Technology has changed the way bookkeeping is done, and it continues to evolve. While traditional methods like balancing a checkbook on paper remain the norm, new technologies offer greater accuracy and efficiency.
Xero, for example, offers professional double-entry accounting features and a mobile app that simplifies bank reconciliation. It also offers a service called Hubdoc, which allows you to upload receipts and bills for faster data entry.
Zoho Books
Zoho Books is a cloud-based accounting software program that allows users to automate a lot of their bookkeeping ‘paperwork’. It also helps users save time, reduce data loss risks and increase their productivity. Users can access the program via any web browser and any device. It offers a variety of features that help users keep track of their books, including an invoice template, online payment gateways and customizable reports. It also integrates with other Zoho products and third-party apps.
Zoho books is very easy to use and has a simple setup process. Users are guided through a getting started screen that asks them for their industry and business type. Then they are asked to add tax details and configure their bank feed and charts of accounts. The program also has a feature to import opening balances from another accounting software. Once the initial setup is complete, Zoho books will display a dashboard that shows their total receivables and payables, cash flow, top expenses, projects and more.
Customers can pay you via the Client Portal, the invoice email or by recording payments manually. This feature is important for service-based businesses, as it eliminates the need for clients to send a check or use other forms of payment. It also gives you the flexibility to create recurring invoices and retainer invoices. It supports a wide range of currencies, and you can connect your accounting system with a payment gateway to collect payments in any currency.
This program has a comprehensive reporting suite that includes more than 50 built-in reports. The reporting tools can help you make informed decisions that will improve your business performance. Moreover, it can automatically download your bank transactions and reconcile them. You can also monitor your cash flow and identify areas for improvement. Additionally, you can get an overview of your sales tax liability with the Avalara integration.
Zoho Books has a variety of online support resources, including webinars, product videos and FAQs. It also has a live chat option that can answer your questions quickly and easily. Zoho Books has a good reputation for customer support, with many users praising its fast response times and helpful representatives.
NetSuite
NetSuite is a cloud-based accounting software platform that can help you keep track of your books. It offers a number of features, including accounts receivable and payable, multi-currency support, and billing. It can also help you meet regulatory compliance requirements, such as GAAP and IFRS. It also enables you to automate many essential accounting functions.
The system provides a single solution for all business operations and accounting needs, so your team can save time and effort by having one place to go for information. It also eliminates the need for multiple spreadsheets, which can lead to duplicate data and errors. The system is also flexible and can be easily customized to fit your specific business needs.
Another key feature is the General Ledger, which makes it easier to manage a wide range of accounting activities, such as recording transactions, managing accounts payable and receivable, calculating indirect taxes and controlling fixed assets. Moreover, it offers real-time visibility and transparency into financial transactions. The underlying journal entries and details can be fetched for deeper analysis.
Besides, NetSuite provides a strong fraud control mechanism to ensure data security and avoid fraudulent activities. Additionally, it helps you streamline the Quality Management process by incorporating inspections, tests, reworks, and reports into the workflow of your organization. In this way, you can make sure that your products and services have a high level of quality.
In addition to the accounting modules, NetSuite ERP includes a unified supply chain management suite. This allows businesses to automate manual processes and improve their supply chain performance. It can reduce the time it takes to fulfill orders and deliver goods, which can boost customer satisfaction and increase revenue. It can even enable you to scale your business faster.
The system has a flexible pricing model that combines the base platform, optional modules and users into a total price. This pricing structure lets you choose the modules that best suit your needs and avoid paying for functionality that you don’t need. Additionally, you can use NetSuite to manage other business functions, such as CRM and E-commerce, which makes it a more comprehensive business management tool.
Deskera Books
Deskera Books is a cloud-based bookkeeping software that allows you to manage accounting and inventory in one place. It comes with an intuitive dashboard that provides a real-time view of your business performance and financial status. This bookkeeping software also offers features that help you save time and money. For example, you can connect your bank accounts and automatically import all transactions for simple reconciliation. This will reduce the time it takes to reconcile bank statements by over 50%. Additionally, you can make quick financial decisions with the purchase reports available in the system.
Deskera’s bookkeeping software is a full-suite platform that automates accounting, payroll, invoicing, email campaigns, CRM, and more. It is perfect for startups, ecommerce stores, and small businesses. The platform is easy to use and offers preconfigured accounting rules, invoice templates, tax codes, and chart of accounts for ease of integration. The platform also includes a 2020 Webby award-winning mobile app that handles all desktop features seamlessly on the go.
You can track the full lifecycle of your products from start to finish using Deskera Books. Its powerful backorder management feature allows you to create a backorder in just a few clicks. This will ensure that your customers get their goods on time and that you’re not left with unsold inventory. Additionally, it tracks inventory movement across warehouses and lets you fulfill orders with just a few clicks.
With a single click, you can generate and print all the necessary financial reports for your business. This will give you insight into your company’s financial standing, including your cash flow statement and balance sheet. You can even customize the reports to meet your unique needs.
You can connect Deskera Books to over 5,000 banks and automate the entire process of bank reconciliation. Its intelligent reconciliation engine automatically matches bank transactions with financial entries and enables you to eliminate manual processing by over 50%. This will help you to stay in control of your cash flow and improve cash forecasting. This will help you make better strategic decisions for your business and improve profitability.
QuickBooks Online
Developed by Intuit, QuickBooks is an accounting software that helps small and medium-sized businesses manage their finances. It is widely used by bookkeepers because of its ease of use and powerful reporting functionality. The software offers a variety of features, including the ability to create invoices, track expenses, and prepare for taxes. It also allows users to pre-authorize electronic funds and provides time tracking options for employees.
The QuickBooks online interface is easy to navigate and can be used by people with a basic understanding of accounting concepts. However, it can take some time to learn the full functionality of the software. Using tutorials, reading support pages, or consulting experts are all great ways to get the most out of this technology.
Another feature of QuickBooks is its payroll function, which allows business owners to keep track of employee hours and pay them accordingly. This can help to prevent costly mistakes, which can occur if payroll is done manually. The system can also calculate and run paychecks as often as necessary, which saves valuable time. It can also connect to TSheets, which is an app that lets employees record their time and send it to QuickBooks automatically.
The accounting system also integrates with several other apps and services, which can help make the process of managing your books even easier. For example, you can use Webgility to sync QuickBooks with your ecommerce sites and marketplaces. This eliminates manual data entry and ensures that your sales tax is accurate across all channels. You can also automate inventory management, pricing and ordering. This helps you minimize inventory mistakes and maintain centralized control over your products, prices, and profitability. While some people have concerns about the security of cloud computing, it is still safe to store your accounting information on the Internet as long as you follow basic safety procedures. It is also important to choose a trustworthy and reliable bookkeeper to handle your records. If you’re not sure where to start, there are many resources available on the Internet that can help you find a local accountant or bookkeeper.