Accounting Software

Best Accounting Software

Looking for the best accounting software for your business? GoodFirms has curated a list of best accounting software for small business to help you perform your daily accounting tasks efficiently. Investing in a top accounting system software means you can keep finances of your business like an invoice, bill payment, expense report and others in order. There are a lot of considerations when searching for the best online accounting software for business, so we researched and analyzed dozens of vendors to find the best ones in the market. Below you can find the roundup of our best picks for financial & small business accounting software:

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List of Leading Business Accounting Software | Best Online Accounting Software

Manager

51. Manager

Free Accounting Sofware For Small Business

Manager is a fully-featured 100% Free Accounting Software for Small Business. Available in 70+ Languages and constantly being updated and improved, Manager will take your small business to the next level. Free download for Windows, Mac & Linux.

Available
Free version
Rivile-Gam
Popular accounting, finance and business management system.

The most popular accounting, finance, and business management system for the growing business.

Available
Free version
CashManager
Smart Online And Desktop Accounting.

We understand the issues and challenges faced by business owners and their accountants so we designed our software with you in mind. With its abundance of features and easy navigation, CashManager is the smartest accounting software around. From large-scale operations to the one man band, CashManager provides a solution for all business accounting needs.

30 Days
$50/Month
Tally

54. Tally

Walking the GST journey with you

Tally Solutions Pvt. Ltd. is a pioneer in the business software products arena. Since its inception in 1986, Tally’s simple yet powerful products have been revolutionizing the way businesses run. Having delivered path breaking technology consistently for more than 30 years, Tally symbolizes unmatched innovation and leadership. 

30 Days
Contact Vendor
Bexio

55. Bexio

Better in business.

bexio helps small businesses better manage their administration, work efficiently and sell more. Bexio offers all the functions needed to successfully manage the administration: managing customers and contacts, writing quotes, orders and invoices, managing warehouses and articles, and recording times and services. And of course, lead the accounting.

Available
Free version
HostBooks Accounting
The language of business.

HostBooks Accounting software simplifies the accounting procedure through automated processes and reduces the manual efforts by half. It saves the valuable time of the accountants by reducing the compliance time by at least 50% that consequently cuts down the cost by half. Furthermore, with HostBooks Accounting, you can easily know where your business is through real-time financial position.

Available
Free version
LedgerSMB

57. LedgerSMB

Open Source ERP: accounting, invoicing and more.

The LedgerSMB project aims to prevent small and mid-size businesses from getting locked-in by their accounting software vendor by providing free and open source accounting software, integrating invoicing, order processing, quotations and more (ERP). LedgerSMB aims to provide a strong (accounting) basis to build your business on.

Available
Free version
Apache OFBiz
Open source enterprise resource planning system.

Apache OFBiz is a suite of business applications flexible enough to be used across any industry. A common architecture allows developers to easily extend or enhance it to create custom features.

Available
Free version
MahaERP Accounting
Make your accounting "Complete" with GST ready accounting solution.

With Complete Accounting, your team can now manage Invoices, Payments, Purchases, GSTR 1 & 3B Reports. It helps you manage supplier bills, forecast your expenses and track employee expenses. Completely Automate your bank feeds, Import your Statements and manage your cash registers. Track performance and get reports of everything with just some clicks. Complete accounting has an easy, fast and very... read more

30 Days
$1.49/Month
SQL-Ledger
SQL-Ledger® is a webbased ERP system

SQL-Ledger® ERP is a double entry accounting/ERP system. Accounting data is stored in a SQL database server, for the display any text or GUI browser can be used. The entire system is linked through a chart of accounts. Each item in inventory is linked to income, expense, inventory and tax accounts. When items are sold and purchased the accounts are automatically updated.

Available
Free version
Money Manager Ex
Money Manager Ex is a free, open-source, cross-platform, easy-to-use personal finance software

Money Manager Ex is a free, open-source, cross-platform, easy-to-use personal finance software. It primarily helps organize one's finances and keeps track of where, when and how the money goes. It is also a great tool to get a bird's eye view of your financial worth.

Available
Free version
Openmiracle
Human way of accounting

"Openmiracle" is free and open sources accounting software which is a complete solution for all your business needs. It is very easy to use yet powerful and flexible based on professional accounting principles to ensure balanced books and accurate reports. And moreover the beauty lies where it can be easily used by anyone without basic knowledge of accounting.

Available
Free version
CheckMark MultiLedger
Simple accounting software for small business

Accounting is a key component of any successful business. Checkmark is here to help with our MultiLedger integrated accounting system. Our program makes it simple, and you do not need to be a CPA to get the most out of our software. General Ledger, Accounts Receivable, Accounts Payable, Inventory, Job tracking, are just a few of the many features MultiLedger has to offer. MultiLedger is fully i... read more

60 Days
$499/Year
PBS Accounting
Transform Your Accounting Today.

From general ledger to payroll, our business accounting software helps your small or mid-sized operations when you have outgrown entry level accounting software. PBS is a comprehensive system for companies outgrowing entry level solutions. Its modular format allows you to configure a system that scales to meet your company’s unique needs.

