One of the most common struggles small business owners have is with bookkeeping. Not only are most business owners not familiar with bookkeeping and accounting, but trying to find the time to sit down and do it when there are other fires to put out is impossible.
However, proper financial record keeping is essential to your business’s success, allowing you to know your cash flow, profitability, and make tax time much simpler and easier.
Using the right bookkeeping software for small businesses can save you time and increase your accuracy, but which option is the best? Our small business accountants in Raleigh are breaking down how to choose software as well as some popular options for every stage of your success.
If you’re using an Excel sheet or Google Sheet to track your accounting data, you’re having to add in all your data manually – every bit of outgoing and incoming money needs to be recorded, and all your financial statements will need to be generated by hand. No wonder you don’t have time for bookkeeping! Using a spreadsheet is not only time-consuming, it can also lead to confusion and chaos when there are several people working on the data. One mistake can cause everything to be off which can be a disaster for a small business on a tight budget.
Cloud-based bookkeeping and accounting software allows you and approved parties to access information easily and offers real-time changes and updates, and because it connects to your business financial accounts, much of the information auto-populates for you. Transferring and communicating information becomes simple and seamless while having a better grasp on your business’s financial health.
There are dozens of accounting software platforms to choose from, all offering an array of features and ranging in price from free to several hundreds of dollars a month. The size of your business will most likely play a role into the features you’ll need, and as you’re probably on a budget, you don’t want to pay for too many extras. Here are a few factors to help you know what to look for:
Make a list of “must-haves” for your accounting software along with some “nice to have” features so as you’re researching your options, you’ll be able to narrow them down more easily.
To help you start your search, we’re sharing a few of the best bookkeeping software programs for both small start-ups and sole proprietorships as well as more established, growing businesses.
Instead of struggling with bookkeeping and accounting software, you may find it’s more time and cost-effective to outsource these tasks to a dedicated small business accountant. Not only can they provide you with more accurate information, they can also help you increase your profits by generating financial statements, including a profit and loss sheet and finding deductions on your taxes.
Outsourcing your bookkeeping and accounting also saves you time, allowing you to focus on growing your business and improving operations while feeling confident that your books are accurate and up-to-date.
Our experienced team of accountants focuses on serving small businesses, helping you grow and finding opportunities to improve your success. Schedule an appointment today for your small business accounting at 919-420-0092 or fill out our online contact form to learn more.