Types of Accounting Software for Small Businesses

If you run a small business, you must be well aware of all the complications of managing your company’s finances. Book-keeping and managing your business accounts can get exhausting, and you may also make unintentional mistakes in the process. 

Consult Phoenix bookkeeping services to get the required help for managing your company’s finances.

Due to the growth in technology, it is now possible to manage your company’s accounts with the help of software instead of handling them manually. It significantly impacts your small business’s growth and allows you to monitor your company’s financial status. You can add all your company’s expenses, including the income and payroll, and the software will provide an accurate assessment based on the data.

Some of the commonly used accounting software you can opt for

  • Spreadsheets

It is a widely used software for keeping a company’s financial data record. Spreadsheet programs like MS Excel, Google Sheets, and Open Office facilitate bookkeeping as they are easily adaptable for all accounting-related tasks. 

You can also use spreadsheets to list a company’s expenses and sales and add other financial information. Additionally, you can complete all the tasks regarding managing the simple business through spreadsheets. In contrast, complex businesses can benefit from spreadsheets as complimentary software as they help in the company’s financial management.

  • Software for Commercial Accounting

Software like QuickBooks, TurboCash, or FreshBooks can assist in managing almost all the tasks related to the accounting of the business.

This accounting software facilitates the creation of customized functions that suit the specific requirements of all companies. Such software contains graphs that help summarize the data and prepare financial reports. These reports give an accurate idea of the actual status of the business and the forms required for taxes.

  • Software for Enterprise Accounting

With companies that are big in size and complex in operation, suitable enterprise accounting software is required to keep up with the needs of the company. The tasks and financial assessments tend to get more complicated as the company grows. In order to manage it well, you can also consider using software like Oracle, SAP, or Microsoft Dynamics GP in the accounting process. This software incorporates workflow management, business intelligence, and project planning.

  • Customized Accounting Software 

Often, some businesses make their accounting software. Usually, it happens when the already existing accounting software does not serve the company’s needs. Creating a new customized software helps to handle company-specific demands and manage the business accounts.