Posts

CLOUD ACCOUNTING TOOL: Cloud accounting is the same as traditional accounting and bookkeeping procedures done on an accounting software. The cloud accounting tool is hosted on remote servers, similar to the SaaS (Software as a Service) business model. Data is sent to the server into a ‘cloud’, where it is processed and sent back to the user. All application functions are done off-site, into the cloud, not on the desktop. The accounting functions are done online and not on the desktop software. Internet or other network is used for the process. The users access the cloud accounting tool through a cloud application service provider. The software has not been installed on a computer. It can be accessed from any place in the world, provided the cloud application service provider is present.

Smart management and organization from everywhere:

Cloud accounting tools have got multi-user access. Having access to accounting and bookkeeping data anywhere and anytime in the world. You can spend time in other activities related to business operations or spend your quality time with family. You can go online to access cloud accounting software while sitting at home and keep yourself updated with the accounting and bookkeeping functions in your business. An up to date view of the financial status of the business to make the right decisions at the right time. All team members can access required information whenever and wherever needed. A better relationship is built with the accountant. You can access accounting data online, and then give a quality time to your accountant for discussion related to business bookkeeping.

1. Relationship with vendors improved:

For small business owners, vendors are important. They play a vital role in the success of small business. Small business owner wants to have a pleasant relationship with vendors and suppliers. Relationships with the supplier is often disturbed by late payments. A Cloud-accounting tool prevents this situation. A business owner can easily search the status of the bill and can advise for quick payments.

2. ECO-Friendly system:

Go paperless in accounting and bookkeeping. This step is eco-friendly too. Paperwork takes a lot of time for the accountant and business owners. Small business owners do need time to interpret accounting information. Accounting software makes it easy to interpret accounting information. Cloud accounting tool reduces upfront business costs. You do not face regular maintenance and upgrading the system.

 

 

A Few Cloud Accounting Tools and their benefits

Here are five cloud-based accounting tools with reasonable price for small business owners.

  1. FreshBooks

You can access it from the desktop computer and mobile phones. It makes easy to track expenses, make online payments, generating customized invoices, generating reminders of late payments, purchase history with time-tracking, client records, and management of different projects with different rates.

 

  1. QuickBooks Online

 QuickBooks is used to 

  • Generate invoices with the logo of your company and with all details required by the customers.
  • Processing payrolls according to HR policies
  • Managing all business transactions, including bills from suppliers and vendors
  • Inventory management
  • Tracking expenses.

 

  1. Kashoo:
  • Creating professional invoices
  • Categorization of income and costs
  • Connectivity with online credit cards and bank accounts.
  • Online Sharing of data with accountant

3.    Outright:

Outright is an online cloud accounting tool for small business owner and is used for tracking expenses, profit, sales, and customers. Bank accounts and others like PayPal, eBay, FreshBooks and web stores can be connected to outright and data can be easily exported from one to another app.

4.    Xero:

  • A dashboard with bank balances, expenses, and invoices.
  • Tracking cash flow in real time.
  • Data can be shared and accessible to accountant and others
  • Scheduling of Payments and returns

Apple, Blackberry, and Android applications are available. Many add-ons like CRM, invoicing, inventory management packages are also available on demand.

Conclusion:

Cloud Accounting tools make bookkeeping and accounting operations easy and less time-consuming. A Cloud accounting tool provides small business owners a great feasibility in accounting and bookkeeping at reasonable costs.

Check out America's Best Bookkeepers
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing services to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks file, critical financial documents and back office tools in an efficient and secure environment. Complete Controller’s team of US based accounting professionals are certified QuickBooks™️ ProAdvisor’s providing bookkeeping, record storage, performance reporting and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay services. With flat rate service plans, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.

Computer desktop on office table showing charts and graph against office background,Computer Analysis Business, Statistics Concept.
Accounting and managing finances is probably the last thing a small business owner wants to think about.  If not done correctly, it can be time consuming and daunting.  The good news is that there are accounting tools on the market that now allow small business owners to manage their finances with ease and concentrate on different aspects of their business. Accounting software helps you manage cash flow, generates invoices, have an audit-ready business, and make preparation for tax time. These tools make handling your small business customers and expenses a breeze. Following are the top-rated accounting tools for small business which have proven helpful in managing your finances and bookkeeping functions in small businesses.

1. PDFConverter

PDFConverter will convert Microsoft Office, Open Office, Lotus and other documents to a PDF. The interface is intuitive and it only takes a few steps to convert a file. Not only can you turn your documents into a PDF, PDFConverter Elite can turn PDF documents into editable MS Office or Open Office file formats.  It is a reliable, inexpensive, and hassle-free way to manage the documents in your business.  Click here to see a detailed course specifically for accountants on how to manage your PDF Files.  


2. QuickBooks Online

QuickBooks is the bookkeeping and small business accounting tool used to handle accounting operations. QuickBooks is developed and marketed by Intuit. QuickBooks is used to:

  • Generate invoices with the logo of your company and with all details required by customers
  • Processing payrolls according to HR policies
  • Managing all business transactions, including bills from suppliers and vendors
  • Inventory management
  • Tracking expenses

QuickBooks can be accessed anytime, anywhere. QuickBooks is widely used by small business owners to simplify accounting operations and manage bookkeeping quickly. It is an affordable and easy to use software that can be easily learned and used by small business owners with no financial background. 


