Fortunately, advancements in technology have made it easier than ever to keep clear and organised books. Accountants have been using online bookkeeping services in their work for many years now, helping small businesses keep track of all their financial paperwork. Below is a list of four of the best bookkeeping service tools and why they are the best on the net for SMEs.
QuickBooks is the accountant recommended bookkeeping service. Used by accountancy firms all across the world, this invoicing and record keeping system allows users to keep up with the professionals. This can be particularly useful for small businesses who employ an accountant to deal with certain aspects of their finances but tend to handle the books themselves. Most accountants will at least have an understanding of how QuickBooks operates and many will use it as their main online platform.
The real draw of QuickBooks is its automated processes that make bookkeeping far less time-consuming. Whether you want to set a recurring invoice or reconcile and categorise expenses, QuickBooks can handle it in moments. It’s also incredibly easy to navigate, meaning it doesn’t take months of practice to master.
Whilst most accountants use QuickBooks, Xero is a perfectly reasonable alternative. It also happens to be a slightly cheaper alternative, costing around 50p less a month to subscribe to. Xero has an edge over QuickBooks in the sense that it offers more features in its package deal. Asides from invoicing and bookkeeping services, Xero provides billing and expense report features that can be useful for more established businesses.
Available across a range of devices, such as tablets and smartphones, Xero has a relatively simple interface that won’t leave you more perplexed than when you started. However, it’s best to check your accountant has experience using Xero, otherwise it can become tricky to switch between different accounting programmes.
FreshBooks have managed to create a mobile accounting tool that doesn’t compromise on its features. Whilst many other online bookkeeping services have made the jump to mobile and tablet, FreshBooks outcompetes them because of its time-saving tools and competitive price.
Freshbooks uses cloud-operating software to store all your information on the net and share it across all your devices. The design of the app also means that all your books are easily at your fingertips, enabling you to create new invoices and input expenses directly from the homepage. This all results in a slick and effortless interface that could really save your small business valuable time.
Zoho Books is our recommendation for businesses who are looking to get to grips with bookkeeping for the first time. Zoho makes the whole accounting process much simpler, allowing business to create invoices, sync bank accounts and create reports all from one easy to use home screen.
Despite being a more expensive choice than the previous contenders, Zoho is fully inclusive, providing features that other packages tend to charge extra for or make unavailable to their users. For example, Zoho enables you to set up as many users as necessary on its system and doesn’t limit the number of transactions, invoices or expenses you can create. The same can’t be said for other bookkeeping tools, which tend to hike up the price as more features are introduced.