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Software for Accounting FIrms

In this era of software and advanced technology, every type of business needs software as per the sector they operate in. Whether you run an eCommerce business, retail, or an accounting firm, utilizing proper business software becomes very necessary. 

Software programs allow businesses to enhance their workstyle. There are a number of specific software for accounting firms that help accounting businesses to grow.

Automating accounting processes has become an important part of financial management tasks. Thus, businesses need to implement effective accounts management practices to achieve business goals.

If you are looking for the best accounting software for your business, then you can find detailed information below.

Table of Content

  • Types of Accounting Firms 
  • Why do Accounting Firms Need Accounting Software?
  • 5 Best Accounting Software in 2021
  • Conclusion

Types of Accounting Firms 

Accounting firms handle essential financial tasks and follow accounting standard rules set by General Accepted Accounting (GAAP) and the Securities and Exchange Commission (SEC). Accounting firms specialized in preparing financial statements, audit of financial statements, and financial tasks like tax management, reconciliations, etc. on business needs.

Public Accounting Firms

Only Certified Public Accountants (CPAs) run and manage these firms. The main tasks of CPAs are tax management, auditing, and management consulting. They examine financial statements, analyze financial operations, make sure taxes are paid on time. They also recommend best practices that help organizations to cut costs and increase profits.

Tax Accounting Businesses

These types of accounting firms focus on tax preparation and planning for businesses. These firms also work for individuals clients. Tax accounting firm’s laws usually differ from GAAP, and their accountants must keep up with the current tax laws. The Internal Revenue Code establishes tax laws and all individuals and businesses need to follow. 

Forensic Accounting Services

These types of firms save from fraudulent and illegal activities by making sure of accounting and legal policies. Forensic accounting investigates bribery, money laundering, incidents of fraud and analyzes financial records like asset tracking and transactions, etc. 

Bookkeeping Service Firms

These firms manage fundamental accounting tasks for small and medium enterprises. Bookkeeping service firms do not need to have legal certifications, they are usually small firms with few employees. These firms deal with accounting tasks for small businesses.

Why do Accounting Firms Need Accounting Software?

  • Improved Accounting Accuracy
  • Speed of Completion
  • Reduced overall costs
  • Provide Accurate Reports
  • Reduced frustration with tax filing

5 Best Accounting Software in 2021

  1. FreshBooks
  2. QuickBooks
  3. Xero
  4. Wave Accounting 
  5. Zoho books

FreshBooks

Freshbooks is online accounting software. Mostly the self-employed professionals find it very helpful. This software ensures that your business decisions are based on actual business data and insights. 

QuickBooks

Quickbooks is online accounting software. This software is used by small businesses and accounting professionals like bookkeepers and tax professionals. You can access this software through the mobile app or web.

Xero 

Xero is also one of the best accounting software with a clean user interface. It seamlessly integrates with other useful third-party software. It is one of the award-winning accounting software.

Wave Accounting 

Wave is accounting and invoicing software. This tool helps businesses in managing financial statements. It enables businesses to create and send professional invoices with advanced features. 

Zoho books

Zoho books are one of the powerful software to run entire businesses. It provides more than 45 integrated third-party integrations to give better multiple services. This type of accounting software helps businesses in managing and automating their business processes.

Conclusion

Accounting firms are specialized in niche services such as tax management, bookkeeping, payroll services, business valuation services, auditing, etc. A business owner should look for the best fit for his/her business-specific accounting needs.

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