3. Freshbooks

Freshbooks is a well-known software used by small business owners, freelancers, and entrepreneurial agencies to handle accounting and bookkeeping processes. It is a user-friendly tool and is preferable for a service provider.

Following are the features of Freshbooks:

  • Generating invoices
  • Managing expenses
  • Accepting payments from customers
  • Generating automatic reminders for payments
  • Managing clients of each project with pricing
  • Stellar customer services


4. Xero

Xero is a great software with a wide range of features for small businesses. It is a good choice for online product sales. Xero has the following features:

  • Bookkeeping
  • Paperless management of expenses
  • Payment in 160 or more currencies with ability to convert and update exchange rates automatically
  • Generating invoices and quotations
  • Tracking and managing inventory
  • Generating purchase orders
  • Automatic reconciliation of accounts
  • A dashboard with bank balances, expenses, and invoices
  • Customized reports required by the small business
  • Tracking cash flow in real time
  • Graphical presentation of data
  • Data can be shared and accessible to accountant and others
  • Generating customized reports and reminders to customers
  • Scheduling of payments and returns

5. Zoho Books

Zoho Books is a good choice for both product sellers and service providers because of having CRM and time-tracking features. Bookkeeping is also available in Zoho Books.  They offer a free 14-day trial. Zoho offers a Client Portal where you can share recent transactions, expedite estimate approvals, accept bulk payments, and capture customer feedback.


6. Xporter Data Export Tool

Xporter isn’t specifically an accounting tool. It is used to export stored data to Excel file. Any kind of required reports can be generated and automatically emailed to desired contacts.  With Xporter, a user can export customers, orders, transactions, refunds, checkouts, countries, articles, blogs, draft orders, products and more from your shop.  They offer a 7-day free trial.


7. SimplyCost

SimplyCost is a simple and economical Shopify app used to create profit reports. It tells you the actual profit you are gaining from the sale of a product. It also keeps track of worth of inventory. SimplyCost saves you time by calculating profit of your sales. It takes into consideration discounts, refunds, shipping and taxes. You can add other cost in addition to your product cost to track your profit accurately. SimplyCost is $4.99/month with a 14-day free trial.  


8. Profiteer

Profiteer is another Shopify app. This is an app to track the cost of goods sold and variants. It is able to export a CSV report of the total value of inventory and profits as it does not integrate with accounting software directly. Currency fluctuations are also catered by this app and an accurate report of profit is generated for a specific period.  The price can range from $15-$30/month.


9. GoDaddy

GoDaddy makes bookkeeping simple. Everything is organized and in one place, without hours of data entry or tracking down receipts. Mobile access and time tracking are present. But, the payroll option is missing. It estimates quarterly taxes. Live support is also present in this small business accounting tool for it’s users.  There are several plan options available starting at $3.99/month and up.


10. Kashoo

Kashoo is an easy to use and manage software. Mobile access and time tracking are present. The payroll option is present in this small business accounting tool for small business owners.  This software company offers new users a free 14-day trial. With Kashoo, a user can send invoices, get paid in minutes, track expenses, and see their cash flow.  It is $29.95/month
for their Monthly Plan or $16.65/month for their Annual Plan.


11. OneUp

OneUp offers seamless invoicing, stress-free accounting, up-to-date inventory tracking, and simplified CRM reports. This software syncs with your bank, retrieves your transactions, and automates 95% of your accounting. Mobile access and inventory tracking are present. Live support is also available in this small business accounting tool.


12. AccountEdge

AccountEdge is for both online and desktop use. Mobile access, time tracking, and payroll options are present. It does not estimate quarterly taxes. Live support is available for it’s users. Command centers help you run and report on all aspects of your business: sales and invoicing, purchases, payroll, inventory, time billing, and more.  AccountEdge offers a 30-day free trial for new users.


13. Sage 50c Premium Accounting

Sage 50c is a well-rounded small business accounting tool. Mobile access, time tracking, and payroll options are present. It does not estimate quarterly taxes. Live support is available.  Office365 is now integrated with this software, providing access to essential apps and accurate financials any time and anywhere.  This software advertises itself as reliable, accessible, and flexible.  There are several plan options available.  

Connector Apps

Connector apps are used to connect and integrate accounting software. By integration apps, data can be transferred automatically from one application to another and to other partners. This is a time saving and easy to use application used to export all kinds of data related to tax matters, customers, and expenses on a single click.

These connector applications are for:

Conclusion

When getting ready to purchase accounting software, do your homework. Invest wisely in the purchase of a small business accounting tool according to the nature and volume of your business. The more specific requirements for a business also require an efficient and effective accounting software to manage finances and bookkeeping.

Check out America's Best Bookkeepers
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual accounting, providing services to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks file and critical financial documents in an efficient and secure environment. Complete Controller’s team of  US based accounting professionals are certified QuickBooksTMProAdvisor’s providing bookkeeping and controller services including training, full or partial-service bookkeeping, cash-flow management, budgeting and forecasting, vendor and receivables management, process and controls advisement, and customized reporting. Offering flat rate pricing, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.

