Did you know there are fully automated accounting software that can help manage, process and analyze thousands of Business Transactions?
Well, you do now!
Welcome to the world of digital transformation where human efforts are reduced to almost zero.
As an accountant or a CPA, it is very easy to get trapped in manual work especially when you are dealing with more than a single client. The never-ending list of receivables and payables, complicated tax returns and not to forget, the hectic cash flow management!
Here are 7 absolutely must-have software that facilitate accountants and make your job of accounting or bookkeeping much easier and quicker.
Given how many positive reviews this software receives, there is no reason I wouldn’t recommend QuickBooks for accountants or bookkeepers. It is one of the most widely used responsive accounting software used globally by over 4.5 million users including firms, businesses and accountants.
Why QuickBooks?
Easily create sales orders, sales receipts and invoices
Manages payments to and from, including refunds and credits
Wages, pay liabilities and payroll forms
Calculates sales tax automatically using variables
Customer and supplier lists and data
Banking records and bank reconciliation
Pricing
QuickBooks offers 3 plans. In the simple start and essentials plan, you are allowed to access all features excluding inventory tracking, budgeting and recurring transactions. These features are available in the plus plan of QuickBooks. In addition, the simple plan is for a single user, the essential for up to 3 users and the plus plan QuickBooks can be accessed by up to 5 users.
Yet another great invoicing and accounting software, FreshBooks is primarily suitable for small and medium-sized entities. It is easy to use and known for its smooth cash flow management and card acceptance.
Other prominent FreshBooks features include invoicing, virtual terminal and recurring payments, double-entry accounting and reports.
What I really like about FreshBooks is that it allows you to play around with the software and gives a trial without asking for your credit card details. This is great if you are unsure whether the features would suit your work.
Cons
Limited mobile app features
Not suitable for accountants who deal with multiple & complicated reports of big organizations
Pricing
FreshBooks is relatively cheaper than other accounting software such as QuickBooks. It has 3 plans Lite, Plus and Premium.
Xero is all-inclusive cloud-based accounting software for accountants and businesses specifically created to simplify all those complicated business transactions. If you are looking to control every critical aspect of your or your client’s business, Xero is the option to go with.
Why Xero?
Remote access and detailed mobile app with real-time reports
Advanced and comprehensive accounting systems for small & medium entities
Inventory management facilities
Multiple bank account reports that provide a clear picture of your finance
Invoicing, analyzing and reporting
Detailed clients and Suppliers profiles
When it comes to the interface, Xero has the smoothest and simplest dashboard of all accounting software that I have used. It provides a complete set of basic tools that every accountant and business need.
Pricing
Surprisingly, Xero is relatively cheaper than most of the other accounting software out there. It comes with 3 packages. Starter, Standard and Premium costing $20, $30 and $40 per month respectively.
At a glance, FreeAgent gives you a bird’s eye view of the performance of income, expenses, and profitability. It is specifically designed to consider the fact that most of the business owners don’t understand advanced accounting jargon. As an accountant, this software makes your job much easier since you won’t have to attach explanatory notes along!
Loved by 100,000+ accountants and bookkeepers around the globe, some prominent features of FreeAgent include:
- Estimates & Invoices
- Recording & tracking expenses
- Simple yet detailed dashboard
- Automatically import bank transactions
- Separate project monitoring
It also offers 30 day trial period (no credit card required) and a 50% discount for the first 6 month period. Regular price of the software is $20/month.
Melio is a free service that allows you to pay vendors or contractors with ease, no matter which method of payment they prefer. With Melio, you can select which method of payment is most convenient for you and then also select how your recipient will get their payment.
For accountants, it makes life much easier as you will not have to use multiple applications to manage payments for different clients, you can just do it all through Melio.
Pricing
The best thing about Melio is that it is 100% free to sign up and has no monthly subscriptions, you only pay 2.9% fee for credit card payments. This amount is easy to justify when you consider how much Melio can improve your workflow.
“The better way to make, move, and manage your money”, the tagline says it all. Wave Accounting is one of the best accounting software out there and takes into account the local tax and compliance laws that can save you the extra hassle and costs of hiring an accountant, bookkeeper or tax consultant.
In addition to its smart accounting tools, Wave Accounting makes consolidation much easier and you can easily manage multiple businesses through a single account. It works best for professional accountants and is a must-have accounting software for freelancer accountants.
There are few accounting software that allow accountants and businesses to try the full version without paying money beforehand and Patriot Accounting is one such smart software with unique features like toggling between cash and accruals basis and money tracking.
The best thing about Patriot Accounting is that it considers the needs of an accountant specifically and has incorporated features like multiple payrolls and consolidated billings. It also offers discounts for accountants.
Why Patriot Accounting?
- Create and track unlimited invoices and customers
- Automatically import bank transactions
- Automated Tax Filing
- Advanced Bookkeeping and Bank Reconciliation
- Credit card payments and much more…