Small business owners typically wear many hats and adding accountant to that long list of responsibilities probably isn’t feasible. But as the Bureau of Labor and Statistics notes, nearly half of small business fail in the first four years, primarily due to financial reasons. It’s even worse among realtors, for example. If you’re thinking about a career in Boston real estate, statistics show 87% fail within the first five years.
No matter what industry your business is in, having a well-running accounting system (no matter if it is outsourced) is a must to increase the odds of success.
The good news is that are area multiple innovative accounting software solutions that have been designed to simplify the process of business accounting, so you can concentrate on building your business and other essential tasks.
This business accounting software makes life simpler for the small business owner by automating tasks like tracking time, keeping expenses organized, following up with clients on unpaid invoices and the like. Living in the cloud, it can conveniently yet securely be accessed from multiple devices. It offers lots of flexibility that allows invoices to be customized to suit your particular brand and business requirements.
While there are several different packages, the Plus version is usually the best way to go, allowing you to bill up to 50 clients per month. Those with more than that should choose the Premium edition that allows for billing as many as 500 clients. A free trial is offered, including the chance to create your first invoice without paying a dime.
Just about everyone is familiar with QuickBooks, one of the most popular accounting software options for small businesses. If you do have an accountant, it’s easy to share your books for seamless collaboration too. You’ll be able to capture photos of your receipts, keep them stored using the mobile app, connect with your bank account and create all sorts of reports so that you know just where your business stands at any given time.
Xero is very similar to QuickBooks, offering nearly all of the same functions as QuickBooks Online. It may be the ideal choice for those with a business that has just five or fewer employees as it’s one of the only software programs of its kind that includes full-cycle payroll processes for up to five employees with no additional cost. You’ll also be able to process payroll checks, submit payroll tax payments and file payroll tax forms. In addition to the free payroll option, you can even invite an unlimited number of users to access your data without paying any extra fees.
Wave stands out from the rest in that it’s totally free. This software aimed for small businesses will let you send invoices, track expenses, get paid and keep the books balanced. If you want more, you can choose the premium payment service that will allow you to accept credit cards on invoices and provide automatic recurring billing.
This business accounting software isn’t free, but the basic level starts at only about $5 a month. An easy-to-use software program, it connects to your bank account for real-time updates on cash flow, monitors transactions and categorizes them instantly. You’ll easily understand where your money is going and coming in as it tracks, categorizes and bills clients from one convenient spot.