Businessman using a digital tablet to discuss information with senior leadership in a meeting. Business partners discussing plans. Mature boss and young business man working together in office.
Have you just entered the entrepreneurship world? If you’re scared of accounting operations (which who isn’t?!), dig right in and learn the most important aspects below. Remember, it’s the accounting operations that continue to cause the revolution of information, which turns the economy of the world up and down. As an entrepreneur, your aim is to have a higher return figure than the figure of the investment/capital used. The reasons that an entrepreneur needs to learn about accounting and finance is explained in the following three points:

1.  Making future predictions for the business

2.  Making effective time, cash, and energy commitments for customer attraction and delivery of efficient goods and services

3.  Measuring and reassessing the progress for a more profitable behavior, reporting positive progress for investors, and changing direction with critical evaluations.


Entrepreneurs that aspire to make a big mark in their field need to grasp the latest tools needed for their accounting operations and finances.  These vital accounting tools allow you to have:

  • A clear demonstration of the results of the company’s activity to time
  • Confidence in the future for bankruptcy prevention
  • Timely submissions of reports to municipal authorities
  • Monitoring all available possessions: material, labor and financial
  • Proper planning for company’s activity

Easy 8 steps to Accounting Basics for Entrepreneurs

1. BEST ACCOUNTING METHOD FOR SMALL BUSINESS

The first thing you need to figure out is your business accounting method for efficient bookkeeping.

There are two methods: cash and accrual. The primary difference lies in the recognition of economic events by a company.

In the accrual accounting method, it matters when money is earned and you record transactions regardless of the fact that your customer hasn’t paid yet. The business must use this method in the case when:

  1. There are sales of more than $5 million a year
  2. There are gross receipts of an inventory of items of $1 million a year
  3. The business is a publicly held corporation

In the cash method, you record transactions as they occur, when the cash changes hands. It is the best and the simplest method for starting with a small business.

2. KNOW WHAT KIND OF RECORDS TO KEEP

You should be well aware of the type of records that you need to keep.

Legal documentation. Trade licenses, permits, sale tax licenses, DBA certificate, or any other documents which are legally significant for company activity. These documents should be stored somewhere safe and be kept accurate and up to date. The location of both online and offline documentation should be known.

Supporting financial documentation:  Source documents are of great worth for a company because all bookkeeping operations are based on them. Supporting financial documents include contracts with counterparts, receipts, payrolls, cash registers cash, and several other documents associated with the business area.

3. PROPER RECORD KEEPING

Transactions, sales, and profits should be maintained properly. Records of outgoing and incoming payment, funds movement, paychecks of employees, liabilities, taxes, overhead expenses, and operating costs should be maintained. Documentation of cash that comes in in the shape of costs for the digit of material, products, and services you sell and when should all be properly kept.

4.   DOCUMENTS MANAGEMENT

All documentation of an entrepreneur should be well organized to reduce mistakes. Bookkeeping should be updated and arranged.  Common rule of thumb is that you can never document “too much”.

5. SEPARATE BUSINESS ACCOUNT

Personal and business accounts must be separate to have a better awareness of business expenses and taxes.  When the two are mixed, it is very hard to discern between what are personal income/expenses and what are business income/expenses.

6. BALANCE SHEET

To determine the financial health of a business, a balance sheet is a must. It provides information of assets, liabilities, and equity.

 

7. SELECT ACCOUNTING SOFTWARE

Every entrepreneur should have accounting operations software to manage more effectively and efficiently. Software for small business are available online and are truly catered to each and every business out there.

8. ACQUIRE PROFESSIONAL ACCOUNTING ADVICE

Take support from a professional accountant and bookkeeper for the best bookkeeping practices. They will guide your business to control transactions and recommend changes for better growth. They are also responsible for setting company establishment. For building a better understanding of transactions, a well-oiled bookkeeping system is a must.

CONCLUSION

It is vital for entrepreneurs to have, at least, a basic understanding of the accounting and financial practices of their business.  Whether your bookkeeping is outsourced or done in-house, it is crucial that effective financial management is practiced to ensure the success of your business.

Check out America's Best Bookkeepers
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual accounting, providing services to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks file and critical financial documents in an efficient and secure environment. Complete Controller’s team of  US based accounting professionals are certified QuickBooksTMProAdvisor’s providing bookkeeping and controller services including training, full or partial-service bookkeeping, cash-flow management, budgeting and forecasting, vendor and receivables management, process and controls advisement, and customized reporting. Offering flat rate pricing, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.

 

Shot of a financial businesswoman using touchpad while presenting her idea to her coworkers while on business meeting.
Partnering with outsourced services for the acquisition of the highest quality planning and strategy for a fraction of the cost is pivotal to success. Businesses–small or big–no longer prefer to hire in-house teams to manage certain tasks that can be outsourced to third-party service providers. The reason is obvious, they desire to seek specialized expertise from the gems of the industry. Moreover, start-ups and small businesses usually have scarce resources; time, labor, and money which restricts them to hire in-house accounting and bookkeeping professionals. It’s safe to say that time and cost-effectiveness are the major driving forces behind the motivation to hire business accounting and bookkeeping consultancy services for start-ups in today’s time.

The Evolving Needs of Start-ups and Small Businesses

From small business to a large company, every business establishment needs someone to promptly and effectively manage their financial accounts, pay bills, send out invoices, reconcile bank statements, and manage debtors. Maintaining separate finance departments to tackle financial matters is not only a hassle but also a huge expense. That is why most businesses outsource their financial matters. Looking at the bigger picture, most start-ups lack the wisdom to tackle difficult bookkeeping and accounting-related issues which means they cannot manage to look after their books and finances on their own. For them, hiring the professional expertise of an accountant and bookkeeper is more of a need than a desire.

