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The vendor you expected to show up yesterday still hasn’t arrived, and it’s noontime. Meanwhile, there’s a line of customers waiting for their orders to go out, your main worker called in sick, and yeah, the cat just pounced on your laptop and deleted a major client from your database.
<img loading="lazy" decoding="async" class="size-full wp-image-45914 aligncenter" src="https://tower.top10accountingsoftware.com/wp-content/uploads/2024/01/Professional-Tax-Accountant-Using-E-Invoice-Finance-Software.jpg" alt="Professional-Tax-Accountant-Using-E-Invoice-Finance-Software" width="600" height="400" srcset="https://tower.top10accountingsoftware.com/wp-content/uploads/2024/01/Professional-Tax-Accountant-Using-E-Invoice-Finance-Software.jpg 600w, https://tower.top10accountingsoftware.com/wp-content/uploads/2024/01/Professional-Tax-Accountant-Using-E-Invoice-Finance-Software-768x512.jpg 768w" sizes="(max-width: 600px) 100vw, 600px" />
It’s one of those days again, and if you’re a small business owner, chances are, it’s like this nearly every day. As an ambitious entrepreneur, there are simply not enough hours in a single day to do everything you need to get done. But there’s one task that simply takes the cake. The ultimate time-sucker, the job you and everyone around you dreads, the bane of your existence. That’s right; we’re talking about accounting. From simple bookkeeping (inputting all those numbers, transactions, and plus and minus signs) to more complex tax compliance, end of the year filing, and, gulp, reconciliations, accounting is just about the worst job for any small business owner on the planet.
Even worse than that, accounting is complicated. Even if you are good at numbers (were your eyelids even open in high school math class?!), all the intricacies, the rules, the regulations, the transactions are enough to make anyone’s head spin. And even worse than THAT, accounting has some heavy ramifications. A misentered digit, a misplaced period, and you could be looking at some serious fines, if not more detrimental results of poor tax compliance.
So, why do small businesses need accounting software? The more accurate question is, how can you expect to survive in the business world without it?! Good accounting software ensures that all of your books are handled reliably, all taxes are dealt with properly, and to the letter of the ever-changing legal law, and that all accounts are in sync to eliminate any discrepancies. Here are a few all-important tasks that your typical accounting software will handle for you, so you don’t have to lose the little sleep you are getting over the nitty-gritty details:
<ul>
<li>Accurate data entry</li>
</ul>
One of the biggest, scariest, and most costly areas where businesses frequently make mistakes is in the realm of taxes and bookkeeping. All it takes is a single zero to be in the wrong place, just one period to be mismarked, and you could end up with catastrophic results. Fortunately, with a digitized process, accounting software does away with all of that headache. Double-entry technology ensures that all data is entered accurately. And then all calculations are made to perfection.
That’s definitely the most crucial element of accounting software for small businesses, especially considering the fact that SMBs can’t afford to pay hefty fines or wrangle in court for months. Other important accounting tasks and advantages include:
<ul>
<li>Data export</li>
<li>Data security</li>
<li>It keeps you up to date on your company’s financial health at a glance</li>
<li>It makes collaboration easier</li>
<li>Insights and analytics</li>
</ul>
And with most small business accounting software coming in cloud-based versions these days, there’s every reason to enlist the aid of this easy access tool. You can review reports, update entries, check on critical information, and do just about anything accounting-related directly on your mobile device and from anywhere in the world.
<h3>What Features to Look For in an Accounting Software for Your Small Business</h3>
Accounting software comes in all shapes and sizes, and features can range from incredibly simple to incredibly complex. The real question is, which tools are necessary and important for your business success? After all, there’s no reason to pay for tinted windows if you live in England, right? Here are a few of the essential accounting software features that no SMB should live without:
<ul>
<li>Tax compliance</li>
<li>Reports and analytics</li>
<li>Scalability</li>
<li>Good customer support</li>
</ul>
If you’re able to splurge for more extensive features, good things to look for include:
<ul>
<li>Inventory management</li>
<li>Sales tracking</li>
<li>Customer management system</li>
<li>Budgeting</li>
<li>Estimates, billing, and invoicing</li>
</ul>