60 Days
Contact Vendor
kpi.com

65. kpi.com

All-in-one software for best-in-class companies

Essential apps Our dedicated stand-alone apps that also work as a suite is a real deal for growing companies. You will be able to handle any major function, job, task or project, serve customers, be productive at work and make smart business decisions. Cool interface Our smartly designed, user-friendly and intuitive interface allows you to easily browse through functions and features. Global ... read more

14 Days
$10/Month
Accountri

66. Accountri

Accountability matters

Bits & pieces everywhere, here you get it all. A first of its kind complete business management software that channelizes organizational workflow, Simplify Admin functions and makes collaboration smooth across different departments like operations, HR and Finance. An advanced automation tool that increases organizational productivity by simplifying complex tasks.

Available
Free version
Accountsbook
Best accounting and payroll software for small business

Accounts Book is Complete Accounting and billing Software in Lucknow.It is the Best accounting and payroll software for small business. By using this software you can Send Invoices, Reconcile Bank Accounts and File Tax Returns.* Inventory Management. Exhaustive Reports. Automatic Bank Feeds. Client Portal. Project Time Tracking. Purchase Order. Services: GST Compliant Invoice, GST Filing, Inventor... read more

365 Days
$99/Year
Jainam Software
GST Billing Software works for every business.

Jainam Software for offline and online software for every business. Most of the features in Jainam Software are customized. User can create their own reports. User can configure vouchers and define the cash flow and inventory ruleset's daily collection reports are customized as per user requirements. Reports like daily collection, daily due, total due as per date range help to get a quick summary ... read more

Available
Free version
ZarMoney

69. ZarMoney

Only one accounting software allows such total inventory control.

ZarMoney isn’t your typical off-the-shelf accounting software – it was built carefully and meticulously through several years of development to be the next-generation cloud accounting software businesses and their bookkeepers were crying out for.Our vision was to create a web-based software solution that’s simple enough for anyone to use, yet powerful enough to meet the needs of almost any b... read more

Available
Free version
EZOTO

70. EZOTO

Accounting and Billing Software

EZOTO makes accounting and invoicing easy and secure. This software is made for small businesses and entrepreneurs who can not afford full time accountant. EZOTO will help you manage your cash flow, create invoices, inventory management, credit and P&L with bliss. EZOTO is a growth partner for small businesses.

Available
Free version
KMyMoney
the BEST Personal Finance Manager for FREE Users, full stop.

Using time tested double entry accounting principles KMyMoney can help ensure that your finances are kept in correct order.KMyMoney strives to be the easiest open source personal finance manager to use, especially for the non-technical user.KMyMoney intends to provide all important features found in the commercially-available, personal finance managers.

Available
Free version
Genie ERP

72. Genie ERP

ERP Made Easy

Genie is a new-age, cloud-based ERP system that allows you to be in complete control of your business anytime, anywhere. It enables smart management and simplifies operations. With its powerful mobile and web interfaces, it empowers all your stakeholders, including customers and suppliers. The software offers a powerful feature set, including Sales, CRM, Accounting, Inventory, Purchase, BOM, Produ... read more

7 Days
$30/Month
Hitech BillSoft
Most simple and powerful billing software

Hitech BillSoft is a Free GST Business Accounting Billing Software. It is India’s #1 Billing Software. It's specially designed for the Indian market, India's fastest billing software which comes with inventory, GST, barcode, SMS, email and android app, generate GST reports. Track unpaid invoices, send payment reminders and collect payments directly offline. It has other features like business ... read more

N/A
$60/One-time
OneAccounting
A software that makes accounting easier

One Accounting software is an online accounting platform/ solution to the accountants in small businesses. CPA accounting firms and freelancing accountants can also use it to serve their clients from industries like Advertising, Educational, Insurance, Healthcare, Property Management, Publishing, Fitness, Food, IT, Legal, Travel, Agriculture, Manufacturing, Retail, Service, & Real estate. One A... read more

32 Days
Contact Vendor
Horizon ERP
Horizon ERP-Billing and Accounting software

Horizon ERP is a ready to use GST billing and accounting software for small businesses. It rightfully is the best billing and accounting software in india for small businesses. Horizon Technology Solutions has had a decade of experience in erp solutions. we have put in our expertise into bringing you the best billing and invoicing software. It is simple and easy to use. Simple user interface enabl... read more

Available
Contact Vendor
Crunch Accounting
Simple online accounting software

Crunch is faster, more efficient and better value than a traditional high-street accountant. You’ll get the perfect combination of accountancy software & service for freelancers, contractors, self-employed, and small businesses. Over 10,500 clients trust us with their business finances - let us help you, so you can focus on growing your business.

Available
Contact Vendor
Team Software
Accounting and Financial Management Software

Profit margins for janitorial and security contractors are tight. When every dollar counts, you need to know where every dollar goes. WinTeam’s ERP accounting software makes it easy to create budgets and manage your cash flow like a pro. Comprehensive financial data gives you a complete picture of profitability down to the site level. And your financials tie to timekeeping, payroll and other ope... read more

N/A
Contact Vendor
MyBOS

78. MyBOS

Easy-to-use fully integrated multi-user accounting software.

Traditional accounting software requires you to enter opening balances, setup chart of accounts, configure tax variables, select when your financial year starts and so on before you can issue your first invoice or record a payment. This is not needed because accounting system doesn't require all of these set up actions before you are able to simply issue an invoice. MYBOS doesn't impose onerous se... read more

15 Days
$120/Year
Accounting Xpert
Software for the professional accountant

Xpert's Client Write-up software provides standard client write-up features as well as many advanced features including no monthly closings, edit any transaction at any time with full audit control, re-run any report at anytime for any date range, including multiple years, print to PDF files, automatically email or fax any report, interface with external products including Microsoft Word for Compi... read more

N/A
$1595/One-time
Free Agent
Accounting software for small businesses

FreeAgent is accounting software for small businesses, freelancers and their accountants, recommended by 98% of our subscribers. Say hello to FreeAgent. Award-winning online accounting software designed to meet the needs of small businesses, freelancers and their accountants.