Business Accounting Consultancy Services for Start-ups

Many success stories are the direct result of hard work, toiling, and commitment along with sincerity that guarantees a secure future.  An experienced and qualified accountant or bookkeeper can serve the right needs of a business with creative wisdom like no other, all the while making better financial decisions.  Beating your competitors with numbers is quite a different story which means you need to employ the right accounting tools and strategies to get ahead of others. Business accounting and bookkeeping consultancy services are the need of the hour as they provide you with valuable insights to help you improve your business’s financial health.

Whether you are starting a new business venture or acquiring an established business, the need for professional accountants and bookkeepers never dies. Many start-ups or established businesses used to feel reluctant to hire professional accounting or bookkeeping services with fear of the integrity of vital data that is highly prioritized by the business would be compromised, for example. Other concerns would be qualification or experience dilemmas that a client is not satisfied with.

What Business Accounting Consultancy Services Do On Your Behalf?

Most start-ups lack ideal cash management skills which is the biggest reason why they fail to make their mark and manage their business operations successfully. This kicks them out of the competitive race which creates room and gives a chance to others to capitalize on the vacant space. Therefore, businesses try to fill this vacuum and acquire the services of professional accounting consultants to help them understand various financial aspects for better decision making.

Accounting and bookkeeping professionals can help you in many of the following ways.

  • Financial forecasting and planning
  • Analyze financial statements on your behalf and recommend ways to overcome cash flow issues
  • Determine the profitability of your business
  • Monitor influx and outflow of cash and help you achieve the right strategic fit
  • Expand your business with critical financial insights and knowledge
  • Save a lot of time and money and help you focus on the core of the business
  • Tax reductions, debt repayments, and more

Putting the Right Business Accounting Consultancy Services and Practices in Place

Accounting and bookkeeping professionals certainly have better understanding and knowledge than most of us. They know the tricks of the trade and are masters of the game as they can solely change the entire fate of a company with better financial decision-making. When you task them with authority, they are expected to live up to expectations and carry out their duties in the best possible way to the best of their abilities.

Thus, if you are expecting to grow your business in a competitive business environment, you must have the best possible business accounting and bookkeeping consultancy services and practices in place to equip and enable your business for success.

Check out America's Best Bookkeepers
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual accounting, providing services to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks file and critical financial documents in an efficient and secure environment. Complete Controller’s team of  US based accounting professionals are certified QuickBooksTMProAdvisor’s providing bookkeeping and controller services including training, full or partial-service bookkeeping, cash-flow management, budgeting and forecasting, vendor and receivables management, process and controls advisement, and customized reporting. Offering flat rate pricing, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.

 

Businesspeople Working On Laptop In Boardroom Together
Relying completely on accounting tools and your own understanding of the subject can turn out to be one of the most costly mistakes that you can make in your business. Working with an accountant who is licensed and qualified can save your business from many unwanted situations and can help to reduce your tax bill significantly.

When you decide that you need the services of a professional accountant or bookkeeper, you must have a clear picture in your head about what to ask them and when. It is important because you want to ensure what’s best for the business and asking the right questions is the first step in this process. Here are some key questions that you should ask an accountant before hiring them for their services.

Working with an Accountant – Key Questions

What will be the Mode of Communication and How Often do we need to Be in Touch?

This might seem like an obvious question, however, effective communication is the key to building a healthy relationship with your accountant. Decide early on about your need to meet face to face or via calls or emails. The frequency of your meetings should also be decided in case the accountant is working for you part-time. Even if have hired a full-time accountant, you will need to schedule a weekly meeting to understand how your business has been performing.

How can Working with an Accountant Save you from Excessive Tax Liabilities?

Preparing your documents to file tax returns is a tedious process which usually requires the services of a professional accountant. You must always ask accountants about their plan to save you from excessive tax burdens as well as filing an unblemished record of your financials. An accountant can help you to decide on your tax credits or deductions, which can be claimed, and any new laws that can help your business in any way.

What are some Key areas that need to be Consulted about on a Regular Basis?

A professional accountant is able to understand the dynamics of your business early and should be able to keep you informed about the critical factors that can affect your business. Your accountant should have detailed knowledge in areas such as corporate taxing, financial modeling, HR planning and GAAP. While working with an accountant, it is vital that they are able to help you make certain decisions, like hiring a full or part-time contractor and renting or buying a certain property.

The key is collaboration and if your accountant is able to work with you and can convey information without any confusion, you might taste success sooner than you think.

How to Nurture my Business?

For development, it is necessary to build a financial model from scratch, exactly to the requirements of your business. The model should be realistic and must account for strengths as well as weaknesses. You don’t want your business to be performing well on paper, while failing in reality. Explain the current scenario and your future ambitions for the business to your accountant and ask for a financial plan, which should help achieve those objectives.

What is the Plan to Manage the Cash Flow?

The job of an accountant is to manage your current cash flows and forecast the future ones. A plan needs to be devised so that when the times are tough, there is always some room to maneuver and you are not stuck. All of your receivables and payables go through the system that is devised by an accountant and nothing should go overlooked or missing.

What is the Value of my Business?

