If you are starting a new business, switching to a new accounting platform, or Excel just isn’t cutting it anymore, you have myriad choices. Your first decision, though, is whether to stick with a traditional desktop application, or sign up for one of the newer cloud-based services that let you access your account from any Internet-connected PC.
When deciding between an online or desktop accounting solution, you should consider your access preferences. Desktop solutions can only be accessed on the PC where they reside, while online solutions can be accessed from anywhere — but if your Internet connection is down, so is your accounting software.
On the plus side, online providers often roll new features into the service on an ongoing basis, so every time you log on you are using the latest version. With desktop software, you have to upgrade to get new features. Of course, buy that desktop package once, and it’s yours to use for the rest of time if you like. With an online service there’s a monthly fee stretching as far as the eye can see, and eventually you’ll pay more than you would have for a one-time purchase of the desktop software.
One aspect that is no longer an issue with online services is security. Online services have evolved to a point where security for a financial management program is as safe as online banking with a reputable financial institution. Plus, online providers often host multiple backups of your files; with a desktop option, you are responsible for backing up that critical PC.
Another consideration is the developer’s mobility strategy. It’s great to be able to access an online service from any PC, but what if you tend to run your business life from your smartphone? Be sure to pick a provider that offers a robust mobile app for the mobile device you prefer.
To make your search easier, we’ve collected 10 of our favorite small business accounting programs that run the gamut from simple services aimed at sole proprietors to scalable platforms that can handle your needs as you transition from a small business to a medium one and beyond.
You can’t talk small business accounting without starting with Intuit QuickBooks. This mature platform has spawned a line of offerings, not to mention an entire ecosystem of add-on products from independent developers that expand the product’s scope. From the impressive — some might say overwhelming — array of products in the QuickBooks family and related Intuit services, business owners will want to focus on three core products: QuickBooks Pro 2012, QuickBooks Premier 2012, and QuickBooks Online.
QuickBooks Pro (which starts at $229.95), is tailored for small businesses and delivers a centralized view of customer, vendor and employee information. Naturally, you can track income, sales and expenses to balance your books. The handy customizable Company Snapshot view lets you choose the at-a-glance reports that are most important to your business so you can keep tabs on your business’ financial health. The program also lets you pay bills, print checks, manage payroll and payroll taxes, and create professional-looking invoices and forms.
Unlike some other accounting packages, QuickBooks Pro goes beyond the ledger-related aspects of your business to include some basic contact management and even document management features. For example, you can use QuickBooks’ Lead Center to track sales leads, and if those prospects turn into customers you can move their contact information into the program’s Customer Center with just a click. And the Document Center acts as a central repository for your critical business documents, such as contracts and proposals, so you don’t have to hunt through Windows folders to find them.
New in QuickBooks Pro 2012: the convenient a Calendar View combines your appointments, to-do list items and key business tasks (invoicing customers, paying bills, executing payroll and so on) into one centralized calendar, so you won’t miss an important accounting-related chore because you were focused on your datebook appointments. Even better, the calendar automatically updates based on new transactions — such as a sale — entered into QuickBooks, so you can’t forget to add a task.
QuickBooks Premier (starting at $399.95) includes all the features of QuickBooks Pro, but offers industry-specific reports tailored to particular vertical markets such as contractors, manufacturing and wholesale, retail, professional services and nonprofits. This edition also includes forecasting tools so you can estimate future income and expenses, and adds the Inventory Center feature, which centralizes your inventory data in a single control panel for faster access to inventory data and tasks.
Small Business Computing addresses the technology needs of small businesses, which are defined as businesses with fewer than 500 employees and/or less than $7 million in annual sales. To address the needs of these small businesses, Small Business Computing offers detailed coverage of cost-effective technology solutions, including lists of top vendors, product comparisons, and how-to guides that offer specific tools to help solve issues.
Advertiser Disclosure: Some of the products that appear on this site are from companies from which TechnologyAdvice receives compensation. This compensation may impact how and where products appear on this site including, for example, the order in which they appear. TechnologyAdvice does not include all companies or all types of products available in the marketplace.
Finding the right accounting and finance software for your business can be a challenge. This guide explains the obstacles businesses face when they don’t adopt cloud-based technology and instead rely on legacy systems. The bad is that, if left unchecked, obsolete systems are costly to support, lacking common features and advanced functions, and increase security risks as bug-fixes and patches are no longer made. The ugly is that, in the event of a disaster, older systems make it very difficult to recover critical data. But let’s not forget the good. Here, you will learn about some of the most popular cloud accounting software used today that streamlines business accounting, operations, and finance with secure access remotely from anywhere you work.
When companies use Dynamics 365 Business Central Accountant Hub, they can manage accounting tasks and transactions with an easy-to-use dashboard. Our experts know the importance of your accounting system. We recommend replacing any legacy accounting system with cloud-based accounting to improve efficiency by saving you time and money.
Take your manufacturing and warehousing operations to greater heights by reducing costs with sales forecasting and automated out-of-stock functions that generate product alerts when user orders deplete your inventory of an item to zero or a predetermined level.
