If you’re running a business, you know that managing your finances can be a headache. This is where accounting practice management software comes in: it can help you streamline your bookkeeping and accounting tasks and save you time and money in the long run. In this article, we’ll take a closer look at the best accounting practice management software of 2020 and how it can benefit your business.
What is Accounting Practice Management Software?
Accounting Tasks
Accounting practice management software is a type of software that helps businesses manage their financial operations. It can help with tasks such as bookkeeping, invoicing, payroll, and tax preparation. Many accounting practice management software options also offer features such as financial reporting, time tracking, and project management.
Cloud-Based Software
Most accounting practice management software is cloud-based, which means that you can access it from anywhere with an internet connection. This makes it a great option for businesses with remote workers or multiple locations. It also means that you don’t have to worry about backing up your data or installing updates.
Integration
Another benefit of accounting practice management software is that it often integrates with other business software, such as CRM systems or project management tools. This can help you keep all of your business operations in one place and avoid having to switch between different apps.
Customizable
Many accounting practice management software options are customizable, meaning that you can tailor them to your specific business needs. This can be especially helpful if your business has unique accounting or bookkeeping requirements.
Security
Finally, accounting practice management software is often more secure than traditional accounting methods. Most cloud-based software providers have robust security measures in place to protect your data from hackers and other security threats.
Top Accounting Practice Management Software of 2020
QuickBooks Online
QuickBooks Online is a popular cloud-based accounting software that’s suitable for businesses of all sizes. It offers features such as invoicing, expense tracking, and financial reporting. QuickBooks Online also integrates with many other business apps, including PayPal and Square.
Xero
Xero is another cloud-based accounting software that’s popular with small businesses. It offers features such as invoicing, inventory tracking, and bank reconciliation. Xero also integrates with many other business apps, including HubSpot and Shopify.
Wave
Wave is a free cloud-based accounting software that’s great for very small businesses or freelancers. It offers features such as invoicing, receipt scanning, and financial reporting. Although it doesn’t have as many features as QuickBooks Online or Xero, it’s a great option if you’re on a tight budget.
Zoho Books
Zoho Books is a cloud-based accounting software that’s suitable for businesses of all sizes. It offers features such as invoicing, expense tracking, and project management. Zoho Books also integrates with many other business apps, including Slack and Dropbox.
FreshBooks
FreshBooks is a cloud-based accounting software that’s popular with freelancers and small businesses. It offers features such as time tracking, invoicing, and project management. FreshBooks also integrates with many other business apps, including Trello and Asana.
Netsuite
Netsuite is a cloud-based accounting software that’s suitable for medium to large businesses. It offers features such as financial management, inventory management, and order management. Netsuite also integrates with many other business apps, including Salesforce and Shopify.
FAQ
What is the best accounting practice management software for small businesses?
Xero and QuickBooks Online are both great options for small businesses. They offer a wide range of features and are easy to use.
Is accounting practice management software expensive?
It depends on the software you choose. Some accounting practice management software options, such as Wave, are free. Others, such as Netsuite, can be quite expensive. However, most software providers offer a range of pricing plans to suit different business needs and budgets.
Can accounting practice management software help with tax preparation?
Yes, many accounting practice management software options offer features that can help with tax preparation, such as tax filing and tax reporting.
Is accounting practice management software secure?
Most accounting practice management software options are secure. They use encryption and other security measures to protect your data from hackers and other security threats. However, it’s always a good idea to check the security measures of any software you’re considering.
Can accounting practice management software help with invoicing?
Yes, most accounting practice management software options offer features that can help with invoicing, such as invoice creation, invoice tracking, and automated invoicing.
Can accounting practice management software help with payroll?
Yes, many accounting practice management software options offer features that can help with payroll, such as payroll processing and payroll tax calculations.
Can accounting practice management software help with inventory management?
Yes, many accounting practice management software options offer features that can help with inventory management, such as inventory tracking and stock management.
Can accounting practice management software help with financial reporting?
Yes, most accounting practice management software options offer features that can help with financial reporting, such as profit and loss statements and balance sheets.
Pros
Accounting practice management software can help you streamline your financial operations and save you time and money in the long run. It can also help you keep all of your business operations in one place and avoid having to switch between different apps. Finally, most accounting practice management software options are more secure than traditional accounting methods.
Tips
When choosing accounting practice management software, it’s important to consider your specific business needs and budget. Look for software that offers the features you need and that’s easy to use. Finally, make sure to check the security measures of any software you’re considering.
Summary
Accounting practice management software can help you manage your finances more efficiently and save you time and money in the long run. There are many different options available, ranging from free software for very small businesses to more expensive software for larger businesses. When choosing accounting practice management software, it’s important to consider your specific business needs and budget.