In the first part of this title we have talked about main types of accounting software as well as the benefits of integrating such systems. Now lets dive deeper and talk about particular software that we suggest to use.
What accounting software should you start with?
The purpose of accounting software is to simplify back-office responsibilities. By finding the right program, you can store, access, and process all the data you need to run your business with just a few clicks and taps. Whether you want to combine several components of your accounting tasks into one program or find specialized applications for particular facets of your business, there are options for you. Here are the 5 best top accounting software options to choose from for your business.
It is an excellent option to start looking into, especially for small businesses as it’s fast, easy to use, and secure. This cloud-based software effectively eliminates paperwork and helps you create professional-looking invoices while being extremely easy to use as its interface is simple and intuitive. You can easily try it out and see all key features in action with a great free trial offered by the vendor. You can sign up for FreshBooks free trial here.
Xero is easy to use for everyone, even those without prior accounting knowledge. It achieves this feat by simplifying complicated financial concepts through flexible templates, providing a comprehensive summary of your entire financial operations, and streamlining your workflows. Due to its cloud-based nature alongside a secure two-factor authentication for approvals, users can from around the world can work on accounting tasks at the same time with minimal risk of financial fraud. A Xero mobile app also allows you to easily manage your business on the go.
QuickBooks is a great choice if looking for optimal management of your small business’ accounting data. This includes payable bills, accounting notes, and other standard tools for accounting operations. Other standout features include blazingly fast payments by connecting invoice to credit cards or bank accounts, clear and automated reporting with the capability for creating and running custom reports, and much more.
As a cloud-based software, Wave allows you to access data from anywhere, add unlimited collaborators and work on all of businesses from a single login. It also offers the ability to track both personal and business finances in one place, rather than going to one app for personal and another for business.
Book Keeper is hybrid accounting software that can handle all accounting-related tasks, whether you’re online or offline. With its hybrid nature, Book Keeper automatically syncs offline data to the online database regardless of your platform of choice, ensuring parity with the latest information on your entire accounting processes at all times, be it inventory management, financial reports, and taxation, among others. This comprehensive accounting software also comes equipped with warehousing and POS software functionalities, making it an ideal application for those in the manufacturing or retailing business.
Benefits of integrating accounting software with inventory management
These two entirely different components of your business can be incorporated for better management that gives your business a competitive edge, while minimizing risk, saving money and automating the processes. Let’s take a look at benefits of integrating your inventory management and accounting software.
- Reduce labour expenses
A significant part of businesses expenditure is spent on labour costs. When integrating inventory management and accounting software the chances of unnecessary labour intensive manual feeding of components that relate to each other are reduced – saving time and money.
- Accurate financial reports
Integrating your inventory software with your accounting system ensures that every sales order, purchase order, or business activity gets captured in your accounting system. This removes the risk of human error, inaccuracies from delayed information, and more, resulting in better overall integrity of your company’s financial reports.
- Prevention of stock-outs and waste with inventory optimization
Integrating your accounting and inventory software can help you streamline the data collection process and achieve inventory optimization. Your business will have real-time visibility and accurate data on its operations, which allows you to gather valuable insights like sales forecast and cash flow reports. With these insights, your business can plan for the right amount of inventory and avoid stock-outs and waste.
In order to maximize the benefits of your accounting and inventory management software integration, it needs to be real-time, easy-to-use, flexible and scalable. Here at ElmaSys, we have the perfect solution for you.
To find out if ElmaSys is a good fit for your business, click here for a demo.