Achieve greater control over your buying process to ensure you only make financial actions when needed, have better inventory control, and inventory numbers that reflect your stock in real-time. In return, this helps you better meet customer demand and/or inventory needs of various departments in your company.
Dynamics 365 Business Central also allows you to easily track customer interactions and identify the best moments for up-sell, cross-sell, and renewal in your sales process. This can bring important sales opportunities to the right people sooner.
Dynamics 365 Business Central allows you to manage budgets and monitor project progress with real-time data and business insights. Additionally, you can easily compare customer invoices with quotes to make smarter buying and selling. Some of the services most commonly-used metrics include profitability and resource-usage.
Accounting SoftwareIf your company or organization has accounting or finance employees who work remotely, Dynamics 365 and Microsoft 365 can easily let them work with everyone through the same cloud-based software on nearly any device. The latter includes chat, video conference, voice call, and other features in Microsoft Teams.
The integration with other Microsoft cloud software includes Word, Excel, and other common programs companies have used for decades. This integration also breaks down any barriers between siloed programs used for accounting, finance, and operations by making it easier to share info between departments.
Business Central is ideal for SMBs, who want an easier or more modern way to manage their finances and accounting. Generally, this software allows a company to connect their finance, accounting, service, and sales operations with one platform rather than spending hundreds or thousands of dollars on siloed softwares for each department. This consolidation also prevents single points of failure by creating multiple access points for your business systems.
We call this process “legacy modernization,” which simply means updating your business systems to better support your goals. In our case, we look at updating obsolete software with all-in-one cloud-based solutions. So, does your business fall under this category? Well, here’s what you need to consider.
Typically, businesses have a mix of new and old software for finance and accounting. However, it’s not uncommon for some people to use outdated systems and software. A more clear definition for “old” is something from the early 2000s or older. Anything from the last few years is exempt from this, usually. One of the exceptions is specifically with accounting software, where a legacy system doesn’t have to be considered “old” in order for it to be inefficient and a burden on your processes.
For accounting, legacy can be any piece of software, tech, or system that hinders your company’s ability to swiftly adapt to dynamic market conditions. The good news is that if it’s a software you’re concerned with, it can usually be integrated into a modern system like Business Central. In our experience, most people look toward legacy modernization, when legacy systems fall short in user experience, security, customer support, or lack future-proof updates.
It’s a financial investment to upgrade your business to modern finance and accounting software, but sticking with older systems creates more liability and often costs you more in the end. Here are some of the other advantages of using Business Central as your go-to ERP solution:
A common legacy cloud system for accounting and finance is Microsoft Dynamics GP, which is a mid-market business and enterprise resource planning (ERP) solution. Today, this system has become outdated in comparison to other systems such as Business Central. Dynamics GP was the result of Microsoft’s research and development into creating affordable accessible software for small- and medium-sized businesses (SMBs). The goal was to help SMBs compete with some of their larger competitors with efficient ERP solutions. At the time, this leveled the playing field by giving SMBs the same advantages and capabilities of some of the most expensive ERPs used by big companies. However, there are simply better options for accounting and finance, especially for small- and medium-sized businesses.
The heart of Dynamics GP was created with small and growing businesses in mind. We know you have a business to run, and part of that is having affordable, efficient tools to do so. That’s why we now recommend Business Central as the go-to ERP software for businesses for integrated cloud-based technology to access files, apps, data management, and devices. Business Central also allows managers and executives to focus on running and growing their businesses instead of trying to make sense of outdated accounting and finance systems.
Business growth and scalability is difficult with the right tools and data in hand, and the last thing you want to do is lose your best customers to your competition because you didn’t have access to the real-time data provided by cloud-based services like Business Central.
Business growth typically comes with finance-related challenges. Whether it’s keeping up with market trends, managing cash flow, or exploring new markets, you need a reliable system that can be scaled and kept current without breaking the bank.
Like their legacy ancestors, cloud-based systems are not exempt from software updates. However, updating is a painless process when using cloud-based systems. Like the apps you use on your phone, upgrades come automatically with new features and improvements.
Don’t underestimate the simplicity of this though. Upgrading your legacy system to a modern ERP can be easy with the right solutions partner. It’s a valuable goal for any business to tackle if they want to stay competitive with technology and remain relevant in their respective markets.
ERP systems like Business Central make it possible to share the same ground with similar-sized businesses and the heavy hitters. SMBs can do this by leveraging real-time customer data and other business insights provided by cloud-based systems.
Some of the most common pain points for SMBs include thin profit margins, budget constraints, time-consuming manual processes, and siloed positions. Business Central alleviates some of these time constraints by making all data available in a centralized location with build-in automation, insights, and reporting.
A majority of the work toward adopting a cloud-based solution for accounting and finance services means getting rid of current infrastructures used to maintain them. You immediately save money by not spending resources managing onsite hardware and servers. You can forget about installation and maintenance fees or surprise costs when something goes wrong.
.jpg)
.jpg)
.jpg)
0 Comments