DCF (Discounted cash flow analysis) is a method which is used by accountants for the valuation of a business. Apart from your tangible assets, an accountant must be able to correctly estimate the fair market value of your business. Based on the overall value, you can further identify the aspects of your business that offer the maximum value. An accountant may require some time to accurately value your business, so don’t expect an immediate answer. Working with an accountant to assess your valuable aspects of the business can really be advantageous in the overall scheme of operations.

Are Accountants of any Help in Reviewing and Negotiating Business Contracts?

This question is more related to legal matters and should be asked by your attorney, however, some of the financial matters in a contract must go through an accountant as well. The attorney and accountant, with your collaboration, must be able to correctly determine the legal and financial boundaries of a contract. Critically scrutinize each contract for any possible clauses or points that could hurt your business in the future.

What are some Special Considerations while Working with an Accountant?

Every business has its unique needs which require a certain approach. Similarly, the accountant also has to feel at ease while working with you in order to give 100%. Be honest with your accountant and don’t hide anything because things will be disclosed at the time of auditing. Also, if you want your accountant to really help the business develop, take care of their concerns and talk to them if they have any issues.

Conclusion

The key to your business success depends on you collaboratively working with an accountant in your business. Asking the right questions at the start will ensure that you hire someone who is aligned with your goals and is able to handle all of the financial matters concerning the business.

Check out America's Best Bookkeepers

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual accounting, providing services to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks file and critical financial documents in an efficient and secure environment. Complete Controller’s team of  US based accounting professionals are certified QuickBooksTMProAdvisor’s providing bookkeeping and controller services including training, full or partial-service bookkeeping, cash-flow management, budgeting and forecasting, vendor and receivables management, process and controls advisement, and customized reporting. Offering flat rate pricing, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.

Shot of an financial advisor professional woman sitting in front of laptop and discussing with young financial assistant about business plan.
QuickBooks is a software for accountants and for using in businesses to increase accounting efficiency. Accounting efficiency will lead to accurate and up to date financial statements. With software, bookkeeping is done with less time and energy. Accounting efficiency is greatly enhanced by using specific accounting software.

Benefits of Accounting Software

The introduction of accounting software was a blessing for traders. The amount of time saved, which was previously used in manual bookkeeping and accounting tasks, is very valuable. These software come with high prices but the benefits are worth their price. Any business owner/entrepreneur who wants to grow their business must rely on purchasing valuable accounting software.

Accounting software reduces time in bookkeping and promotes proficiency in a business accounting. With the passage of time, the softwares have become very advanced and secure. Giant firms require complicated features in their accounting software, while small and medium size businesses require less features in their accounting software.

Accounting software has special features to ensure up to date financial statements from all entities and ensure they are accurate.

One such software is QuickBooks. QuickBooks is designed for small to medium size firms and businesses.

Features of QuickBooks Accounting Software

There are so many important features in QuickBooks accounting software.

  1. An easy to use software.
  2. Customization in the software according to the work to be done.
  3. This software can share data with other applications like Microsoft.
  4. There is a feature of online payments in QuickBooks Software.
  5. QuickBooks allows its user to easily track the cash in and cash out data.
  6. Invoices can easily be made using this software. Detail of invoice activity can be checked.
  7. QuickBooks analysis and Report options make it easier to view important accounting statements and financial reports.

Limits of QuickBooks

Like any other software, QuickBooks was designed to enhance accounting efficiency in a business, not to replace the accountants. Any accounting software cannot completely replace an accountant whatever features it might use. The same is the case with QuickBooks accounting software. The QuickBooks promotional statement, ‘Do it Yourself’, does not mean that accounting can be done without the knowledge and experience of an accountant.

QuickBooks is just a tool to manage bookkeeping and accounting easily. It is a tool to be used in a business to eradicate errors in financial statements. It comes with features to ensure error free,multi-tasking accounting in a timely manner. Accounting software is used to keep the business ready for audits. But, these tools have to be used by real humans with knowledge and experience in accounting and bookkeeping.

Limits

As accountants work as consultants in developing accounting software, the accountants use these accounting software tools to save their time in computations.

QuickBooks can compute a tax amount, but the final judgement is in the hands of an accountant. An accountant can inform tax credits and tax deductions that can be availed.

Instead of using QuickBooks yourself, hire an accountant to do the job. Take your time as a business owner/entrepreneur to do more important tasks required for the growth of your business.

There are more sales, but profit isn’t increasing? Let the accountants do their job to take an objective look and point out where costs can be amended to surge profit margins. Investors need detailed, transparent, and accurate financial reports. QuickBooks can be used as a tool by the accountants to create such reports. An accountant can pad out the financial portion of a business plan to get funding from investors or loans from banks. 

Selling a part of your business needs an accountant’s consultation for the tax payments. Accountants will prepare and guide owners/entrepreneurs during the stressful time of audit.

Conclusion

QuickBooks is an essential and a brilliant software for small and medium size firms. It covers all of the features that are essential for running an accounting software, but a software cannot replace an experienced professional. Even small and medium size businesses need an accountant hired to operate QuickBooks accounting software. QuickBooks is merely a tool to manage bookkeeping and accounting statements in a timely and error free manner. The real decisions are made by real people.

Check out America's Best Bookkeepers
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual accounting, providing services to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks file and critical financial documents in an efficient and secure environment. Complete Controller’s team of  US based accounting professionals are certified QuickBooksTMProAdvisor’s providing bookkeeping and controller services including training, full or partial-service bookkeeping, cash-flow management, budgeting and forecasting, vendor and receivables management, process and controls advisement, and customized reporting. Offering flat rate pricing, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.

