There are a lot of good accounting software programs on the market today. Many have improved their features to appeal to a wide range of customers, especially small and medium sized businesses. We are going to look at some of the more popular programs and some of their highlights.
Home grown in Toronto in 2003 this is a simple program for those with little accounting experience. It works on iPhone, Android and iPad. It includes payment reminders, automatic calculation for sales tax, bank integration, and tax help.
One of the most recognized names, QuickBooks by Intuit is another easy-to-operate programs. It is a very organized system that is fairly tax-ready all year. It integrates with PayPal, Square, Shopify, and other payment systems as well as your financial institution. It can scan receipts and attaches them to the invoice. It is easy to share with accountants or to export to investors. It can provide customized reports.
Sage
Now called Sage Business Cloud Accounting comes out of Great Britain. It offers the choice of industry, company size, and other needs. It can accommodate multiple users and accountant access with no additional fees. It also integrates with financial institutions with AutoEntry, Zync, and others. It has tools to be tax compliant and will manage finances, cash flow, payroll, and invoicing. It will work on all devices.
AccountEdge Pro
This has a basic version as well as a pro, has a choice of cloud based or their hosting program, and lots of customizing options. It is somewhat more complex than other programs, so some basic accounting knowledge is best. It also integrates with banks. It handled direct deposits, inventory management, can convert a quote to an invoice, and has a full-service payroll. Some of the features are available as add-ons, so check to see what you want and how much the bottom line will be.
Wave Accounting
Established in Toronto in 2009, this program offers software and financial services that include invoicing, accounting, credit card processing, and payroll. It is simple even if you have no idea about accounting procedures. All the data is backed up and your bank accounts can sync any time or anywhere. Not all the features are free like payroll and credit card processing that are available with a fee. It can handle multiple users, track income, expenses, and sales tax.
Xero
Coming out of New Zealand in 2006, this is a web-based system that is cloud-based, easy to set up and use. It has apps that work with Android and iPhone. It will work for multiple users with a two-step authentication. It has a fast bank reconciliation, offers up-to-date financial reports, and real-time cash position.
While price is a consideration, you really need to closely review the individual features and find the ones that will benefit your business the best. A good source for information is your accounting firm. They work with a number of business and have experience with a lot of software programs and apps.
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- The Capex Team