Tools to Keep Your Business Financially Secure

 

As the sole proprietor of a small business, you have to wear many hats. You develop marketing strategies, advertise your products and services, manage employees, and take care of the finances. All these tasks can be overwhelming if you try to do them alone.

If you want to make financial management easier, consider using accounting software. Accounting software can accomplish tasks for financial management quickly and efficiently. Numerous solutions for accounting software are available for small enterprises. Here are the top 5 proven tools for your business:

A2X Accounting Software

A2X is the best accounting software when it comes to features and performance. It is a cloud-based software that directly transfers all business transactions from your e-commerce website to your accounting software. You can also integrate A2X with e-commerce websites like Amazon and Shopify so your transactions are recorded in real-time.

The bookkeeping feature is one of the top features of A2X. It includes different accounting features depending on the plan you subscribe to. Overall, A2X is the best accounting tool for businesses that want to streamline their accounting process and have their transactions recorded in real time.

• Highlights of the A2X Accounting Software

A2X supports up to 5 selling accounts, making it easier for online retailers to monitor sales and other data in one software. For example, if you list items on Amazon under the UK region and under Europe, A2X can consolidate both regions into one account. This makes it simpler and more efficient to track your business' progress.

The software can help you immensely by monitoring your sales margin and seeing how it stacks up against your marketplace competitors. If you're losing to them, it'll be obvious and vice versa - this way, you can develop a better business savings plan.

In addition, A2X can produce detailed monthly reports on vital aspects of your finances and inventory. That'll come in handy when you need to strategize and make changes to the way your business is run.

On top of that, A2X can track different currencies and automatically deduct e-commerce sales taxes from payments as well. This is important because no matter where you sell your products in the world, you need to be able to account for all tax obligations.

• Lowlights of the A2X Accounting Software

If you have no prior knowledge of accounting software, it may be difficult to understand at first. In this case, you might need to hire a professional accountant to set it up for you and provide guidance on how to use the software.

ZipBooks Accounting Software

ZipBooks is a budget-friendly accounting tool for small businesses and freelance professionals who are looking for an easy way to manage their finances. ZipBooks offers a free subscription with basic accounting features, and additional features are available for purchase in other versions.

This tool has a user-friendly design that makes it easy for beginners to understand how to use the program. This makes it one of the best choices for those new to the business world.

• Highlights of ZipBooks Accounting Software

ZipBooks gives you more features as you upgrade your plan. For example, you can send unlimited invoices and make recurring ones. You can also manage your vendors and customers in one software. Other advanced features like time tracking, bookkeeping with smart tagging and adding unlimited users are available in higher packages.

ZipBooks offers reliable customer support and provides demonstration videos for their software on YouTube and social media. If you're unsure about using accounting software, ZipBooks can connect you with an expert who can help you learn the different features.

• Lowlights of ZipBooks Accounting Software

If you need inventory tracking, you'll need to find another application since ZipBooks doesn't include that feature. However, ZipBooks does have single-access permission. This means that anyone who has access to the software can see all the data. This is different from other software applications where administrators can limit access depending on which person is using it.

KashFlow Accounting Software

KashFlow is the accounting software you need if you want a solution that automates a lot of your accounting tasks. Doing repetitive tasks like invoices manually can take up a lot of time, but KashFlow can help you get more done in less time.

KashFlow is a cloud-based accounting tool, and you can also access it on your mobile phone.

• Highlights of KashFlow Accounting Software

KashFlow's billing and invoicing capabilities are its strongest suit. You can do large amounts of invoicing quickly and with fewer errors.

KashFlow's restricted user option ensures that only authorized users can access your data, making it more secure and confidential.

You can manage payroll and your account payables in KashFlow's accounting system. This way, you can avoid delays in payments to your employees and other bills.

• Lowlights of KashFlow Accounting Software

Many users have found KashFlow's user interface to be challenging and time-consuming to figure out. Although you can access KashFlow on mobile phones and tablets, there is no dedicated application for iOS and Android.

FreeAgent Accounting Software

Looking for accounting software that will make your life as a small business owner easier? Look no further than FreeAgent. With tools for expense tracking, payroll, invoicing, and more, FreeAgent has everything you need to stay on top of your finances. Plus, with integrations for popular payment channels and over 700 add-ons, FreeAgent is highly customizable to fit your unique business needs. Best of all, you can try it out for free with our free trial.

• Highlights of FreeAgent Accounting Software

FreeAgent is designed to be user-friendly, even for beginners. From the dashboard, you can see key financial data relating to your business at a glance. To keep track of your spending, you can import bank statements into the program. It can also categorize expenses in multi-currencies to ensure they are tracked and recorded correctly. When it comes to invoicing, FreeAgent can make things seamless. There are eight built-in templates to choose from, and it can handle recurring invoices. You can schedule invoices ahead of time, and the system will set reminders for you.

• Lowlights of FreeAgent Accounting Software

The accounting software is not just for desktops; you can use it on your mobile phone and tablet too. But, it does not work with iOS devices. The software is designed for small businesses; however, if your company grows and you receive more financial data, you may have to switch to software that can accommodate larger businesses.

MYOB Accounting Software

MYOB is an ideal accounting solution for small businesses as it is preferred by professional accountants. It has top features like tax management and generating business reports.

You can integrate MYOB with other accounting tools to make up for any features it might lack. Plus, its mobile version lets you do your accounting on the go - so you can manage your finances anytime, anywhere.

• Highlights of MYOB Accounting Software

The software allows you to create different accounts to categorize your finances, such as separating your assets, liabilities, expenses, and sales. You can also customize the software to make your accounting more organized. MYOB can calculate the numbers you need to file for GST returns, eliminating the tedious process of preparing multiple documents for filing.

You can generate graphs and reports with the system. You can produce general reports for an overview of your financial health or specific reports like sales or expenses to see your cash flow. This feature is useful in tracking the progress of your company and making necessary changes to improve your finances.

• Lowlights of MYOB Accounting Software

If the time tracking feature on the accounting software fails, it can cause errors in payroll. However, you can undo these errors manually. Unfortunately, the accounting software does not have live customer service support, so you may have to wait a while for your issues to be resolved.

Final Thoughts

As a business owner, you are likely well aware of how important it is to keep on top of your business' finances and accounting. Your business' financial security can easily be make-or-break depending on how well you manage it - but you don't have to go at it alone. There are plenty of accounting software programs out there that can help make managing your finances a breeze.