Business Accounting Software For 2018
Here you will find the leading accounting software for 2018. There are two basic types to work with: Desktop and Cloud. You can choose to use them alone, or, for a fully comprehensive approach to your business, with app integration. Whichever you choose we here at Business Cents wants to help find the best accounting software that’s right for you this year.
Every business owner recognizes there must be an efficient way to maintain bookkeeping, but not everyone owner is aware of the exact type of business accounting software that best suits their needs. Since this choice is critical to the smooth operation of business, it needs to be an educated one.
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Business accounting software solutions can be tricky. With the rate of technological change, many businesses are asking questions like:
- Should we be on the cloud?
- What is the cloud?
- Which accounting software is right for my business?
- How can I manage my inventory?
- What is the difference between QuickBooks Desktop and QuickBooks Online?
Good News! You are in the right place to start answering these and many more questions. This page is to give an overview about the different types of accounting software, cloud technology, and how they may work in your business.
QuickBooks Desktop Pro and Premier
QuickBooks Desktop offers the benefit of being a one-time software purchase, for the most part. First off what is the difference between Pro and Premier? Premier is the higher tier of software, allowing for 5 users, while Pro allows for 3. Premier also offers custom reports for specific industries such as:
- General Contracting
- Professional Services
Pro and Premier track up to 14,500 items, and allows for multiple company files (though not simultaneously).
QuickBooks Desktop Enterprise
Do you need more than Desktop Pro and Premier offers? QuickBooks Enterprise is here to meet the needs of larger businesses with specific needs. This business accounting software solution is right for your business if you have a need for:
- very specific user roles and permissions
- tracking inventory in a very detailed manner
- detailed custom reporting capabilities
- additional and/or unique functionality
There are different levels of Enterprise. They are as follows:
Using this product, most Enterprise users grow their revenue year over year and are confident that their internal bookkeeping processes are scalable. Want to know more? Download this whitepaper that talks all about how QuickBooks Enterprise helped Business Environmental Systems Testing set up job costing, and became as profitable as possible.
Cloud Based Accounting Software
Cloud computing, simply put, is accessing software that is not stored on your own hard drive. Companies offer portals to access their software over the internet. Business Cents are certified consultants in multiple cloud based accounting systems. Our consultants pride themselves on being up to date with current and emerging technology.
We firmly believe that the anywhere, anytime nature of the cloud benefits business owners. So many of our clients have found the time to focus on other areas of their business after switching to a cloud based options. Currently we work with three cloud based accounting softwares, Quickbooks Online, QuickBooks Self-Employed, and ZOHO Books.
QuickBooks Online is a subscription based software, with different level options. From Simple Start to Essentials to Plus, QuickBooks Online has the flexibility to service small and medium sized businesses. When teamed with the powerful integrations available, this flexibility is amplified providing support for most industries.
Unlike QuickBooks Desktop, Online allows for automatic scheduling and sending of invoices, included phone support, and automatic updates. Also unlike QuickBooks Desktop, Online securely stores your information. Should something happen to your computer you will not loose all the accounting information (we have sadly seen this happen).
QuickBooks Self Employed
If you file a Schedule C there is specific software designed with your business in mind! If you meet these qualifications
- No Employees
- No Sales Tax Filing
- No Inventory
QuickBooks Self Employed might be for you. With a built in mileage tracker, and means to separate business and personal expenses, this software is for those sole proprietors who are on the go. Direct bank feeds and categorization rules mean that there is no need for reconciliation in this platform. Users get a real time, up-to-date view of how their business finances are doing, and an accurate estimation of their business tax payments.
This software is designed to make your life easier, so you can focus on other aspects of your business.
Different Options in QuickBooks Online and Desktop
Do Quickbooks Desktop and Quickbooks Online sound great, and but now you are wondering, what the difference is between these versions? In the chart below features of these software are compared.
ZOHO Books is part of a suite of applications that support a growing business. Businesses are supported with a wide platforms of integrations, including Google Apps and Paypal, to meet a great variety of demands. Another subscription based model, this software option is ideal for freelancers. It is an intuitive accounting software, designed specifically for small businesses.
ZOHO Books, like QuickBooks Online, provides three subscription levels.
Unlike QuickBooks Online, ZOHO also offers a bundle with its other applications called ZOHO One. This suite includes access to over 30 ZOHO applications including a CRM, website visitor tracking, inventory, project management, mail campaign, and more.
Point of Sale
Currently there are a plethora of point of sale options. Determining which is the best fit for your business can be a maze of merchant fees, hardware, inventory options, and configuration options. Trying to decipher the jargon to select a point of sales can be frustrating. Determining what is best fit is dependent on a variety of factors such as:
- Growth plans
- Desired customer experience
- Amount of locations
Because of the numerous factors involved in selecting a point of sale system, why not give us a call at (509) 389-7000 and let our expertise help you.
Quickbooks Online Payroll
Allows for one day processing, so requests can be made up to 5pm the day before payday. Quickbooks payroll also allows you to quickly file federal and state payroll taxes directly from QuickBooks. At the end of the year you can print and file W2’s.
Gusto supports an easy to use payroll software–where employees on-board themselves. Gusto boasts impressive stats, with 4 out of 5 new clients having less payroll errors than they did with other systems. Gusto also offers benefits administration, human resources, and compliance functionalities all in one package. With a wide variety of integrations, Gusto is designed to support small business no matter how they do business.
Third Party Apps
With QuickBooks Online there are over 300 separate applications that can integrate and work well with it. More are developed everyday. Apps can cover a wide range of areas and offer integrated solutions–such as Gusto. T-Sheets, for example, is a time tracking application that integrates with QuickBooks, it allows employees to enter their hours from their phone from anywhere is a internet or data connection. Hubdocs helps with accounts payable management and the categorization of expenses.
Future of Business Accounting Software
Where is it all going?
The last twenty years have seen massive changes in how bookkeeping and payroll are completed. This is only going to continue to evolve. Below are a few things we here at Business Cents are keeping an eye on.
Automation is already a trend in accounting, and it is only projected to grow. In this article, Forbes explains the future of accounting is going to be about the software. With so many options on the market, the future of accounting is firms, like Business Cents, who advise the best pieces of software to work together for each business.
Artificial Intelligence is technology that enables computers to make decisions that were previous the responsibility of humans. From machine learning to speech based technology, AI is already here. The future of AI is going to be solving problems before become issues. Early identification of complex accounting issues is already in the works by developers. Read more about it here.
QuickBooks is also currently using AI to offer loans to small business owners through QuickBooks Online itself. There are a few requirements, such as having 3 months worth of data in your account. But it is an excited step by Intuit, learn more here.
Heard of BitCoin? BitCoin is perhaps the most well known example of blockchain. Every transaction that is approved becomes part of a “block” becoming visible but un-editable–creating a ledger for a particular piece of data, such as a coin. This would allow for automatic verification of most of the data behind financial transactions. Interested? Learn more here.
Leaders in the Industry Say…
Top Business professionals agree that this is the software to get the job done. Here’s a link to PCMag’s 2017 Best Picks for accounting software.