30 Days
$24/Month
Almanara accounting
For More Professional Business

The accounting system is characterized by the possibility of managing the accounts of the establishment, the possibility of establishing an unlimited number of accounts at unlimited levels, and everything related to the accounting operations and daily entries regardless of company size.

Available
Contact Vendor
aACE

82. aACE

Powerful Accounting Software for SMBs

aACE’s full-featured, integrated accounting suite allows managers to track a sale from the lead to the balance sheet without duplicate data entry. A true quote-to-cash solution, increase visibility into your business's financials, save time, and reduce the potential for errors with aACE.

N/A
$99/Month
 Accounting Power
Built for professionals. Built for control.

Sold exclusively to accountants, Accounting Power includes both a powerful professional system and a fully integrated comprehensive G/L system. This breakthrough approach gives you the stronger control over clients accounting to best serve all your clients, offer client accounting services and boost your margins.

N/A
Contact Vendor
Accounting Seed
The Power to Transform Your Business

Accounting Seed is the accounting solution on the Salesforce platform. Users can effectively manage finances throughout the entire business lifecycle! Accounting Seed is a full accrual accounting and ERP application powered by Salesforce. Our application tracks financial data through the entire business lifecycle; from marketing, project implementation, product sales, back office accounting, to pr... read more

N/A
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AccountingSuite
Online Accounting & Inventory

AccountingSuite is a powerful cloud based business software that includes accounting, inventory, order management, time and project tracking. Our full-featured solution is powerful and flexible enough to support your business today — and scale with you as your business grows. Because AccountingSuite gives you more features up front, your total cost of ownership is often lower with no add-on’s ... read more

Available
$19/Month
AccountsIQ
Award winning cloud accounting software.

AccountsIQ is unique in providing Accounting, Consolidation and Business Intelligence in one powerful solution. The online accounting platform is delivered as a fully hosted Software-as-a-Service offering which cuts costs, informs better decision-making and boosts productivity. It offers enterprise-level functionality at an affordable price.

N/A
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Accswift

87. Accswift

Truly Accounting and ERP Software

AccSwift™ is an intuitive, easy to use, robust, multi-user and comprehensive accounting software solution. It simplifies your daily tedious job of managing accounts, organizes and saves enormous time. It also helps in reduction of fraud and human errors. The user friendly interface, cutting edge technology, instant support on demand and security is the main assets of this software and this is wh... read more

N/A
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AcctVantage
Sales, CRM, Accounting, Warehouse Management, Production....All in One Package!

AcctVantage ERP is designed for businesses that have outgrown basic accounting programs like QuickBooks(r) or AccountEdge(r). Our specialty is Mac accounting software for inventory centric small businesses. Our system also supports PC and cross-platform (mixed Mac/PC) installations. If you have outgrown an entry level system, are inventory centric and run your business using Macs, we want to hear... read more

N/A
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Advanced Business Cloud
Business Management Software

Business Cloud Essentials is a business management solution developed with, and for, UK manufacturers and small businesses. The software is designed to prevent the production and delivery delays, as well as reduce the costly waste of resources. It helps eliminate product quality issues, financial stress and all of the blockers stopping you from succeeding. It covers all the essentials you need:... read more

30 Days
Contact Vendor
Aptitude Accounting Hub
Achieve financial control, transparency and insight

Transform financial, management and statutory accounting. Put business users in control of accounting rules, speed up close processes and give finance a golden source of reconciled data. The Aptitude Accounting Hub includes a powerful multi-currency accounting engine to generate multi-GAAP accounting, a data standardization layer to integrate granular transactional data and an accounting sub-ledge... read more

N/A
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Aqilla

91. Aqilla

An intelligent accounting and reporting for all.

Aqilla delivers cloud based accounting software to mid-sized organisations around the world, providing a clear and straightforward product to successfully manage their business.

N/A
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Accounting Software Group
Truly Customizable Accounting Software

Accounting Software Group's product of choice is the ASG system. This robust accounting software application is available in three specific editions: the Financial Management System for business and corporate users, the Not For Profit system designed specifically for Non-Profit Organizations, and the Client Write-Up system geared specifically for CPAs and accounting firms.

N/A
$595/One-time
Bean Cruncher
Bean Cruncher is a cloud based, online accounting and inventory software.

Bean Cruncher is designed for entrepreneurs, small business owners and bookkeepers on the go. With mobile invoicing and a online payments, Bean Cruncher is the solution for you!

N/A
$495/Month
Billmywork
Simple Accounting Software

Manage your business like a pro with an easy to use, secure and powerful software. The smart choice for your business, at an affordable price. Manage multiple businesses, with one sign up. Create invoices, send estimates, track payments, manage expenses and more. Client portal for your customers, makes it easier for them to view details, anytime, anywhere.

Available
Free version
Striven

95. Striven

One Software to Run Your Entire Business

Striven is the all-in-one business management system that lowers your software costs, improves your operations, and makes work easier.

