As an owner of a creative agency, you know that the creative process is very time consuming. So it is obvious you want to spend as much time on actual work as possible. Too bad you still have to deal with those pesky accounting responsibilities. Sometimes you wish for a creative solution that handles everything related to accounting while being easily comprehendible as well, right?
Your wish already came true: let us introduce you to your newest friend, online accounting software. Cloud-based, accessible anytime from anywhere, fast, cheap and super intelligent; these are the key features of online accounting software. They are also capable of handling multiple projects, track how much time you have spent on a task, manage the payroll of your co-workers, record expenses, and serve multiple clients at the same time.
By default, (decent) accounting solutions come with a lot of useful features, such as:
Handle the data of hundreds of clients at the same time by entering said data either manually or by integrating with Microsoft Outlook, Gmail and other tools. Once your clients are in the software, they can be later assigned to complete projects, quotes and invoices on a non-recurring or a recurring basis.
Speaking of invoices, they can be customized to your own needs or those of your customers with just a few clicks. Most software are capable of turning estimates or quotes into full-fledged invoices, attach further expenses thereto, send them on a single or recurring basis with or without reminders and even allow credit cards and PayPal as a fast payment option.
Need to invoice an expense to your clients? You only need a scanner or the camera of your mobile device, and after thorough processing by the software, you can simply attach said expense to an existing project, invoice.
Plan, create and manage several projects at the same time either starting from scratch or after importing existing projects from third-party tools. Furthermore, some accounting solutions allow you to track the time you have worked on your projects, thus you can invoice billable and unbillable times to your customers.
You can have your co-workers record their own work time no matter where they are working from. This (usually paid add-on) feature also allows you to pay your employees by bank remittance or check, and it also automatically prepares and prints your 1099s based on your payroll data.
Accounting software is capable of establishing a constant feed between your bank and your account, thus you will continuously get updates on who owes you and who do you owe with just one glance at the computer/mobile screen.
Just by implementing online accounting software in your organization you are already boosting the creative process by efficiently handling many things you don’t want to spend time with. However, accounting solutions are not always perfect out of the box: you may need to buy into extra features or integrate the software with other solutions. Most of the time the accounting company itself encourages you to take this step by offering and supporting an API.
For instance, you can merge your accounting solution with Expensify, a leading expense tracking and processing tool. You will be able to accept payments in a faster manner by using PayPal, which could also act as a bank account thus all your money transactions thereat can be displayed in your accounting dashboard. Gusto is an ideal substitute if your accounting software (and your business) needs the payroll feature, while clever solutions like Fundbox are capable of getting an advance on outstanding invoices. And let’s not forget about time tracking apps like Harvest, which are also capable of working as an automated reporting and invoicing solution.
Although we always encourage business owners to trust their instincts, allow us to recommend you two solutions: QuickBooks Online and its “arch nemesis”, Xero.
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.
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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