Professional-Tax-Accountant-Using-E-Invoice-Finance-Software

Choosing the Best Small Business Accounting Software

How much you should pay for accounting software is certainly a question with a variety of answers. Obviously, the larger your organization, the more features you’re interested in, and the less manual labor or time needed, the more you’re going to pay. On the other hand, if you are willing to give up on certain features or don’t need various services, you can reduce the overall costs.
One thing is for certain, though; accounting software is a must in the 21st century. So, regardless of which price range fits your budget, be sure to secure your business standing with a solid app.
<img loading="lazy" decoding="async" class="size-full wp-image-45918 aligncenter" src="https://tower.top10accountingsoftware.com/wp-content/uploads/2024/01/Two-men-discussing-company-growth-looking-at-rising-graph-on-laptop-screen.jpg" alt="Two-men-discussing-company-growth,-looking-at-rising-graph-on-laptop-screen" width="600" height="400" srcset="https://tower.top10accountingsoftware.com/wp-content/uploads/2024/01/Two-men-discussing-company-growth-looking-at-rising-graph-on-laptop-screen.jpg 600w, https://tower.top10accountingsoftware.com/wp-content/uploads/2024/01/Two-men-discussing-company-growth-looking-at-rising-graph-on-laptop-screen-768x512.jpg 768w" sizes="(max-width: 600px) 100vw, 600px" />
<h3>Accounting Software Price Ranges</h3>
It’s tough to pin an exact amount on an accounting software, partially because there are so many different brands, plans, and service options. Additionally, companies like to offer customized pricing for a more tailored fit with their services. That makes it even harder to give you an accurate guesstimate. You can get accounting software for as little as $5 a month with companies like KPMG Spark. Meanwhile, other players in the field might charge as much as $500 and upwards for their services. So the range is pretty wide.
For SMBs, you can definitely settle for a smaller scale version of accounting software. Your books aren’t going to require the extensive knowledge and detail that a larger company’s will. So, why waste your money on a lot of fancy features that you’ll never end up using? Which brings us to another important question. Which accounting software is right for which types of business? Let’s talk about that for a minute.
The Right Size Fit: SMBs Vs Big Dogs
The accounting software that&#8217;s right for a major corporation won’t be an appropriate match for a small business owner. If you have 5 employees and churn out a modest $5,000 a month, you certainly don’t need the extensive capabilities (nor the price tag that comes along with them) that a multi-million dollar corporation does. Ideally, you want to look at your operations to determine which accounting software is right for you.
For SMBs, the most important thing to look for is:
<ul>
<li>User-friendly dashboard and actions</li>
<li>Mobile app or cloud-based software</li>
<li>If you’re in Ecommerce, only payment acceptance</li>
<li>Partial tax compliance services</li>
<li>Payroll, if you want to alleviate this headache</li>
<li>And, of course, an affordable price tag</li>
</ul>
Also read up on the various options. Many accounting software options will specifically gear their offerings towards smaller businesses. That’s an easy way to narrow down your options. You can also find industry-specific services that will better cater to your business (Ecommerce, restaurants, retail, warehouse, etc.)
For larger corporations, you’ll want to focus on:
<ul>
<li>Integrations</li>
<li>Number of clients or team members</li>
<li>Onboarding and training</li>
<li>Dedicated accounting point person or team</li>
<li>Unlimited feature counts</li>
<li>Complete tax preparations and payroll services</li>
<li>Inventory, customer, and vendors management</li>
</ul>
And it’s always a good idea to get your accountant’s opinion if you have one.
<h3>Accounting Software: What You’ll Get for Your Money</h3>
So what is accounting software good for anyway? Well, here are some of the labor-intensive tasks a good app will take off your shoulders:
<ul>
<li>Expense tracking</li>
<li>Invoice creation and management</li>
<li>Inventory management</li>
<li>Vendors management</li>
<li>Customer management</li>
<li>Reporting and insights</li>
<li>Send estimates</li>
<li>Track sales</li>
<li>Calculate sales tax</li>
<li>Manage 1099 contractors</li>
<li>Generate W-2 and EOY</li>
<li>Manage and pay bills</li>
<li>Track time</li>
<li>Track project profitability</li>
<li>Full bookkeeping and accounting services</li>
</ul>
And that’s not the whole list. Bottom line, accounting software is extremely useful for any size business. So the question really is, can you afford not to have this necessary business management solution in your tool kit?
<h3>Free Account Software Options</h3>
There are also some free accounting software options out there, including xTuple PostBooks, ZipBooks, Wave, and Brightbook. But we can’t in good conscience recommend any of them. It’s as it is with most things: you get what you pay for. So, you can opt for a freemium version, but you won’t get the same level of professionalism, accuracy, or security, or nearly the same depth of features as you will with a paid-for plan. And since plans start at just $5 a month, there’s no reason not to splurge.

Two-men-discussing-company-growth,-looking-at-rising-graph-on-laptop-screen