Available
Free version
TRAVERSE Accounting Software
Real-time financial accounting software and business intelligence

Gathering all of your financial information in one system has never been easier with accounting software and business management solutions from Open Systems. Whether your business is established or new, your system for accounting can be up running easily and quickly, helping you make more informed buying and selling decisions, improve customer service, save money, and ensure profitability into the... read more

N/A
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Visual Bookkeeper
All the tools your business needs.

Accounting is the language of business. It allows you to make smart decisions regarding your business, based on real world facts, rather than gut instincts only. If you manufacture or resell someone else’s inventory, Visual Bookkeeper can track your sales by item and match that information to your cost of goods sold, disclosing your “realized” margins. If your margins are too thin, you can d... read more

Available
$249.95/One-time
Insight Accounting
All the tools your business needs.

Insight Accounting is a complete accounting solution for large businesses, providing a full set of features like Accounts Payable, Accounts Receivable , Contact Manager, Sales Orders, General Ledger, Payroll and add-on features like Inventory Management, Purchase Orders, Equipment Costing, Data Import/Export, DataView, lectronic File Cabinet etc.

Available
$2995/One-time
TreezSoft
ONLINE ACCOUNTING

TreezSoft is a cloud accounting software, which could be accessed anytime, anywhere. It is easy-to-use and intuitive, designed exclusively for small and medium businesses, accountants, bookkeepers, and CPAs. Startup your accounting without any setup cost. Enjoy!

30 Days
Contact Vendor
Tripletex

100. Tripletex

Accounting made smart, easy and efficient

Tripletex is a complete, cloud-based finance system made up of various modules that can be assembled as needed. With Tripletex you can make invoicing and accounting easy. Thanks to a clear and easy-to-understand user interface, everyone can take full advantage of the opportunities that exist in a modern accounting system.

Available
Contact Vendor
Buyer’s Guide
Buyer’s Guide to Accounting software

Technological change is constant, especially in the business world. The Accounting industry has already accepted this transformation, as embracing automation is the key to unleash agility, speed, and longevity. Such a system helps profoundly in reconciling the torrents of financial data involving the company. With the demand for accounting software growing huge these days, it is essential to understand the best practices.

This buyer’s guide covers all the necessary information required by a person to pick a solution that suits best.

Managing the financial activities is very challenging in today’s complicated business climate. If you are a small business owner, then you have to manage the financial transactions and simultaneously have to analyze your business performance from various perspectives. The financial health of the business is related to your accounting tasks.

The data collected from financial transactions helps in generating reports and projections about the business growth and performance. You need a business tool to manage the financial transactions, operation’s cash flow, and other types of financial-related business practices. Accounting software can help you handle all these critical tasks.

  • Details about Accounting
  • Accounting management and its role in your business
  • Accounting software and business growth
What is accounting?

Accounting is a process of documenting the financial transactions of your company or your business. This systematic process involves recording data, sorting, categorizing, analyzing, and reporting.


It is the lifeblood of a business that helps in communicating the financial health of a business or an organization to the party concerned.
          

Accounting is the language of business - Warren Buffet.

How does accounting Work?

In a small firm, accounting is handled by the bookkeeper or an accountant, while the larger firms have the sizable finance departments with the number of employees to manage the accounting work.

A bookkeeper handles the essential accounting functions, while the qualified accountants like CMA (Certified Management Accountant) or CPA (Chartered Professional Accountant) manages advanced accounting.

In businesses, two types of accounting are essential- Managerial accounting and cost accounting. The business owners make use of cost accounting to know the cost of the product, and management teams make use of managerial accounting to make business decisions.

What are the different types of accounting?

There are different specialized fields in accounting due to economic, industrial, and technological developments. The process of accounting ranges from auditing to the preparation of tax returns. The accountant specializes in any one of the fields which are as follows:

  • Financial Accounting - It prepares and presents financial statements to the internal and external users, in addition to recording and classifying business transactions. This primarily involves historical processing data.
  • Management accounting - It includes financial analysis, forecasting, cost analysis, budgeting, and evaluation of business decisions. All the relevant users (management) get information from this type of accounting. It focuses on the needs of the administration.

Cost Accounting is a branch of management accounting. This type of accounting refers to monitor and control costs. It is useful in the manufacturing business.

  • Tax Accounting - It deals with the tax-related matters and is governed by the tax rules which are prescribed by the tax laws of a jurisdiction. The tax professionals estimate the tax liability of a company and look after the tax planning process by gaining information about the financial statements of the company, which is prepared under financial accounting principles.
  • Forensic Accounting - It manages the auditing, accounting, and investigative techniques for the cases related to litigation or disputes.
  • Project Accounting - With the help of financial reports, this type of accounting system tracks the economic progress of a project. It plays a crucial role in project management.
  • Social Accounting - This type of accounting reports the social implication of an organization’s activities. The other name of this type of accounting is Corporate Social Responsibility Reporting and Sustainability Accounting.

Accounting does not make corporate earnings or balance sheets more volatile. Accounting just increases the transparency of volatility in earnings”.

- by Diane Garnick

What are different layers of Accounting ?

