Managing accounts is a must for every business. However, choosing a perfect accounting tool that meets all your accounting needs is a mammoth task as mostly all the tools offer similar services with few deviations. To make it somewhat easy for you to decide, discussed below are top six Online Accounting Packages (in no specific order).
It is an accounting software that helps in managing day to day accounts at the primary level. By primary level, we mean that KashFlow helps in creating an invoice for every sale made, and also track when the payment has been made on the invoice raised. Further, the user can feed in all the purchases, detailed reports and VAT returns among other things.
KashFlow offers all data in one place thereby helping the accountant to take decisions based on the current financial situation. Further, it also helps in tracking day to day cash coming in and going out of the business. By the end of the month, it becomes easier for the accountant to monitor order list of what is bought and sold and how the new items have been paid for.
Setting up KashFlow is quite easy as there is no download required. The user needs to register to the KashFlow from the preferred device for free, and thereafter, needs to log-in and start using it. KashFlow offers following functions:
- Transferring the existing bookkeeping and invoicing data.
- Fast creation of Invoice.
- Three pre-written reminders send by the system automatically to people who are still to pay.
- Send quotes as well as estimates by a simple click of a button.
- Reports charts and graphs.
- Automated Purchase.
It is cloud-based accounting software for small and medium-sized business. The online accounting software suite is based on the modern cloud network to meet the holistic range of accounting needs. With the help of XERO, one can coordinate and manage all the financial processes within an easy to use platform and can be accessed from all Internet-enabled devices. Xero is available for $9.00 per month, and there is a free trial available for the same. XERO offers various benefits such as:
- Keeping the accounting data safe and secure.
- User can access their account online anytime and anywhere on the go and on any device such as iPad, iPad and Android or tablet.
- Easy tracking of cashflow with real-time data.
- Cut short the time required to keep the account up to date.
- Interactive design and easy to use interface.
- Software updates available to download for free when the user logs in.
- Seamless accounting and payroll in the United Kingdom, the United States, New Zealand and Australia.
Wave Accounting offers a host of financial services and online software for small and medium term businesses. Its initial accounting system was a double entry tool, which offers direct bank data imports, expense and invoice tracking, customizable accounts charts and journal transaction. Wave is popular for its award-winning free software, as well as, micro businesses across the world.
Wave Accounting offers following functions:
- Offers access to capital lending.
- Improves the cash flow by tracking the cash in and cash out.
- Makes it easier to deliver money to the employees on the payroll.
- Helps in getting the invoices clear on or before due date.
- Offers business insights and sorts tax issues.
Wave is a popular tool as it offers the ease of use, and is quite easy to start. A user just needs to register and create an account by entering the email and password. Further, the registration can also be done using Google or Yahoo account. Thereafter, everything can be customized according to the needs and preferences of the business.
In a way, the accounting tool helps in covering overall financial aspect of a small company, thus helping the business to grow.
It is perhaps one of the most popular and biggest names in the area of accounting and personal finance for over three decades. Quickbook was founded with the idea of making accounting better and simpler. Its first product Quicken was launched in 1984, followed by QuickBooks in 2002 and QuickBooks online, which came after two years.
Quickbooks offers 30-day trial period without the user having to offer any credit card information. Once the trial period is over, there are three pricing tiers without any contacts required – Simple Start Plan ($15 per month); Essentials Plan ($30 per month); Plus Plan ($40 per month)
Features offered by Quickbooks:
- Basic dashboard includes a list of tasks and charts for income, expense, and profit and loss.
- Offering invoice interface in the recent update along with invoice customization feature.
- Easy creation of estimates along with easy conversion in few minutes.
- One of the best contact management systems, where user can segregate the information about the clients and vendors while saving data.
- Entering the credentials and sorting bills easily.
- Automatic bank feeds are easy to set up, though manually uploading statements is a little less straightforward.
Zoho – the winner of the Great User Experience and Useful Free Trial Awards for 2017 – is a smart accounting system to meet the needs of a growing business. It is an intuitive accounting solution to help small businesses in managing their finances, and stay up date with their cash flow. It is pretty user-friendly, and helps a business make smart, data-based decisions.
The tool allows a user to send professional invoices, and also receive payments from the customers, all from a single place. Zoho Books, which is very affordable, is smartly designed with extreme attention to detail. It comes with several useful functions arranged in a specific order so that it does not break the workflow.
Sage is also a popular accounting software used across the globe. Along with Sage Peachtree, a popular system for the small businesses, the company offers various other financial management packages designed to meet the specific needs of the industries. For instance, Sage Timberline Office and Sage Master Builder are two most popular construction accounting system on the market.
The software offers:
- Graphic interface utilizing the Navigation Centers, which is easy to interpret.
- Better security control offering detailed screen level and group access.
- Offering the facility to attach files in order to record transactions.
- Broadcast Invoice feature along with creation and sending of single invoice to a number of customers.