Starting a business is never an easy thing, especially from the point of view of administration and accounting. However, there are online accounting solutions with which you can turn the usually boring accounting process into a hassle-free, automated task, so you can focus on making your business grow. Accounting solutions offer you clever invoicing, instant expense management and auto-created finance reports that aid you in analyzing and optimizing your business. Furthermore, they blend in well with other, third-party apps that you may already be using, so that you will find yourself doing your books with relative ease. Accounting software is fully scalable, so it can grow with your business and your accounting needs. And last but not least, they are relatively cheap; hence you not only save time, but money as well.
Online accounting solutions are designed to be simple and straightforward – in other words, you don’t need to be an expert to know how to deal with your software. Furthermore, if you still need help, the service providers are at your aid with tutorials, FAQs, knowledge bases and an always-ready customer support.
Some accounting solutions even have built-in guides, so you can learn the basics with the example in front of you. This way you can see that accounting can be a fun and interesting task, rather than a complex chore. Invoicing is usually the easiest and most advanced feature of these programs, especially if you have estimating as well (as estimates can be turned into invoices). Most solutions also feature a time tracker, project and expense management, an inventory, a dashboard displaying your bank feed and much more, whether you access everything from your computer or a mobile device. But the most important thing is that reports are created automatically, ergo your accountant just needs to confirm it and the hardest part of tax reporting is done.
Unless you are intentionally keeping your business small, chances are that your clientele will grow, not to mention you might end up employing one or more people as well. Online accounting solutions are prepared for this with multiple plans tailored to different business sizes: there are cheaper ones intended for micro business owners like you, and more complete ones for full-fledged SMBs and enterprises. Quite often all pricing plans contain the same features, including access for your accountant to verify your books, but sometimes you have to upgrade to get those extra options you want.
Speaking of missing features, do not write online accounting off just because it misses an important feature. Instead, try out one of the biggest strengths of these solutions: third-party app integration. Integrated apps can complement even the simplest cloud-based accounting software, turning it into a full powerhouse. Furthermore, they can replace the accounting solution’s own features with a more advanced one or, and this is of utmost importance, can partially or fully automate tasks you would normally do with a pinch of salt.
Although most online accounting programs, like Xero, FreshBooks and QuickBooks Online, are intended for SMBs, they can also be used by micro businesses without remorse. So without further ado, let us present you these three stellar options for very small businesses.
It is quite unbelievable that U.S.-based online accounting company Intuit Inc. has already been on the market since 1983. But the success of its main product, QuickBooks shows that they aren’t just simply lucky. The software exists as downloadable software for desktops, and a cloud-based accounting solution dubbed QuickBooks Online, which the company quite aggressively promotes. This latter version, of which we will be talking about, is ideal for everybody from simple sole-proprietors to bigger companies. Regardless of the chosen subscription, you can create invoices, expenses, and estimates with a few clicks, quickly manage sales receipts, create and print checks, payrolls, have multiple tax rates, real-time banking and reports. You can integrate the software with over 300 third-party solutions, and be entitled to full customer support. You also have the option to try out the software completely free of charge for 30 days. Skipping this trial period you get a discount from the monthly subscription fee for six months or a whole year. But if you don’t like the software, you still have a 60-day money back guarantee.
FreshBooks was founded in 2003 in Canada as an invoicing, billing and time tracking software, but over the past years it became a full-fledged online accounting solution ideal for sole proprietors and smaller businesses. With this neat cloud-based software, which underwent a thorough overhaul in 2016, you can easily and quickly create and customize invoices (whether using the desktop account or the Android/iPhone apps), record expenses, plan and realize projects, and track your time. You can integrate a decent amount of third party applications and services, and check reports FreshBooks automatically creates for you. You also have the option to enable fast online payments, set up recurring invoices, and even customize your account. Regardless of your chosen plan, almost all features remain available during and after the 30-day trial period. Furthermore, you also get unlimited customer support with your subscription, which can be as low as $15 per month. So if you need an accounting solution that includes all major functions and you work with a small number of clients and employees/contractors, then FreshBooks is your choice.
Xero is a progressive and innovative online accounting solution that enables you to manage your accounts more effectively and make your accounting hassle-free. Some of its features include invoicing and quotes, bank reconciliation, inventory, mobile capability, third-party apps, purchase orders and payroll. The mobile version of the software, Xero Touch, makes it possible to access all your accounting data instantly from wherever you may be. Xero integrates and works well with many other third-party applications (such as advanced solutions for CRM, point-of-sale, e-commerce and more). You have a choice of three pricing plans – Starter, Standard and Premium – all of which have slightly different features and a reduced price for the first six months. Xero also provides a 30-day free trial. Customers enjoy efficient and reliable support from Xero online teams. Xero’s US headquarters is in San Francisco, but this publicly listed company’s products are used in over 180 countries. The company has garnered impressive experience in the area of cloud computing and accounting and has continued to innovate and create new products for the market.
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