In business, there are many layers or types of accounting. Each layer has its department in large companies and corporations which are staffed by many accountants. On the other hand, in small businesses, it might be the work of one accountant. The different layers of accounting are as follows:

  1. Taxes - Every type of business pays taxes, and they prefer to spend as little in fees as they have to. Good accountants always take care of it.
  2. Payroll - The businesses have to pay payroll taxes, workman’s comp, social security, retirement, and employees. The payroll accountant looks after this task.
  3. Accounts payable and accounts receivable - The bills and payments all have to be managed. The bills are paid to the contractors, vendors, and suppliers; and payments are received from clients, customers, and services.
  4. Bookkeeping - The bookkeeper records every little transaction in the business though they don’t have any control over money. In companies, the income goes in one column, and outflow goes in another. Both these columns are essential to maintain the smooth running of the business.
Accounting vs. Bookkeeping

In business financial management, both the process of accounting and bookkeeping plays a significant role.

  • Accounting - It refers to the recording of the financial information to gain insights about the company's current and future prospects that get converted into useful reports for business people and tax agencies. This process manages financial forecasting, financial audits, strategic planning, tax returns, and performance optimization.
  • Bookkeeping - This process deals with the day-to-day financial transactions and administration of a business. It manages accounts receivable and payable management (invoicing), bank reconciliations, expenses, petty cash management, production of financial statements that involve cash flows, income statement, balance sheet, and payroll transactions.

The differences between these two processes are as follows:

  • Accounting - The accounting process looks after financial forecasting, tax strategy, tax planning, financial analysis and strategy, and complete income tax returns. It prepares to adjust entries and financial statements.
  • Bookkeeping - The bookkeeping process records and categorizes financial transactions, rearranges debits and credits, produce and send invoices, maintains and balances subsidiaries, general ledgers, and historical accounts. It completes payroll and works on recordkeeping.
Role of accountant in the business operations

As per the size of the company, the role of an accountant varies.

  • Smaller business - The accountant deals with the financial data collection, entry, and report generation.
  • Mid and large size organizations - The accountant works as an adviser and financial interpreter who present the financial data to people that are within and outside of the business.
  • Miscellaneous - The accountant also deals with third parties like vendors, customers, and financial institutions.

The accountant can make the accounting system effective, effortless, smooth, and convenient with the help of accounting software.

Gaining the trust of your clients is critical for any type of business. With the help of an account management solution, you can maintain strong client relationships.

What is the importance of Accounting in business?

Accounting is essential in businesses as it helps in a number of ways: Have a look at the following points;

  • Evaluates the performance of the business – Accounting process allows you to keep track of the expenses, gross margin, possible debt, compare the current data with the previous accounting records, and appropriately allocate the budget.
  • Ensures statutory compliance - The accounting system helps in ensuring statutory compliance and ensures that liabilities like sales tax, income tax, pension funds, VAT are appropriately addressed.
  • Create a budget and future projections - You can make or break a business with budgeting and future projections. The business trends and projections are based on historical financial data that helps in keeping the operations lucrative. A well-structured accounting process provides appropriate financial data that can be used to analyze the future business and financial status of the company.
  • Files financial statements - Accounting plays a vital role in filing the financial reports with the Registrar of companies, listed entities with stock exchanges, and tax filing purposes that can be direct or indirect.
What is account management?

Accounting Management is the way to deal with the income, expenses, and other types of financial activities of the business. This system allows businesses to keep a record of all the financial transactions that comprise costs, sales, and liabilities. It produces a comprehensive statistical report that provides a clear set of data to the management or party concerned that helps in the decision-making process.

In any business or firm, two primary titles surround the process of account management- Account Manager and Account Executive.

  • Account Managers - The account manager plays a crucial role between the client, customer support, and internal sales team. They are often known as “farmers” that believes in nurturing the long-term growth by managing the client relationship. The account manager helps in building a positive partnership with the clients.
  • Account Executives - The account executives are on the front end of the business and client development. They are in charge of viewing, cultivating, and following up the leads. At times, they are known as “hunters” as they move out to look for new business opportunities. They aim to convert leads into clients.
What is the importance of accounting management?

Accounting Management serves as a proactive set of activities that are generated to analyze the financial data in order to assess and develop a business strategy. The proper accounting management system helps in the following ways:
 

  • Proactivity - It allows access to the data. The dedicated account manager knows every detail about the account that includes the information regarding budget, who all are the decision-makers along with the competition, what the pitfalls are, and what will be the organizational strategy. The account manager establishes a proactive cadence to gather all the data and information on the accounting system.
  •  Revenue - The revenue commitment from the customer is taken due to a proactive account management system. It serves as an agreement on the expected spends with the company.
  • Cadence - The account management allows all the members concerned in the accounting process to mutually agree upon the account cadence that helps in minimizing the problematic situations of facing the crises that may occur due to clashes between the members of the party concerned.
  • New opportunities - The adequate accounting process provide knowledge of the new opportunities in the accounting system that may include the information regarding new commitments, new directions, new strategies, and sharing the upfront variances that belong to the previous year with the customers.
  • Dashboard or Measurement process - The accounting management system allows creating the dashboard for evaluating the account. Bi-annually or quarterly, it helps in providing feedback against the success measurement. It will enable creating a scoring system that helps in assessing the performance and allowing for course corrections as per the requirement.

In businesses, accounting management provides financial information that helps managerial decisions. The proactive management of accounts allows identifying the expectations of the account quickly.

The process of accounting management helps in planning and formulating policies, controlling performance, reporting to the administration, coordinating among departments, administering the tax, and interpreting the financial statement.

