As a small business owner, the accounting software you use may directly impact your productivity. Given its importance, it is always a good idea to factor in what software CPAs use when selecting one for your company. But since the types of business that CPAs handle and the needs of clients they must address are never static, the software used by different accounting firms varies widely.
The ideal accounting software should be cheap, flexible, and scalable. Additionally, the software should serve your business for at least seven years to minimize the disruptions that arise when changing a system. But even after these considerations, finding one-fits-all accounting software may prove impossible. The best approach to choosing accounting software is, thus, reviewing what different systems excel in.
Popular Accounting Software Used by CPAs
Today, elements such as SaaS enable businesses to implement sound accounting systems without a heavy capital outlay. But this does not make overbuying accounting software a good practice. However, other factors such as ease of use and add-ons required take preference over the system’s cost.
In light of the statements above, here is a list of software that accounting firms use that your small business would find useful.
QuickBooks ranks among the most popular accounting software of all time. While it has multiple add-ons, small businesses can use it right-out-of-box for general financial processes, from expenses tacking to preparing financial statements. For greater flexibility, you may use QuickBooks Online, which is a cloud-based system.
If your small business is service-based, it may benefit from the invoicing capabilities of FreshBooks. The user-friendly software is cloud-based, which increases its flexibility. However, it lacks features to enable payroll and inventory management services.
SageOne proves a worthy candidate when it comes to addressing the accounting needs of a small business. It is also ideal if you venture into project management. However, its user-friendliness ranks a little bit lower compared to its competitors.
If you are in search of accounting software that can scale with your business at almost no cost, you might find Xero worth exploring. All its plans allow unlimited users. Further, this system scores high on user-friendliness and payroll services. However, it has extra charges for project management and expense tracking.
Wave provides features such as expense tracking, invoicing, and multi-currency support free of cost. Indisputably, it is the system of choice for your businesses if you are operating on a shoestring budget. Additionally, Wave would also be your go-to option if your business involves micro-verticalization. Its downside is that it supports few third-party apps.
Other accounting software CPAs use when serving small businesses include:
- Accounting Power
- NetClient CS with ACS and Client Access
Your Choice of Accounting Software Matters
Accounting systems are more than mere compliance tools. They bring order, efficiency, and inform financial decisions implemented by companies. While it is a good idea to look at the software that CPAs use, beware of your changing business needs as they determine the accounting software to use more than anything else.