 

 

 

 

Businessman working using laptop computer with strategy and growth of business on screen
An outsourced accounting firm is one of your most vital vendors. They are responsible for reducing your tax bill, performing all tasks related to bookkeeping, and warning you of potential financial hazards. Properly managed finance allows you to reinvest in your company’s growth, which is probably the goal of every business. As your business grows, you may likely need a new accounting firm that will be able to cope with your scale of operations.

The job of an accounting firm is more than just filing tax returns or looking after your books. It is supposed to be your strategic partner, helping you in tough situations and guiding you towards new and better opportunities. Being such an integral part of your business, it can be hard to recognize the need for consulting a new firm as your business grows. However, there are a few signs that can help you decide when it may be time to hire a new accounting firm.

You are not taken seriously

When you cannot get on the phone with your accounting firm, it is time to realize that the firm is too large to handle your unique needs. You never want to be the smallest client of any firm, as you will not get their full attention because of their profitable dealings with larger clients. Only a few firms maintain the same standard for every client, which are quite rare. When such a situation arises, chances are that something could go wrong with their work because it’s very easy to miss one critical detail in tax documents. This can lead to a quite stressful situation and calls for the need of a new accounting firm.

Lack of interest

If a situation arises and you have to explain your business operations to the firm every time you are in a meeting, it is time to get rid of them. It means that either you are a small client or your business is too complex for them to handle. Also, if they had not checked in with you for quite a while and you have to be the one to reach out every single time, you are probably better off without them. The right firm for you will stay in contact throughout the year and help you make important decisions regarding the future of your business.

When you continually find mistakes

Because of the fact that you are spending your useful resources to hire a firm’s accounting services, it is their duty to ensure everything is in place. However, that is not always the case and you may start finding mistakes in the delivered work. Don’t expect everything to be perfect just because you have hired a firm to look after your accounting issues. Instead, do regular checks and, even without an accounting degree, you will be able to spot some basic errors as you gain experience. When mistakes continually happen, this is the time to look for an alternative option and find a new accounting firm that can handle the tasks for you.

Lack of ideas to ease the tax burden

The key to haling taxation issues is being proactive and taking control of matters before they go out of control. Breaking down your business into subdivisions can help you identify the areas that can be focused upon to save you from a heavy tax burden. This is just a basic approach and every firm may have its own tactic. However, if you do not feel that your current accounting firm is really interested in that matter, you must break ties with them quickly. You have to give yourself enough time to find a new accounting firm and for them to understand your business operations. After they are aware of the numbers and other critical matters, they can proactively guide you towards lesser tax burdens.

Only the most basic deductions are presented

Your business is entitled to many deductions and your accounting firm should be able to identify all of them, not just basic ones like healthcare and child deductions. Your priority should be to improve the cash flow of your business to ensure that you cater for deductions such as a depreciation expense of new corporate assets. Filing to cater to them will unjustifiably place them of your records, which is bad for business. If your current accounting firm fails to cater to serious deduction matters, it’s definitely the time to look for a new accounting firm.

You are their largest client

It is neither advantageous to be the smallest nor the largest client of an accounting firm. Once your business grows to a certain level and you become the largest client of an accounting firm, it probably means you must go up the ladder. This implies that your operations now require professional services and a more qualified accounting firm, which will be able to handle things more effectively. An experienced firm is better equipped to handle clients such as you.

Check out America's Best Bookkeepers


About Complete Controller® – America’s Bookkeeping Experts
 Complete Controller is the Nation’s Leader in virtual accounting, providing services to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks file and critical financial documents in an efficient and secure environment. Complete Controller’s team of  US based accounting professionals are certified QuickBooksTMProAdvisor’s providing bookkeeping and controller services including training, full or partial-service bookkeeping, cash-flow management, budgeting and forecasting, vendor and receivables management, process and controls advisement, and customized reporting. Offering flat rate pricing, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.

 

 

 

 

 

 

 

 

 

Unrecognizable male corporate user contacting customer service representatives via touch onscreen. Business and technology concept for IT help desk, after sales service, tech support and call center.
Accounting is key to managing finances but, for small business owners, accounting is a cumbersome and time-consuming process. The easy way to manage business finances is to utilize the tools available in the market. Accounting software helps you to manage cash flow, generate invoices, have an audit-ready business, and make preparations for the future. These tools make handling your small business easier and simple. Expensive software is not recommended for a small business because a small business has to manage simple accounting operations and general ledgers. Cloud-based accounting software is simple and has packages specially designed for small business. These are accessible online and simplify accounting tasks such as bookkeeping, purchase history, and inventory management. Updating of new versions and backup data storage services are provided by the application vendor.

Here are five cloud-based accounting software with reasonable prices.

1. Fresh Books

Fresh Books is an online accessible accounting application. Fresh Books is a well-known software used by small business owners, freelancers, and entrepreneurial agencies to handle accounting processes. It is a user-friendly tool and is preferable for a service provider.

You can access it from a desktop computer and mobile phones. It has many features used to simplify accounting processes. It makes it easy to track expenses, make online payments, generate customized invoices, generate reminders of late payments, purchase history with time-tracking, client records, and management of different projects with different rates. Many useful reports are also generated by this application, i.e. Profit and Loss reports, taxes, and accounting reports.