On the contrary, poor account management brings negative impacts to the business.

Negative impacts of poor accounts management

Poor accounts management will harm the organization. Let’s discuss how:

  • Miss the crucial opportunities in strategic accounts – The weak account management system will fail to set the essential opportunities in the strategic accounts. It will cause chaos in the accounting process.
  • Loss of the important accounts - There can be a loss of the essential accounts in the business due to improper accounting; ultimately, it will affect the whole financial aspect of the organization.
  • Delay creditor payments – The late payment in the credit reports can spoil the credit score of the company. The late payment in the credit report will be present for seven years that show the mistake to anyone who checks the report within that duration.
  • Poor commercial credit rating – The weak commercial credit rating can bring harm to the growth of the business. The business owners and managers can face the potential loss of reputation.
  • Inadequate accounting can cause criminal and civil penalties - Fraudulent reporting in the account management system will cause criminal and civil penalties.
  • Business failure - If the funds of the company are mismanaged or the budget is overextended as against the revenues earned, then the organization has to face the losses. The business fails due to insufficient business reserves and consistent losses in the company.
  • Customers leave and new customers stay away - The customers will not deal with the company anymore due to improper accounting management system. Even the new customers will lose interest in that company.
  • Revenues and Profit shrinks - The loss of customer retention in the company will substantially harm the revenue and minimize the profit in the business.

So to avoid all the difficulties that arise due to a weak account management system, it will be great to have a proper account management system by following the best practices in the business.

Account management best practices

The well-planned account management strategy will help in keeping the customers satisfied and provides the opportunities to grow the relationship with them. The companies following the best practices in the account management system will:

  • Assign dedicated account managers - The dedicated account managers can build rapport with customers, talk to top stakeholders along with decision-makers, can handle the cross-functional team, and strategically think about partnership opportunities and solutions.
  • Build cross-functional teams around account manager - The cross-functional teams serve the clients in a well –organized manner. To execute this, one needs to have a dedicated set of skills, disciplines, and expertise
  • Strategic Account planning - It includes strategic recommendations like partnerships with other companies and creative solutions, resource requirements, and, finally, the long-term goals with short-term benchmarks.
  • Provide insights to create value for the client’s business - The account manager creates value for the client by helping them in saving money, making money, and managing risk.
  • Validate the plan - The process of account management is essential to identify the resources that help in achieving the growth objectives of the business.
  • Measure the account’s engagement and loyalty - Consistently, the accounting process measures the account’s engagement and loyalty and believes that both the aspect should trend upward.
  • Schedule recurring check-ins with the account to have the feedback - To gain the feedback of the account, the accounting management system can address any issue and find the areas for improvement.
  • CRM to track the communication with account stakeholders - The accounting process makes use of CRM to give visibility to everyone regarding what is happening in the business dealings.
  • Implement an email tracking and notifications tool - It can exactly make out when the recipients have opened the emails and click any links with the help of email tracking and notifications tool.
  • Have a video platform for prospecting and relationship-building - The accounting system believes in investing in a video platform so that personalized video can be created for prospecting and relationship-building.
 What is Accounting Software?

Accounting Software is an application that allows bookkeepers and accountants to record and report the financial transactions of the firm. It serves as the primary tool that assesses the financial health of the organization.

Have a look at the types of accounting software along with their core functionality to understand the system better.

  • Small - Business Accounting - It looks after small-scale operations, that don’t require much payrolling and invoicing process.
  • Business Management Accounting - Manages medium to large-sized enterprises, looks after resources like inventory control, customer relationship management, point of sale.
  • Web-Hosted Accounting or Cloud Accounting - Believes in growing trust across industries in technology’s ability that secures online financial information.
  • Database Accounting - Offers customized business accounting solutions and database-backed accounting tools to corporations and global enterprises.

You can have real-time reporting and visibility throughout your organization with the cloud accounting system. The cloud-based accounting software allows small business owners to remain in touch with their data along with their accountants.

Why should businesses invest in accounting software?

The online accounting software conducts simple programs in the complicated areas of the business by assisting in a number of ways.

  • Saves the time – The accounting software will save you valuable time and helps in simplifying the overall system of accounting. By saving your precious time, you can focus on various other factors required in the running of the business.
  • Accelerate Working Speed – With the help of the accounting system, you can automatically have the result regarding the calculations. You can easily record the transaction history with this technology.
  • Automates Business Reports - The accounting system provides the invoices, details of the stock, and transaction history so that you can access the business reports efficiently. It not only provides efficiency but accuracy too. You can minimize the mistakes with this technology.
  • Take care of Tax - The details of the financial documents are essential for taxes. Businesses can overcome the taxing complexity with the help of automated reports provided by the accounting software.           
  • Cost-effectiveness - It helps in reducing the cost that comes with the appointment of an expert and in the maintenance of the manual system. At a low cost, you can start working with this app and can also upgrade along with the advancement in the business.
  • Secures the data - The data gets locked into the device, and only a few people can access the information. It is an apt solution for protecting your relevant data.
  • Real-time data - The accounting app provides real-time data that streamlines your business transactions. With accuracy and speed, you can track the performance of your business that provides perfection in your work.
  • Back up the data - If the data is in the cloud, then it can be accessed from anywhere, and you can effortlessly back up your data with this computerized app. You won’t face any risk of losing the data.
  • Financial Monitoring - It is easy to create and maintain the financial records and get the in-depth reports with the help of computerized bookkeeping process. The management of the company can monitor the financial records of the business and can efficiently resolve issues that might turn into a huge problem.
  • Management of Cash Flow - You can access the current and future cash flow status with the accounting software. It will help you in avoiding late fees and overdraft charges by keeping records of invoices and bills.
  • Scalable Solutions - Many of the top accounting software systems provide scalable databases and sophisticated customization. Such features fit well with small businesses and expanding start-ups.

