Most small businesses fail for the lack of a good accounting software system that could give them a clear picture of their finances and alert them that their business is in a financially crunching situation and could run out of cash. When it comes to choosing accounting software for small businesses, look for one that meets your specific business needs and meets the following criteria:
- Calculates all payroll requirements
- Handles foreign currency and multiple bank accounts
- Tracks stock, orders, work in progress, and task management requirements
- Tracks separate financial records for each department
- Enables electronic payments
- Keeps detailed customer records, such as what, when, and how they buy
When it comes to buying an accounting solution for your business, you may want to consider the best deployment and integration method for your company.
We have shortlisted some of the most efficient small business accounting software solutions that help you successfully control records without requiring any technical or accounting degree. You may want to look for systems that enable you to perform advanced tasks, such as data syncing and integrated financial reports with bank accounts and point of sale systems.
Intacct
The easy-to-use accounting software for small businesses is designed to support applications for core accounting and project accounting. With this software, it is easier for startups and small businesses to efficiently manage revenue and multiple currencies.
Intacct comes with financial reporting capabilities that can be customized to your business, giving you a clear picture of accounts and charts so you can easily view your finances. The cloud-based solution gives easy access to your financial processes, and you can view different parts of the business from different angles and make critical decisions!
Cons: Response from the Intacct support team is slow. It may take 24 hours for the team to respond to queries.
Epicor Financial Management
The cloud-based solution is designed to automate financial processes. Epicor comes with a comprehensive suite of tools that enable you to maintain timely monitoring of finances. You can manage your general ledger, allocations and consolidations, and cash transactions easily with Epicor.
The flexible, intuitive, and user-friendly application features multiple capabilities for easy decision-making, helping avoid lapses and keep control of finances. You do not need a separate solution to keep a tab on Accounts Receivable, Bank Reconciliation, Accounts Payable, Payroll, Tax Management, and Credit & Collections Management.
Cons: If speed is crucial for running all of your business processes, then this is not the best solution for you.
SAP Financial Management
The cloud-based accounting software for small businesses, SAP Financial Management is equipped with multiple financial planning & analysis features that enable you to efficiently track end-to-end financial transactions.
The mobile compatible application provides rich embedded data analytics to oversee financial operations and monitor real-time financial information. Treasury management feature integrates with General Ledger, complying with financial reporting standards. It comes with standard reporting tools and lives insights so you can make smart decisions.
Cons: SAP financial management requires time and effort for setup and maintenance.
Accufund Accounts Receivable
It is easy to create customized invoices with Accufund which allows you to seamlessly import or export accounting and financing data in different formats. Automated generation of receipts is possible with this easy-to-use application. It is possible to adjust different rates for different people with the customer management module.
Cons: There is no expense tracking module with this feature-rich accounting solution.
Infors
You can make and implement flexible financial strategies with the Infors solution. Available both in the form of on-premises and in the cloud solution, Infors comes with a range of multi-user capabilities and cutting-edge financial management features to enhance overall visibility into the finances and accounts of your business.
Some of the key features of the multi-user accounting software for small businesses include billing & invoices, general ledger, cash management, and accounts payable and receivable.
Business intelligence tools are designed to help you monitor performance and support budgeting & forecasting, facilitating financial planning. Focusing on core accounting and expense management, the accounting software complies with government regulations for financial operations.
Cons: The accounting solution does not come with procurement, or inventory management modules.
Time to Invest in Top Accounting Solution is Now
Looking for the best accounting solution for small businesses? The list of accounting and finance management systems is long and could leave you overwhelmed for choice. But worry not! The experts at ITQlick have decades of experience to offer you the best accounting management advice.
If you have questions about any of the aforementioned accounting software tools, come to us for solutions. With a motto to help to grow, expand, and succeed, we can offer the right advice, so you get your hands on the most efficient and cost-effective software solution for small businesses.