Introduction to Accounting Software

Accounting Software have become an integral part of modern business. One cannot expect a smooth business operation without one. Such software is fundamental for any business , regardless of the size and the nature of the business.

Account software is crucial in facilitating various financial tasks and streamlining operations of the businesses and corporations. In the digital world, accounting softwares has revolutionized the way businesses handle their financial resources and operations. Such software is capable of performing the simplest task of book-keeping to complex activities like projection and suggestions. The prime objectives of accounting software are to facilitate the financial operations and assist businesses to take improved decisions. 

With such diverse utility, accounting software contributes to productivity, accuracy, and overall management. This article will suggest to you some of the leading accounting software available with their features and shortcomings. 

Sage Business Cloud Accounting

Sage is among the oldest companies that are working to simplify the accounting process from small and medium-sized businesses. Sage Business Cloud Accounting is one of their most innovative products for small business which is capable of managing inventory, invoicing, cash flows, VAT, payments and all other necessary accounting functions. Above all, Sage provides all the services with cloud access. 

Some Key Features Highlighted

• Debtors Manager
• Advance Stock Management
• Comprehensive Reporting
• VAT Assistance
• Monitoring and Forecasting
• Mobile App Compatibility

Pros and Cons

QuickBooks

QuickBooks is another leading account software by Intuit, a leading global financial technology platform. Quickbooks provides various accounting and financial management solutions for businesses of all sizes and industries. Quickbooks is a smart, simple, and affordable software for tracking expenses, customizing invoices, reporting information and many more.

Some Key Features Highlighted

• Easy link up with banking account
• Linkage with premium apps
• Effective Invoicing
• Effective recording
• GST and VAT tracking
• Project Tracking

Pros and Cons

PROS	CONS
Easy Interface	Limited User Option and File Size
Integration with other system and third party applications	Lack of business or industry specific features
Thorough record-keeping and comprehensive reporting.	Lack of direct professional support
Prompt Customer Support	Software Instability and Crashes
Pool of plugins	Expensive plans
Ease of sharing with accountants

Xero Online

Xero is a New Zealand based technology company focused on cloud-based accounting solutions. Xero Online makes accounting easier for small businesses, accountants and bookkeepers across the world. Apart from effectively assisting in accountancy and management, Xero has a Xero accounting app for remote access. The clients or users can have services compatible for small business as well as big corporate accounting needs. 

Some Key Features Highlighted

• Keeps the tracks of the projects
• Flawless and easy bank reconciliation
• Accurate Accounting reporting 
• Multi currency  support
• Complete Accounting Dashboard
• Multiple Apps Integration
• Xero Accounting App

Pros and Cons

PROS	CONS
User Friendly Interface	May require training for familiarization
Real time reconciliation	Basic requisition, purchase and inventory management
Scalability	Limited feature for basic users
Unlimited User	Limited customizability options
Third Party Integration	Unreliable and irregular customer service
Comprehensive Invoicing and Reporting

FreshBooks

FreshBooks is another leading accounting software which can be accessed through desktop and mobile devices. It is a good software with accounting and invoicing capabilities for freelancers, small businesses and solopreneurs. It provides a comprehensive overview of business accounts which makes work easier. FreshBooks has a user -friendly interface.

Some Key Features Highlighted

• Effective Visual Analytics
• Best software for Freelancers and Solopreneurs
• Real Time Features
• Budget and Cost Management
• Impactful Tracking Module

Pros and Cons

PROS	CONS
Robust and effective tracking function.	Not suitable for big corporations and companies.
Affordable charge for basic functions	Basic customization options.
Integration of various business tools.	Reporting, goal setting can be improved
FreshBooks is flexible for small businesses, solopreneurs and freelancers.	Recurring bugs in different functions.
Automated expense and receipt scanning	Bo budgeting or forecasting tools.
Remote access through mobile app