The small businesses and expanding start-ups can meet their growing demands by making use of these features.

  • Tracks Inventory - This facility helps in tracking product inventory and offers up-to-date details regarding the amount of stock in hand. Even when you are running out of stock, then they can forecast you about the same so that you can make arrangements in advance.
  • Mobility – The users can carry relevant information regarding invoices, expenses, billable time, and client details with the help of mobile applications. The vendors of the accounting app provide all the crucial information to the users on their phones.
  • Centralization – You can centralize the critical business processes and tasks like customer relationship management (CRM), inventory management, payroll, and invoicing with the help of accounting products.
  • Short Learning Curve - The advanced accounting system software allows business owners to get acquainted with the solutions that provide a short and easy learning curve. It helps in minimizing the reconciliation issues and accounting errors.
What features one should look before buying Accounting software?

Typical accounting software for business should have the following features:

  • Accounting - It is the primary function of the accounting system software that manages fixed assets, accounts payable and receivable, bank reconciliation, and general ledger. The users can have more sophisticated features with the advanced accounting management system.
    • General Ledger & Charts of Accounts - Includes journal entries, tags/dimensions, and audit trails.
    • Accounts Receivable - Incorporates invoice customization, AR (Account Receivable) automation, collections automation.
    • Accounts Payable - Manages AP (Accounts payable) automation, purchase orders processing, and payment processing.
  • Billing and Invoicing - The accounting system has a billing and invoicing system, which helps users in automating mundane collections. The users can prepare accurate and in-time invoices for their clients. The users are allowed to adjust operations to the new and effective payment methods along with industry standards.
  • Budgeting and Forecasting - The finance performance for the current year is calculated and interpreted with this element. It also estimates the budget for the upcoming year. The companies are allowed to set up viable and optimistic sales targets by preparing the estimates.
  • Inventory Management - This component allows controlling the availability and movement of the business products and helps in avoiding all sorts of delivery issues like overstocking or understocking. It serves as a toolkit that is developed for stock control. It provides the necessary feature that helps businesses to have a higher shelf-life product line.
  • Cash Flow Management - It allows companies to collect, manage, and use cash. The companies can track liquidity with the help of this module.
  • Reporting and KPIs - It covers all the standard financial statements, reports related to accounts receivables, aging reports, inventory valuation, and cash flow that help in meeting the basic needs of the business.
  • Payroll Management - This module allows calculating and processing employee payments, helps in preparing and printing the checks without any delay, and errorlessly responding to legal and tax commitments. The enterprises and high-tier performers can remember their financial obligations with the help of payroll management in the accounting management system.
  • Manages fixed asset - This particular element allows to manage the financial data accurately. It includes features like audit history, cost records, depreciation calculation, and resource allocation.

The other common features of an accounting software management system include automation, automatic updates, customization, internet connectivity, interoperability, expandability, scalability, security, and analysis capability.

What is the average cost of accounting software?

The price of the accounting software is based on the business size, along with the needs of its operations. The pricing of the accounting software for small business is more affordable as the features that they would require mostly come in the basic plan of every accounting software. But, for large organizations, the wiser option is to invest in advanced plans that offer more powerful features.

The cost of the accounting software can start as low as $15/year (for example Patriot Accounting) and can reach as high as $18996/year approximately (for example HostBooks Accounting). Small and start-up businesses can also try free and open source accounting software.

Things to consider before buying an accounting software

Before investing in accounting software, ensure that the following aspects are taken into consideration;

  • User-friendly software – Make sure that accounting software you are supposed to buy should be user-friendly that provides a dashboard from which you can have the financial status of your company. It will help you in simplifying the bookkeeping and accounting process.
  • Secure Data - The web-based accounting software will allow you to save the financial data of the business on the external servers. With the help of the latest technology, the security experts secure your data on external servers.
  • Cost of the accounting app - If the company has a budget constraint, then it becomes essential to consider the cost of the accounting software. The user can get the top-end features with costly applications.
  • Customer Support - While selecting a software package, it will be great to have good customer support from the manufacturer of the accounting app. You need the proper support to get acquainted with the user-friendly or advanced app.
  • Multi-Currency Transitions – Even the small enterprises serve overseas clients, so the accounting app should facilitate multi-currency transactions. As per the requirement, the app should be able to handle foreign exchange rates and conversions. In your base currency, it will be great to have the details of these transactions.
  • Integrates with other business apps - for the smooth running of the business, make sure that if you are upgrading to the features of the latest accounting software application, then it integrates seamlessly with the suite of other business applications. With this practice, you can boost the efficiency of your business. The accounting app, which is flexible and easy to integrate, will surely be helpful for your organization.

The small businesses can try freeware, freemium, or free accounting software if they have low budget cost.

The primary deciding factor for small business owners is that the software should be easy to use, provides better customer service, and holds the fair cost for the services.

Other than the above-mentioned factors, here are some other key points to consider especially if your business set up is small.
 

