19 Oct
Bookkeeping and accounting practices are crucial to navigating businesses. If you are not accurately aware of where your business money comes from and where it is spent, there is a real risk of losing control of your business. The probability of potential business growth only increases if you manage your business income and expenses effectively. So you need to know about accounts management properly.
Thus, the key to the success of your business lies within accounts management. Incoming and outgoing cash management will help you make better decisions. And moving forward, the accuracy of your accounts will help you avoid financial blunders. The time you spend analyzing and managing business accounts will make your business more profitable and efficient.
This guide will teach you the importance of bookkeeping and accounting practices. You will also learn about the best accounting management software to help you manage your business accounts effectively.
Why Effective Accounts Management is Important?
Well, without accounts management, you could not leave money openly on your counter table. Without it, you could be helpless to possible competitors’ threats and put most of your valuable clients/customers at risk of defection. Thus, managing accounts effectively is so important and is a critical step. This helps optimize business performance and secure your business revenue growth.
Here are the key reasons for maintaining and managing accounts.
- Keep financial records
- Avoid legal problems
- Make a budget
- Analyzing Performance
- Develop strategies
- Better information
- Better control
- Grow business
- Improve cash flows
- Tax planning
- Business growth
- Credibility and trust
- Decision making
Why use Software for Accounts Management?
Accounts management tools help you accurately record your business cash flows. Accounting software enables you to analyze your financial situation. With software, you can record transactions, generate reports, manage customer and vendor contacts, create purchase orders, track stock levels, generate invoices, and monitor accounts balances.
Rather than inputting manual data and transactions, you can use easily implement software automation. For example, effective accounts management software records your payments in cash or by cheque and creates and sends invoices. It can also notify you about past dues. Thus, there are several benefits of using accounts management software.
- Maintain Control of your finance
- Track your expenses
- Reconcile bank statement
- Reporting and analysis of your transactions
- Manage inventory
- Easy collaboration with your accountant
- Around-the-clock access
Here we discuss the best accounting software for accounts management:
Top 7 Accounts Management Software in 2022
Manual accounting is a thing of the past now. Instead, software automation in accounting is gradually becoming the industry standard. The right accounting software makes it possible to do accounts management efficiently and systematically. Beyond the core accounting functionalities, automated software also provides several advanced functionalities, such as automatic invoice generation, to speed up your business revenue collection.
Quickbooks
Quickbooks online is one of the popular accounting software applications. This allows you to manage your business accounts and expenses, send invoices, track inventory, and even run payrolls. This software offers a free trial of 30 days. The following are the core features of Quickbooks online.
- Access anytime, on any device
- Easily track your cash flow
- Build better business insights
- Create and send unlimited invoices
- Works on PC, Mac, and Mobile devices
Xero
Xero is one of the award-winning accounting software. This software is designed for small and medium businesses. It is available on the internet and offers free access to all its features for 30 days. The following are the features that the software provides to its users.
Features:
- Pay bills
- Claim expenses
- Bank connections
- Accept payments
- Track projects
- Bank reconciliation
- Contacts and smart lists
- Capture data
- Pay runs
- Files
- Reporting
- Inventory
- Send invoices
- Multi-currency accounting
- Purchase order
- Quotes
- Sales tax
- Analytics Plus
Freshbook
Freshbooks is a cloud base accounting software. This software supports different types of businesses, such as freelancers, self-employed professionals, businesses with employees, and businesses with contractors. The accounting features are designed for business owners and accountants.
- Easy invoicing
- Organize expenses effortlessly
- Insightful time tracking
- Seamlessly collaborate on projects
- Get paid faster
- Easy-to-understand reports
- Easy to use double-entry accounting
- Mobile app
Sage
Sage uses over three million customers, and this software manages their accounts, people, operations, payments, and banking. Saga business cloud accounting software gives solutions to small and medium businesses. The following are the features of the software.
- Create invoices
- Work from anywhere
- Bookkeeping
- Calculate VAT returns
- Make ACB payments
- Time tracking
- Multi-currency
- Leave management
- Provide UIF declaration
- Email payslips
- Get predefined legislative and payroll report
Zoho Books
ZohoBooks is a unique and powerful suite of software to run entire businesses. It provides 45+ integrated applications. Using Zoho, one can manage, connect and automate their business. As a result, you can transform the way you work with a long-term vision.
- Complete CRM platform
- Home-to-office tool kit
- Unified finance platform for business
- Digital transformation and automation
- Unified HR platform
- IT management and Marketing plus.
Wave
Wave Accounting is an accounting and invoicing software. It helps businesses to manage income and expenses. This software enables you to easily create and send professional invoices with advanced features like recurring billing, automatic payments, etc.
- Free software
- Recurring billing
- Invoice templates
- QuickBooks alternative
Odoo
Odoo Accounting software helps you create and send professional invoices and receive payments online. It is integrated with a suite of business modules and other accounting software. Thus, it is a flexible option for medium and large companies. The following are the core features of the software.
- Expenses management
- Inventory management
- Point of sale management
- Sales management
- Accounting
- Project management
- eCommerce
Conclusion
Bookkeeping and accounting practices are essential to a business that requires rigor and discipline. In addition, effective accounts management helps maintain accurate data while implementing much-needed automation to achieve business growth objectives. Therefore, it is imperative that you continually prioritize, customize, and analyze the most accurate financial data that helps you make the right decisions.
Marjina Muskaan has over 5+ years of experience writing about finance, accounting, and enterprise topics. She was previously a senior writer at Invyce.com, where she created engaging and informative content that made complex financial concepts easy to understand.
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