It is easy to use the app and can be used by owners with no financial background. The Fresh Books Help boxes guide the user to the next step while performing any task. And the user doesn’t find it difficult to use. 

A 30 days free subscription of Fresh Books is available for new users. After that, it costs $19.95 a month.

2. QuickBooks Online Simple Start

QuickBooks is a simple accounting software, accessible from smart phones and is especially useful for small businesses.  It is used to generate customized invoices, track expenses and sales, and download bank transactions.  The data saved on QuickBooks can be exported to other apps like excel for generating required accounting reports. Payroll can also be processed by using QuickBooks. Its 30 days free trial is available for beginners.

3. Kashoo

Kashoo is a cloud-based accounting app for small business, accessible from the Web browser and iPad. It has a simple dashboard for pending transactions. It has the following features:

  • Creates professional invoices
  • Categorizes income and costs
  • Connects with online credit cards and bank accounts
  • Online Sharing of data with accountant
  • Reconciliation of accounts due to double entry accounting process

20 transactions per month are free.

4. Outright

Outright is an online cloud accounting system for small businesses used for tracking expenses, profit, sales and customers. Bank accounts and other sites like PayPal, eBay, Fresh Books and web stores can be connected to Outright and data can be easily exported from one app to another. The data can be organized into categories approved by the IRS, so workload and stress due to tax are decreased. This app is also accessible from an iPhone and mobile devices. There is a free version of Outright, with limited features available.

5. Xero

Xero online accounting app is used to manage bookkeeping for small business. It has the following features:

  • A dashboard with bank balances, expenses, and invoices
  • Customized reports required by small businesses
  • Tracking cash flow in real time
  • Graphical presentation of data
  • Data can be shared and accessible to accountant and others
  • Generating customized reports and reminders to customers
  • Scheduling of payments and returns

Apple, Blackberry, and Android applications are available. Many add-ons like CRM, invoicing, and inventory management packages are also available on demand.

Conclusion

The above mentioned Fresh Books, QuickBooks, Kashoo, Xero, and Outright are the examples of online cloud-based software which are affordable, simple, and easy to use. These software and applications make bookkeeping and accounting operations easy and less time-consuming.

Check out America's Best Bookkeepers
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual accounting, providing services to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks file and critical financial documents in an efficient and secure environment. Complete Controller’s team of  US based accounting professionals are certified QuickBooksTMProAdvisor’s providing bookkeeping and controller services including training, full or partial-service bookkeeping, cash-flow management, budgeting and forecasting, vendor and receivables management, process and controls advisement, and customized reporting. Offering flat rate pricing, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.

Hand holding Smartphone: Report - Flat Design
Bookkeeping can be a time-consuming chore for business proprietors, but a compulsory one in order to track, manage, and optimize your company’s growth over time. Sooner or later, you’ll need to capitalize on a small business accounting software and system to regulate your cash flow and formulate for tax time. From bookkeeping to invoicing to tracking expenses, there are a lot of different things to consider when choosing the right software for your requirements. It’s an important choice since it can completely simplify your small business finances.  Listed below are a few options that we recommend using when selecting your accounting software for your business.


1.  QuickBooks Online

Intuit QuickBooks Online is considered the customary program when it comes to small business accounting and bookkeeping software. It proposes many of the features and bookkeeping functionality that most types of companies need. QuickBooks makes it easy to select and pay for the features you need for your specific purposes.  They include:

o   Billing

o   Payroll

o   Handling bills from retailers and suppliers

o   Expenditure tracking

o   Inventory tracking

2.  FreshBooks

FreshBooks is a popular billing solution with built-in outlay management and time-tracking features, as well as the facility to accept payments from clients. Logically, this makes it great for freelancers, agencies, and other service-based productions with the ability to automate late payment reminders to customers, manage your different clients and developments with pricing that’s based on the number of active customers you have at a time. FreshBooks is recognized for being user-friendly and providing stellar customer support when you need it and is an easy choice if you sell services rather than products.

3.  Xero

Xero offers an extensive breadth of accounting tools that comprise everything from bookkeeping to paperless expenditure management and the capability to get paid in over 160 currencies with programmed conversions and exchange rates updated hourly. Xero lets you send proof of purchase and quotes, as well as mechanically reconcile your accounts, as you’d expect from a decent accounting program. But the attainability of inventory tracking and the ability to make procurement orders to your dealer on affordable plans makes it a good option if you are selling products online or offline. 

4.  Zoho Books

Zoho Books is part of the Zoho collection of corporate software that also includes a CRM, help desk and, in this case, accounting applications. If you are currently using or plan to use other Zoho tools, particularly their CRM, it might make sense to use their business finance software, too.  You get most of the features you’d come to expect from a bookkeeping software, plus time-tracking and other features that are perfect for selling amenities and not just products.

Accounting Apps For Your Shopify Store

If you are a Shopify dealer, you might be manually copying over sales and customer data from your store to bookkeeping software or a spreadsheet. But, there are apps that can systematize the flow of data, give you access to essential inventory, financial and purchaser data, and also can free up time that you can then devote to growing your industry.

1.  Connector Apps

Getting your numerous software solutions to “speak” to one another can save you a lot of time and help you systematize the transfer of data. That’s where “connectors” or integration apps come in. Connector apps let you faultlessly export product, payment, tax, and customer data with a single click.

