Accounting is a vital part of every business and can be quite overwhelming if not done right. From taxes to receipts and expenses, the financial list is quite endless! You may have initially started with one person keeping track of the finances, but eventually as your business grows, you may need to implement some accounting tools to make work more organized.
There are a few factors you need to consider in choosing the right accounting tools for your business, such as cost and the exact functions you need the software for. Here are a few accounting tools that can help change the face of your business’ financial tracking.
- Xero (https://www.xero.com/us/)
This is a very simple accounting tool that can be used by non-accountants too. Be it currency conversions, managing expenses, purchase orders or bookkeeping, Xero is a versatile software that easily prepares quotes and invoices as well as makes account reconciliation easier. One key feature of the Xero software is its
Xero Champions (https://www.xero.com/us/advisors/ ) which provides you with experienced bookkeepers and accountants in various fields.
Cost: GHS 45 to GHS350 per month
- Quickbooks (https://quickbooks.intuit.com/ )
This is a very popular software that simplifies accounting and bookkeeping for businesses. Apart from being user-friendly and easy to manage, it has a wide range of functions such tracking expenses and inventory, invoicing and managing bills from suppliers. Quickbooks saves you the time it takes in reconciling your records with what actually goes on in your account, once you connect your account to Quickbooks online.
Cost: GHS75 to GHS200 per month
- Oze (https://www.oze.guru/ )
This is a fremium app that allows a small business to track their income and expenditure. Apart from it being very simple to use, it comes with reminder features for unpaid invoices. It also provides you with business data on the go to keep you prepared for investors and business performance reporting.
- Wave (https://www.waveapps.com/ )
Not only are its features free (apart from its Payroll and Payments features) it also offers a lot of options such as invoicing, recurring billing, receipt generation and an easy way to calculate taxes and wages. It also gives users the opportunity to join discussions with other business owners.
- Freshbooks (https://www.freshbooks.com/ )
This tool has a full-feature mobile app which enables you to perform various functions such as take snapshots of your invoices, tracking time and bookkeeping. The software also enables you to print invoices specific to your clients. It offers virtually all the accounting functions you need for your business except payroll and transactions also need to be imported manually.
Cost: GHS 100
Each software has its own features that make them stand out, and have free trial versions that will help you decide which one works best for your business. Which one do you prefer and why? Let us know.