There is no doubt that hiring an accountant is the right choice for any business. An accountant makes sure that finances are in order, that a business stays compliant with laws and regulations, and that taxes are filed and paid on time.
Accountants use several accounting software solutions to simplify their processes. Hiring an accountant will make any business run smoother and allow it to grow successfully. That is why there is always a market for new accounting firms in the industry.
New businesses are opening up all the time, and established ones are looking to replace the help they already have. If you are thinking of opening up an accounting company, there are many paths to find success. However, you still need to make the right choices.
One of the most important is the accounting software you will use in your daily business. Accounting isn’t done on pads of lined paper anymore. You must have the right software in place to make your life easier, store data and documents, and keep track of important components of your business.
Benefits of Accounting Software Services for Businesses
Ideally, the best accounting software options will make your office run more efficiently. You can communicate better with colleagues and clients, you can store data securely while adhering to financial regulations, and you can be more productive.
In addition, automated software solutions should increase your accuracy and reduce mistakes, which is massively important for an accounting company. In the end, the right software solutions will save you time, and money and make your clients happier as a result.
Best Accounting Software Solutions For Companies
Here are some of the best software solutions for accounting companies that you should be looking at purchasing for your firm.
Xero is web-based accounting software that has a subscription model. It allows accountants and clients to enter data, monitor finances, and get accurate reporting data from anywhere.
Xero allows an accounting firm to create plans and custom templates for every client they have so that each is unique to the specific business. In addition, it allows for automated invoicing and accounts payables so that you don’t have to lift a finger to get paid by your clients. This product is widely used and user-friendly, making it convenient for CPA firms and their clients.
2. Financial Cents
Every accounting firm must be run efficiently to be effective and grow. This requires robust accounting practice management software to keep everything in one place and to keep the company organized.
There is no longer a need for filing cabinets worth of staffing and client data. Instead, you can have it all under one umbrella in the cloud, where it is stored securely. Plus, everyone can access what they need.
Financial Cents provides everything a CPA would need to run a successful firm. This means employee tracking, the delegation of tasks, project management, and automated client data collection. The workflow management aspect of the software allows management to track deadlines, work progress, and client requests to make sure that work is getting done efficiently.
Financial Cents also has a built-in invoicing and reminder system so that you can see when invoices are not getting paid and will send out a friendly reminder to the client. With accounting software like Financial Cents, you can easily see all of the little details that can get missed with a hodgepodge of systems, and your company will succeed because of it.
Freshbooks has long been an accounting option for small businesses and individuals, but it can be an option for CPAs and accounting firms as well. It offers all of the financial functionality you would need, as well as many of the most common management functions. This includes task delegation and communication with clients.
The real strength of Freshbooks lies with its accounting program, however. The interface is simple so that anyone on your staff or the staff of your clients can use it.
Freshbooks is easily scalable, so when a business grows, the software can grow with them. It can also grow with your company as you get bigger and more successful. When accounting software is easy to use and understand, clients that do not necessarily have a financial or accounting background can better understand their finances and make more informed and confident decisions.
4. Sage Accounting Edition
Sage is another personal and small business accounting service that has grown into a more robust software. It can handle large and small businesses, as well as be an effective tool for accounting companies.
Like some of the other accounting software services listed above, Sage Accounting Edition offers comprehensive project and client tracking. You can easily see the current cash flow situation for a given client and can delegate tasks easily.
Sage also offers some automated processes, including entering client data. It also invoices and records payments, so you don’t need to spend your time doing it yourself. It also offers automatic publication of documents, so anything you scan will be immediately available for viewing and working with clients and other staff.
If you get stuck, Sage also offers an accounting network of experts to provide guidance and walkthroughs so that you can quickly get past an issue and move on.
As an accountant, you might think that you know it all and can handle anything thrown your way. However, in this day and age, you need the help of automation, and you need to be more organized to be successful.
If you operate the same way accounting firms did even 20 years ago, then you are behind the times, and your clients will know it. So make sure you are up-to-date and ready to meet your client’s needs efficiently with the right accounting software.
Disclaimer. The views and opinions expressed here are those of the authors. They do not purport to reflect the opinions or views of IdeasPlusBusiness.com. Any content provided by our bloggers or authors is of their opinion and is not intended to malign any organization, company, individual, or anyone or anything.
For questions, inquiries and advert placements on the blog, please send an email to the Editor at ideasplusbusiness[at]gmail[dot]com. You can also follow IdeasPlusBusiness.com on Twitter here and like our page on Facebook here. This website contains affiliate links to some products and services. We may receive a commission for purchases made through these links at no extra cost to you.
I am Adeyemi Adetilewa, a media consultant, entrepreneur, husband, and father. Founder and Editor-In-Chief of Ideas Plus Business Magazine, online business resources for entrepreneurs. I help brands share unique and impactful stories through the use of public relations, advertising, and online marketing. My work has been featured on the Huffington Post, Thrive Global, Addicted2Success, Hackernoon, The Good Men Project, and other publications.