Many entrepreneurs especially the non-accountants tend to cringe at the thought of bookkeeping for their business. However, we cannot rule out the importance of this activity. Not only does it give us a quantitative picture of the health of our business, it shows the true financial position enabling us know if we are making profit or loss. With this knowledge, we are better positioned to plan and control the operations of our business.
To help with this, many tools and technologies have emerged over the past few years to transform how financial records are automated. Lets us take a look at 4 of these tools and how they can be used.
This tool is simple to understand and fully supports and anticipates the needs of small businesses. It has all the modules required to manage a business, whether it is creating invoices or managing your cash flow. It consists of tools like customer management, audit trails, inventory tools, job costing, , automated billing and vendor management. It also adds advanced accounting tools such as complex budgeting, archiving, change order processing, serialized inventory and departmentalized financial statements. By using this software, you can quickly generate and share income statements, journals, ledgers, gross profit reports, and transaction reports. Sage also offers helpful add-ons such as credit card processing, POS software, documents management and mobile access. If you are looking for a product to help manage even the tiny details of your business easily, Sage 50 is a suitable choice.
This helps you manage finances in real-time. This means that you can record diverse transactions from your dealings with customers to tracking expenses for your business. It even allows you perform transactions such as reconciling your bank accounts and transactions. Zoho Books, together with the other apps in Zoho’s growing Web app ecosystem, can help you keep it simple at every stage of small business accounting. From invoicing to tax reporting, Zoho Books puts everything you need at your fingertips, and leaves out what you don’t need.
This is an online accounting application that’s designed to offer a more efficient and enjoyable way for a small business to manage its accounts. This tool imports all your financial transactions into its database and links them to the corresponding accounting transactions. Xero’s well organized dashboard allows you to get a complete, easy-to-view picture of key accounts, income and expense reports, upcoming bills, pending invoices, “money coming in” and “money going out”. Xero also enables you to generate sophisticated reports and statistics about your accounts and, also, make important decisions.
This application has been around longer than others. The solution is backed by Intuit, developers of tax software. Not only can you create and manage sales and expenses, QuickBooks enables you to track payments through multiple options and covers everything from bill management to invoicing and payroll management. In addition, QuickBooks works across multiple platforms including web and mobile.
With these tools, you can now successfully handle your business tasks. Remember, good accounting is vital to business success.