By Lyle Solomon
A business cannot be successful without having finances in order and rightfully organized. Failing to do so could have a major negative impact on your business if not cause its failure.
There are countless accounting software and online tools designed to accommodate all business needs.
The best accounting tools online that can have your business’s financial tasks automated are already used and widely known by companies globally. The key is to find and use accounting software that is most tailored to all the financial tasks you need automated.
QuickBooks Online and Self-Employed
QuickBooks happens to be the most popular accounting software out there for individuals and businesses to use.
The online version of QuickBooks allows cloud-based accounting, which provides the convenience of remote access to accounting information.
QuickBooks have versatile functions and users can consider this software all-in-one. Like any other software, larger plans have more features.
Most features can be automated on QuickBooks. Saving the time of entrepreneurs by tracking sales and taxes, collecting data for reports, managing invoices, and even tracking inventory are what make QuickBooks a reliable online tool.
The self-employed version of QuickBooks is very beneficial for freelancers and other independent contractors to automate business finances.
Pricing varies but starts as low as £5.98, but can quickly increase based on add-ons and bigger plans. The more users on one account, the higher the costs.
For the most frugal entrepreneurs, Wave may be the best option for managing and automating business finances.
This accounting software offers free accounts but additional add-ons are available for purchase. Credit card transactions cost 2.9% + £.26 while ACH transfers are 1%.
Connecting to your business bank account can be done in real-time. Unlimited accountant connections are another convenient feature of the software.
Wave Financial has great automation and tracking features to be a free platform. Receipt capture to accurately track spending is available as well as dozens of financial reports.
The compatibility options Xero has made it unmatched when it comes to accounting software tools. With over 700 integrations available for Xero, this allows a wide range of users to find convenience with automating business finances.
Cost-efficient for business owners, plans with Xero start at just £7.69, and exceed with additional features such as inventory management and tracking.
Collaborating on this online tool has been made convenient for users. No additional costs are charged for adding members with access to business finances.
Many financial documents can be automated as Xero creates over 50 financial reports. This accounting software could be a great fit for growing businesses that collaborates with others on business finances.
For many businesses, in the beginning, only simple bookkeeping is needed to manage business finances.
Small to medium-sized businesses benefit well from using Freshbooks as an online accounting tool. There are 4 different versions of the online tool that are available.
This tool is a great option for businesses needing to automate their invoices. Freshbooks can track time and make it easier to manage your projects.
Because the online tool works best for simpler budgets, small to medium businesses have the most to gain from this software. Therefore, companies much larger with a more complex budget may not be as suitable for Freshbooks.
Large companies can gain value from using this accounting software. The software has enterprise resource planning (ERP) features that can improve your business.
Manage taxes and set permissions on features and access. The software can still be able to support companies that experience growth despite being already a large business.
A big benefit is that since large companies are likely to offer products and services internationally, Netsuite supports all currencies and exchange rates.
A payment management system is within the software for easier financial management. For companies to experience this platform, they must contact Oracle for custom pricing.
Part of financial management for businesses is to forecast sales, plan budgets, and prepare for what’s ahead. For those familiar with the Workday platform, they have created Adaptive Planning, a cloud-based CPM software to help with financial planning.
This online tool is best for budget planning, revenue forecasting, and streamlining business expenses. Companies such as Airbnb, Hubspot, and Goodwill have used this tool for business planning.
What makes this software a valuable tool for businesses are the ‘what-if’ scenarios that software creates for users. This can influence better decision-making when it comes to business finances.
Since the software tool is quote-based, businesses will have to contact Workday for pricing.
GoDaddy online bookkeeping
GoDaddy isn’t just useful for securing a domain name or building a website. They have bookkeeping software that helps small businesses and online merchants automate their business finances.
This cloud-based, real-time platform allows businesses to manage sales both online and offline. Mileage and time can also be tracked for more accurate business costs.
Pricing for the bookkeeping software is very reasonable starting at just £4.27 a month for their most basic plan. There are 3 tiers of plans total to chose from.
The IRS classifies business costs into different categories. GoDaddy bookkeeping automates transactions by grouping transactions for you.
The largest plan at £12.82 has more convenient features such as tax worksheets and recurring invoices.
Knowing what tools are best for your business
To choose the best online tools for automating your business finances, it just takes a simple analysis. Know what your budget is for automating your business as well as reviewing options based on your business type.
Make a list of all the financial features that are valuable to your business. This can include invoice automation, forecasting sales, payroll systems, inventory tracking, and much more.
Although all-in-one software programs are favorable, it is fine to utilize more than one software tool if your budget allows. Putting business finances on autopilot to manage itself while you focus on other tasks and save time can be a necessary step to growing your business.
About the Author
Lyle Solomon is a licensed attorney, who has been affiliated with law firms in California, Nevada, and Arizona since 1991. As the principal attorney of oak view law group, he gives advice and writes articles to help people solve their debt problems. You can connect with him on LinkedIn or tweet him at @lyle_solomon.