2.  SimplyCost

SimplyCost is a simple and reasonably priced Shopify app that lets you produce profit-based reports founded on the cost of properties sold. 

3.  Profiteer

Profiteer is another Shopify app that can help trail COGS of your products and variants. It doesn’t assimilate with accounting software directly. It can transfer a CSV report that shows the total cost of your inventory or even profits within a certain time frame.

Conclusion

Factors ranging from the size of your business, your industry, your employees, whether you sell products or services or both, among others, are important to consider when choosing an accounting system that works for your business and your budget.

Check out America's Best Bookkeepers
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual accounting, providing services to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks file and critical financial documents in an efficient and secure environment. Complete Controller’s team of  US based accounting professionals are certified QuickBooksTMProAdvisor’s providing bookkeeping and controller services including training, full or partial-service bookkeeping, cash-flow management, budgeting and forecasting, vendor and receivables management, process and controls advisement, and customized reporting. Offering flat rate pricing, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.

 

 

 

 

 

 

 

 

 

Young finance market analyst working at office at white table.Businessman analyze document and the calculator in hands.Graphs and diagram
In the past few years, new technologies have developed which have transformed almost every aspect of a business. The accounting industry was thought to be stagnant for many years, however, with the emergence of new technologies it certainly looks ready for disruption. There are a few drivers that must be seen in an industry before it dives into disruption.

What drives Disruption in an Industry?

Complacency

Complacency is one of the biggest signs that disruption is on its way, as businesses become mundane and instead of focusing on the future, boasts about their past accomplishments. This is an ideal opportunity for new players to come into the market and make an impact.

Frustration and Lack of Automation

Customers today are highly demanding and want better offerings. If existing practices in the accounting industry are not able to cater to their needs, they will look for some other option. Manual tasks usually take longer and frustrate the customers who want quick results. Automated solutions are in high demand in such an environment, which ultimately leads to disruption.

Innovation

Many new start-ups entering the market force the big players to either change their approach to innovation or acquire the emerging of new companies. Such a scenario can drive disruption in any industry.

When two or more of the above-mentioned drivers are present in an industry, it is set for disruption. Looking at the financial sector, we see that they are in play, one way or the other.

5 Trends Driving Disruption in the Accounting Industry

Customers want better connectivity

All service-based industries are opting for processes that are customer-centered and offer better value to them. With the advent of new tools and cloud technology, accountants are able to connect with their clients in newer ways, which builds healthy relations between both parties. All the business plans and future scenarios are discussed in real-time because of high-speed connectivity and problems can be solved as soon as they arise.

We can see this trend all around us as both service providers and clients have access to real-time information. It is all about information and whoever has access to the most relevant and rapid information has a competitive advantage.

Big Data

The advancements in business intelligence, big data, and machine analytics have far-reaching consequences in every aspect of the business. Big data allows businesses and decision makers to access an extraordinary amount of information and analytical tools to decide for their future.

Today, accounting professionals are using these tools to enter data, record keeping and analyze the future prospects for their business. Big data is a massive amount of consumer data and financial trends, which enables the strategists to view things from a broader perspective, allowing them to predict the future needs of their clients. The demand for business analytics professionals is on the rise because they are specialists in organizing big data and finding utilitarian patterns out of it.

Customization and specialization

It can be observed everywhere, as businesses are acquiring a taste for customization. This has been one of the driving factors to disruption in every industry, as clients only want to see or use the products that are fit for their specific needs. Social media users can choose to view content that they desire while smartphone users have access to the apps they want.

In accounting, this has resulted in an increased demand for specialized products instead of bundled packages. Businesses only want to pay for the specific services they require and cut costs on unnecessary services. If a company wants to outsource only its bookkeeping, the service providers need to oblige. Consequently, the accounting industry is seeing a shift in product offerings and price structuring of accounting software and other services to fit the need of their clients.

Mobile solutions

Smartphone usage has risen rapidly in the last decade and almost every business owner now owns one. This is one of the biggest challenges for accounting service providers as they must evaluate the kind of devices their clients use and then develop seamless apps for those devices. Many small business operators want to perform most of their accounting functions, like managing accounts, recording expense and tracking financial information on the move.

The accounting industry is coping with this challenge by equipping these clients with apps and portals specifically built for this purpose. The security features are becoming more advanced and user-friendliness of these apps is being worked upon continuously. Other value-added features like useful tips and advice are also helping service providers to attract new clients who want to keep track of their business on the go and stay on top.

Automation

We are witnessing the disappearance of manual data entries. Things like electronic documents, automatic imports and software solutions are becoming more of a norm. Businesses are better able to utilize their resources because of automation, as it saves them valuable time and cut HR costs. Real-time reporting is possible through automation and accuracy is improved significantly. Automation is going to be a key driving factor in the disruption of the accounting industry in times to come.

Check out America's Best Bookkeepers
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual accounting, providing services to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks file and critical financial documents in an efficient and secure environment. Complete Controller’s team of  US based accounting professionals are certified QuickBooksTMProAdvisor’s providing bookkeeping and controller services including training, full or partial-service bookkeeping, cash-flow management, budgeting and forecasting, vendor and receivables management, process and controls advisement, and customized reporting. Offering flat rate pricing, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.