  •   Is the targeted account management system meant for small business owners?
  •   Is the accounting app goes well with the type of your industry?
  •   Will there be any limit to the number of employees and work on the clients’ data?
  •   Is the app meets the terms of IRS regulations, Taxes, and laws?
  •   How is the backup system of the data?
  •   What will be the cost of the software and extra fee connected to it?
  •   How is the customer support service?
  •   How the company has to keep the data secure for the web-enabled software?
Advantages of cloud-based accounting software

The benefits of cloud-based accounting software are as follows:

  • World-class Security - No one can access the data and log in to the cloud account with the help of a cloud accounting system. It protects your data from natural disasters and continuously makes updates to ensure it.
  • Paperless - The risk of manual errors get minimized, and results can be seen quickly and efficiently that help your business to stay on top of the finances.
  • Real-Time Updates - It provides real-time updates of the financial situation that helps in making informed decisions regarding the financial aspect of the business.
  • Customize the accounting solution - At one place, you can access your invoices, customer engagement needs, and sales by using cloud-based accounting solutions.
  • Maintains relationships – It is effortless to maintain good relations with vendors, distributors, and co-workers with the cloud accounting system. Regularly the business owners can collaborate with the accountants smoothly.   
  • Organizes the finances - In your business, every department can easily and efficiently find data and invoices and simultaneously update expenses.
  • Tech support available - It provides tech support with the help of the phone, chats, and forums. With the help of forums, businesses can have access to the other small business owners in the country that helps in discussing the various industries related issues.
  • No installation required - You don’t have to purchase and install a program directly to your computer as it is hosted online. Even if you don’t need an IT team to update the cloud-based accounting software.
  • The software enhances accuracy - At one commonplace; you have all the financial information, which is easy-to-use. It allows you to categorize all the transactions and can have accurate reports.
  • Formulates secure collaboration - This system can be accessed from anywhere, and it is easy for the accountant to obtain any information as per the requirement. You can have controlled access for your employees.
Accounting software and business growth

The accounting software provides lots of benefits to any size and type of business. Even the smallest businesses can gain an advantage from the wide variety of small business accounting software products available in the market. In short, accounting software-

  • Reduces human errors in the calculations
  • Helps in gaining insights into the businesses like generating sales forecasts for the next quarter, can determine which items are overstocked and pinpoint the least valuable service.
Latest trends in Accounting Management

Modern businesses take up innovative accounting technology solutions to enhance the productivity and operational efficiency. The latest accounting trends that can affect financial dealings are as follows:

  • Using the power of the cloud - The cloud-based accounting solutions have made the accounting process efficient and the accounting information more accessible.
  • Accelerating Automation - The automated accounting system helps in utilizing the capital of the company efficiently. It allows the better management of resources.
  • Focus on data analysis - Advancements in data centres and database techniques is required to make appropriate financial decisions.
  • Proactive Accounting - Proactive accounting allows understanding the potential implications of any significant business initiative that includes tax impact too. It helps in running a business efficiently.
  • “Mobile” Accountants - With the advent of cloud computing, the accountant can work remotely. The team prefers to share the tools to enhance remote collaboration and work.
  • Social Media Integration - Accounting professionals make use of social media interaction to form communication with peers and colleagues that helps in providing updates related to business, accounting, and political developments. All these updates may impact the work of these professionals.
  • Changes in accounting standards - to keep up with the times, the accounting standards are continuously revised and updated. The new business model brings an important impact on the accounting process. Even the accounting professionals have to keep pace with the changes that are occurring at a faster rate.
  • Transparency with the customers - Due to the severe prevailing issues of accounting irregularities and scandals, it becomes essential for the accounting professionals to restore trust and credibility by following transparency in the accounting process.
  • Outsourcing - The companies follow the trend of outsourcing the accounting process that allows them to have access to the experienced accountants. It helps businesses to have quality services in their accounting process.
How to choose Accounting Software for your business?

First, understand your accounting needs before buying accounting software for your business. Analyze the managerial and financial needs. It is important to explore the important questions related to the future aspects of your business requirement in terms of growth. You can take your time before finalizing the deal of accounting software systems. If you are expecting tremendous growth in your business, then go for the top accounting software for your organization.

Even you should discuss with your accountant (whether in-house accountant or outside consultant) and staff before confirming any deal of accounting software. The fiscal concerned person can recommend you the best accounting software that goes well with the programs operating in your business.

Also, understand your hardware situation, age of your operating system, back-up procedures along with storage media.

Why refer to GoodFirms’ list of top accounting software?

GoodFirms is continuously growing in terms of listing categories along with the authenticated reviews. This platform believes in conducting rigorous research based on the latest business trends. If you want to have the curated list of best accounting software for your small business, then explore GoodFirms coverage.

The list of accounting software will provide you the insights of the top-notch accounting software available in the market. You can grab the opportunity to delve into the list before finalizing the best accounting software for your business.

Conclusion

Now it is you to decide the accounting software system that is best for your business requirements. Make sure you prioritize your needs, and the accounting app which you choose should go well with your expectations. You can select the accounting software that provides you basic features required to run your business accounting-related task efficiently.

Even start-ups and small businesses can explore the GoodFirms platform for a thorough understanding of the top accounting system software available in the market.

Simultaneously,  you can even talk to the experts at GoodFirms, explore the third-party reviews or vendor literature to gain more information on the accounting system software.

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