by Traci Barker A & J Accounting & Associates
As any small business owner can tell you theirs is a role that wears many hats. You may be everything from a sales associate to janitor. One of the most common tasks a small business owner is often required to take up is being an accountant. Doing your own books when you own a business can be a tricky prospect. If you make a mistake, it can end up costing you thousands of dollars and possibly an audit by the IRS. With that reason in mind, here is a list of software (apps) that can help you mitigate mistakes and get your book right.
Three Online Accounting Options
Still, the king and the reason why remains the same, ease of use. Being user friendly is a big plus when you’re a small business owner who has to oversee the day to day operations, you can’t afford to spend too much time on bookkeeping. Quickbooks does the following
- It automatically tracks your expenditures.
- It keeps track of the miles you drive for your business through GPS.
- It automatically transfers payments directly to your bank.
- It sends invoices to your customer through an encrypted link for added security.
- It accepts payments through sources such as PayPal.
- It can automatically produces estimates and generates quotes for your customers.
- It has scores of customizable features.
- Easy Setup.
- Integrates with other business apps.
The only drawbacks to QuickBooks are that it is more expensive than other online accounting programs, and if you want to run payroll through it, there is an additional cost.
You can’t find a better value than Wave among online accounting apps; it’s free. This app is an excellent option for a small business, just starting out with a small staff, small expenditures, and a limited amount of receipts. There are no hidden charges or set up fees for Wave. Here are some of the features of Wave:
- Easy setup that lets you get online in under five minutes.
- Unlimited Bank and Credit Card Connections.
- Transactions from cards and accounts appear automatically in bookkeeping.
- No need for manual receipt entry.
- It boasts 256-bit encryption.
- Income, payments, expenses, and invoices are all organized for tax time.
- It is set up to be accountant friendly, using double-entry accounting.
- It’s highly user friendly.
There are pay per use add-ons to Wave such as credit card and ACH processing. There is also a payroll ad-on with options for tax service states and self-service states.
Xero is very similar to QuickBooks in functionality, but it costs much less. The most striking feature is that it lets you add unlimited users. Not even Wave offers that; the average cost of adding users runs between $4 and $6, which can add up very quickly if your company is mid-sized or larger. Xero has most of the features QuickBooks has including:
- Bank reconciliation.
- Employee Time Management.
The only downside to Xero is that its mobile app is not very user friendly. Take that into account when you are trying to decide between it and QuickBooks.
So, if you are looking for reliable online accounting options for your small business, these three apps are the clear choice over others.
A & J Accounting