Keeping track of accounts on paper is still practical, but only for companies with few transactions. Most businesses of today have dozens, hundreds, or even thousands of transactions to account for each day. Without a computerized accounting software, this can get overwhelming and lead to inaccuracies.
The software/tools can help you in tax planning, bookkeeping, expense tracking etc. and each of them can be used to create files that can be given to clients, investors and other parties related to the business. They are also industry approved and feature security options such as password protection.
However, it is important to note that software tools are not replacements for professional tax administrators who know finance laws inside out. Paymatters, for instance, helps contractors and freelancers save time and money by managing accounts, administration and taxes. They also offer automated timesheets and similar software shortcuts.
On the other hand, accounting tools still have a role to play when it comes to the basics. Here are some free, basic accounting tools available for businesses:
This software comes with robust features and an easy to understand instruction manual. With QuickFile, a branded dashboard can be created for clients and they can access it to see invoices, make queries and pay directly. The same dashboard can be used to check client balances, bad debts and email messages.
QuickFile also provides a way to make professional invoices and inventory items on the go. There is also an option to upload bank statements and the software will categorize the transactions automatically. The software is free to use.
This accounting software can be used to accept payments, see reports, print check documents and make invoices. It comes with multi-currency support and the exchange rates are frequently updated. The user can also reconcile bank data after signing up and the software creates several useful reports such as change logs, transaction logs and profit and loss statements.
The complied data can be accessed by business partners, clients and stakeholders free of cost. Kashoo is offered in the cloud and there’s also a compatible iPad app that can be used to access all the features. However, it does not offer project tracking and collaboration tools. While there’s no cost for accessing any of the features, there’s a limit of 20 transactions per month.
Wave accounting software can be used to create sales tax, balance sheets, A/P and a lot of other reports. The data created by this software can be synchronized anywhere and there’s no limit on invoicing. It seamlessly integrates with payroll and there’s also an option to accept payments in foreign currency.
The software relies on 256-bit data encryption and stores the data in servers that are secure. The protocols have been certified by Thawte and TrustE. All the features offered by Wave are free to use without any obligations.
4. TurboCASH Accounting
This is community developed software that can be used for invoicing, general ledger management, VAT accounting and plenty of other account-based reports. It can be accessed by multiple users at the same time.
Registered users also get access to the TurboCASH forum where they can discuss issues faced when using the tool. It’s free to use on several computers because of its open source nature.
How to you handle business accounting? Feel free to leave comments.