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Accounting and Finance are one of the key operations of any organization as they determine the ultimate profitability of the company. It is only through these activities that a company can recognize its primary expenses, and key revenue earners, identify areas where cost reduction can be applied, and seek for ways to improve its cash flow. This is why while any type or size of organization may be able to operate without the support of other software solutions, an accounting and finance system is an essential cornerstone of any business.
We at ITQlick are well aware that a choice of accounting and finance software is one of the key decisions a company has to make, especially in the case of startups. By definition, a startup starts its revenue streams from scratch, while it cost structure will already be heavy due to the investments required to begin operating. Therefore, in our review of accounting and finance solution that best fir startups we have considered key factors such as reasonable cost, relevant functionality, software investment and technology, and how well the software can adapt to business growth. We have reviewed numerous accounting and finance solutions and some of our best recommendations include the following.
1. Cougar Business Accounting
Couger Business Accounting provides all the typical accounting functions required by a startup company. These include bank reconciliation, accounts receivables and payables, customer orders and point of sale, invoicing and payments, fixed assets and inventory management, and financial reporting. It is offered primarily as an on-premise solution in three editions with features based on business requirements so startup companies can choose the package that best fits their budget, while allowing to scale up to more features as the business evolves. Cougar Business Accounting is best suited for startups that are looking for key financial functions at a reasonable cost.
2. Ajera Complete
Ajera Complete is a specialized software focused on small architectural and engineering firms, including startups. The software has been designed to meet the specific requirements of these industry sectors as well as provide an integrated project management module. Its features include dashboards, core accounting features such as accounts receivables and payables, general ledger, billing and payroll, as well as project costing. Ajera Complete is also available as a cloud based solution and is mobile device access ready.
3. GMS Accounting
GMS Accounting is another specialized finance and accounting package focused on startups and small businesses in the nonprofit and public sector that work with contracts and grants. This solution is available as a free trial version and its features include budgeting, general ledger, payroll, cash management, accounts payable and receivables, and cost allocation. GMS Accounting is available as an on-premise solution, and it also can be hosted at the client’s site. This software is ideal for small and startup nonprofit organizations that require financial management control with minimal investment and cost allocation.
4. Blue Skies Accounting
This is a very basic accounting package suited for startup companies that includes general ledger, cost accounting, payroll and check reconciliation. Additional add-on features include accounts payables and receivables, budgeting and integration support. Blue Skies Accounting is an on-premise solution primarily designed to be utilized in the agriculture sector, although it can meet the needs of most small startup organizations. Its strong points are its low cost and minimal support requirements, allowing a startup to handle basic financial management while working on its core business. On the other hand, Blue Skies Accounting scalability is quite limited and growing organizations may need to look at other alternatives at a later stage. To summarize, this is a cost-effective solution for starting companies looking for a basic accounting tool.
Quickbooks is an accounting software suited for startups and small companies. Its features include basic accounting, invoicing, billing, payments, payroll, and a point of sale. It is offered as a cloud based solution with a subscription model, as well as an on premise solution with three editions focused on varying financial requirements. A free trial veraion is also available. It is mobile device access ready and offers ready integration with a number of financial apps in the market. An important point for startups is that its online version is also available in three editions which offer these companies an economical route to financial management with minimal software investment, as well as a path to enhanced features with business growth.