Investing in accounting software is an efficient solution for effectively managing your business financials. But with so many accounting softwares available, selecting the best fit for your business can be challenging. If you’re unsure which accounting software is most suitable for your business needs the accounting software reviews we have compiled below will help.
When selecting a software package that is right for you, make a list of your criteria and check it against this review of today’s leading products. Your prioritized list may look different from that of another business, but reliability and continuous access will always be found written at the top. So when it comes to investing in accounting software, make sure you also have a secure cloud backup software in place to ensure round-the-clock retrievability of your accounting data.
QuickBooks, an accounting software created by Intuit, can be customized to meet simple or more complex accounting needs, widening its appeal and making it the most popular accounting software.
Pros:
- Purchasing QuickBooks is affordable, especially when comparing to the cost of hiring an accountant or bookkeeper.
- The interface is also extremely user friendly, making the training process easy while promoting higher data entry accuracy.
- QuickBooks’s positive reputation wasn’t earned overnight. It has consistently earned praise for the high quality product that it is and it’s reliability. At the same time, the folks at Intuit continue to develop its functionality to meet the growing needs of their customers.
Cons:
- The high quality and intuitive nature of QuickBooks is a major plus. However, when full responsibility is placed in the hands of a software product errors occur and disasters strike. Therefore, it should ultimately be the responsibility of the user not only to ensure the precision of their files, but the security of their data. In doing so it is smart to invest in a backup plan.
If you notice you are spending more time than you should be on cash flow analysis, check out Sage 50, formerly known as Peachtree, as it’s designed to give you back those lost hours.
Pros:
- Sage 50 is known for it’s strong features especially when it comes to finance reports and transaction breakdowns. The structure clearly displays where dollars are coming and going which saves time and effort when evaluating cash flow.
- Sage 50 assists in telling a comprehensive story about your numbers by providing industry benchmarks for comparison.
Cons:
- The more complex features of Sage 50 are outstanding if you’re already skilled in the software. However, it can be harder for new users to grasp.
- The cost of purchasing the software is also higher than other competitors. If you are willing to invest in purchasing the software and in the training to get your team on board, you may also want to consider investing in an online backup system to ensure your data is secured against risk of human error.
If QuickBooks and Sage 50 feel too robust for what you need to maintain the day-to-day needs of your small business, FreshBooks and Sage One are two alternatives that might fit the mold.
Pros:
- FreshBooks and Sage One are both affordable options. They are easy to setup and easy to use.
- FreshBooks has a very responsive and helpful customer service team to answer your questions and assist with any complications.
Cons:
- FreshBooks and Sage One are designed for small businesses and independent contractors. If you are managing a large amount of inventory, other products like QuickBooks and Sage 50 may be more effective. FreshBooks is also missing some basic functions that other competitors have when it comes to invoicing. To process invoices, you will need to email them from within the software versus being able to manually mark them off as “sent.” FreshBooks allows you to choose an email template but the options are limited, and you cannot attach files — which can mean needing to send multiple emails.
Remember when using any software based accounting solution, your data is vulnerable to loss and deletion at any time. If your computer crashes, your local office experiences a natural disaster, or you make an irreversible file change, you may not be able to get your accounting data back when and how you need it. To protect your accounting files, receipts, and business data, make sure you backup your information with a secure cloud backup provider, like Nordic Backup.
Nordic Backup supports all of the common accounting tools, such as Intuit QuickBooks, Sage One and Peachtree, Microsoft Money, Quicken and TurboTax. Keep your accounting data, and other important business assets safe from data loss. Start your free Small Business backup trial today.
