Choosing Accounting Software for Small Businesses

Small businesses come in all types and sizes. They could include anything from a local boutique to a small marketing firm. Regardless of what your small business looks like, you’re sure to face the same challenges as other companies, especially when it comes to managing accounting processes.

More often than not, small businesses don’t have a dedicated accounting department full of people to manage every expense and invoice. Instead, these responsibilities can get pushed off onto other employees. Fortunately, there are many business accounting programs that make it easier for small businesses to manage their accounting and finance tasks. Keep reading to learn more about these programs and how they can help your small business thrive.

What is Small Business Accounting Software?

Small business accounting software is a computer program specially designed to provide solutions for the unique challenges that small business owners face. These programs include tools for both accounting and bookkeeping tasks. A simple accounting software for small business owners should help record transactions, maintain account balances, and create valuable reports.

What Makes Small Business Accounting Software Different?

As you start to shop around for different business accounting programs, you’ll find that there is a wide variety of options. However, they aren’t all suitable for small businesses. Many of the accounting software options for larger companies come with a heftier price tag, and they are usually overkill for what a small business would need. As a result, you end up paying for tools you’ll never even use.

Limits Based on Volume

A simple accounting software for small business operations is tailored to fit the needs of smaller companies. For example, a small business has much less accounting activity by volume than a larger company. Therefore, there are many small business accounting software that limits invoices and the number of employees you can add. It’s crucial that you look at the specifications to make sure the program will fit your business's transaction volume.

Cash and Accrual Accounting Options

An accounting software for small businesses should also include the option to use the cash accounting method. While all large companies must use the accrual method of accounting, small businesses get the option to use cash accounting for its simplicity. If your business uses this method, then a small business accounting software will be a great fit.

Internal Controls

Larger businesses have more internal controls than small companies, so it’s not necessary to have all of the extra features that delegate and separate duties. Large corporations also require more intensive approval processes for different transactions. Instead, you can stick with a simple software that is easier to use.

Benefits of Using Online Account Software for Small Business

While some people prefer old-school on-premises software, more and more organizations are making the switch to online accounting software. For small business owners, this decision can make a massive difference in the way they run their businesses. Not only do they require less equipment and IT staff, but they also provide a wide variety of other benefits. Online accounting programs can help you:

• Increase Efficiency: Your new accounting software can automate your most tedious tasks, so you can get more done faster. It can even free up some of your human resources to focus on other tasks. Best of all, the automation helps reduce the risk of human error, which can cost you more time and money.
• Gain Accessibility: One of the most significant advantages of online software is the ability to access all of your accounting tools from anywhere. You aren’t limited to importing transactions from the office. Instead, you can create expense reports on the go and always check your business's current financial standings.
• Keep Date Secure: Paper ledgers may have been good enough at one point, but these days, they aren’t the most secure option. They could easily be lost, stolen, thrown away, or could even burn up in a fire. The safest and most secure way to store your financial data is through online software like Sage.
• Get Paid Faster: Online accounting software allows you to automate invoices so you can send them out and get paid faster. You can also set automatic reminders for unpaid invoices, so you don’t have to go through the trouble of tracking them down. Not only does this save you time, but it can prevent cash flow issues. 

Best Business Accounting Software

You don’t have to look far to find online accounting software that fits your needs. While there are many options available, few can compare to Sage. For years, Sage has been the leading choice of accounting software for businesses of all sizes. Not only do they offer programs specifically for small businesses, but they also have several programs designed for companies in different industries.

What can you expect?

The top-rated accounting solution is equipped with all the tools your business needs to succeed. In fact, the following are just a few of the key features you can expect when you choose Sage for your small business:

1. Cash Flow Management
2. Invoices
3. Payments
4. Banking
5. Advanced Inventory Management
6. Job Costing
7. Payroll Management
8. Reporting
9. And More!

Want to know the best part?

Sage has a marketplace full of additional apps that you can combine for a complete business solution. You can even integrate third-party apps to customize your software completely.

Learn More About Which Business Accounting Software is Right for You

Are you interested in learning more about how your company can benefit from small business accounting software? If so, you’ve come to the right place. Kerr Consulting is your trusted source of all your technology solutions for businesses—small and large. Our helpful consultants are happy to help you find a combination of programs that best fits your needs.

To get started, all you have to do is contact us. Feel free to use our online chat feature if you have a few simple questions. If you would like to get more in-depth assistance, you can call or set up an in-person consultation. We also have a convenient online form that you can submit.