkeeping that integrate to the core.
You run a small business and likely don’t have time to go through a detailed software evaluation. Here’s some tip[s you should follow in deciding which solution (s) you bring in to help manage your small business accounting and bookkeeping processes.
Regardless of which end of the spectrum you choose make sure the app and company provides the support you need and don’t be afraid to get professional advice. There are tons of small business accounting and bookkeeping firms that specialize in software that can jump in and assist getting you off the ground.
The neat Company develops software for small business that is designed to automated many time consuming bookkeeping tasks and integrate with accounting software such as QuickBooks. Provides a means to capture business expenses and invoices via mobile phone, email-in, direct upload and scan and then process the paper information and transform it into searchable business files. Anyone can test Neat out for 30 days at no cost to see how we save our customers about 12 hours per week on administrative tasks.