Accounting software is a great help to business owners in managing and organizing their finances. As your business grows, more transactions are made, and keeping track of cash flow becomes more complicated. An accounting software can handle all the finance related tasks for your business, giving you more time to focus on other areas of your brand.
Cloud-based accounting software is popular with business owners because of its accessibility, and how it enables you to manage your finances anywhere and anytime. But which of the software options are best for your growing business?
We have three of the lesser-known accounting software for small businesses listed here. Though their names might not ring a bell, don't count them out just yet! They are certainly packed with features that will help you with your finances.
Pabbly Connect Accounting Software
Pabbly is a cloud-based accounting software perfect for small businesses that don't have the budget to spend on expensive accounting tools. Pabbly offers automated solutions for billing, an easy interface to help track your expenses, and basic accounting features.
Here are some of the top features of Pabbly accounting software.
Creating Invoices
Invoicing is important to every business that sells and offers services. It is a receipt that acknowledges payments and allows your buyers to see their dues. Pabbly can generate invoices with a simple click, and you can create a customized one or choose from their preloaded templates.
Moreover, Pabbly can generate invoices for major currencies and send them to your clients through email notifications and payment channels like PayPal.
Automate Billing Subscriptions
Pabbly is best for businesses that offer subscriptions to their consumers. But, of course, not all your clients have the same deadlines. Pabbly can simplify subscription billings. With Pabbly, it is simple to keep track of both received and pending payments.
The software can detect delayed payments that may cause income loss. It can also notify if payments made through cards did not come through. Then, the system will attempt to recover the payment by repeating the charge to your customers.
Provides Detailed Analytics
Financial reports are essential to owners because they can use them to assess the overall status of their business. Pabbly can provide multiple reports regarding your business like expenses, revenues, and taxes.
In addition, Pabbly can give you insights on important metrics like your average sales, client refunds, and cancellations. You can use these details to develop strategies and pinpoint potential issues.
Kashoo Accounting Software
Kashoo is another cloud-based accounting software perfect for self-employed individuals and small business owners. Kashoo is known for its affordable price per user as you can add multiple users to pilot the software.
Here are the top features of Kashoo Accounting Software.
Real-time Dashboard Analytics
One of the top features of Kashoo is the real-time analytics on its dashboard. Without having to wait for reports to generate, you can immediately see how your business is going. You will be able to see graphs, charts and data income, expenses and other metrics regarding finances.
The data shown in your dashboard are all transactions received in your inbox. Take note that the dashboard metrics do not contain pending business transactions.
Invoice Creation
Creating an invoice with Kashoo is easy. You can create, send, and edit invoices in a matter of minutes. You can also duplicate and store copies, so you don't need to make new ones for recurring invoices.
Moreover, Kashoo accounting software allows your clients to set up credit cards on invoices you send them so you can receive payments directly. A credit card button option on invoice creation enables credit card payments.
Account Payables Tab
You also have to keep track of your expenses and your due dates to your suppliers. Kashoo accounting software has a Bills to Pay tab where you can input all your payables and their due dates, so you are never late with your obligations.
In this tab, you will have data on your total amount to spend in a month or a year. It also shows how many days are left before a bill is overdue and notifies you when you have passed the due date. However, there is no option to pay the bill through the software directly.
ProfitBooks Accounting Software
ProfitBooks is an online accounting software that handles finance tracking, the generation of necessary reports, and inventory management. If you own a big business, ProfitBooks can handle multiple warehouses in a single account. Tracking your finances has never been this easy.
Here are some of the great features of ProfitBooks accounting software.
Purchase Management Feature
In business, it is also important to keep track of your purchases. Of course, you have to buy raw materials or invest in pieces of machinery to produce your goods. The purchase management feature of ProfitBooks gives you a clear picture of what you need to buy to avoid overspending and eliminate calculation errors in your budget.
Direct Payments
It’s easier when all financial transactions are made in one software. For example, ProfitBooks can send and receive payments, so you don't have to switch applications whenever a client sends a payment, or when you have to pay your suppliers.
Moreover, ProfitBooks can receive money from any currency through card payments and other payment channels. Once the process is complete, these payments are instantly reflected in your accounting software.
Inventory Management
If you sell products, inventory management is a must for your business. Basic inventory management oversees the number of stocks and gives you alerts on products you need to stop or stock up on. But, ProfitBooks brings more to inventory management.
ProfitBooks has a multi-warehouse feature that lets you manage your inventory in different locations. You can use this feature to allocate your goods to your different warehouse locations and keep track of their movements, giving real-time updates on your stocks.
Advantages of Cloud-based Accounting Software
There are many accounting software choices for businesses, but why are more small business owners choosing online accounting software? Here are several reasons why it can benefit your company.
User-friendly and Easy to Organize
You don't need to be an accounting expert to use cloud-based software. Likewise, there's no need to attend training to use these tools effectively. Most cloud-based software is designed to be easily understood so that non-accountants can use them.
In addition, file organization in cloud-based software is easier. Data uploaded in the software are analyzed and tracked separately. This helps avoid confusion and errors and gives you a clearer picture of your business's financial health.
Always Available
Cloud-based software doesn't require you to install any software on your computer or mobile device in order to use it. Instead, simply enter your login information into a browser and you can access your account. This feature is convenient, especially when working out of the office.
Moreover, cloud-based software allows you to store all your needed files in one place. It's also a multi-user application, so the system's files are accessible anytime your HR staff needs them.
More Reliable Security
One of the biggest concerns in accounting is data security. In traditional accounting methods, financial data is printed on paper, books, and ledgers. These books are more likely to get lost or stolen, which can cause a data breach.
In cloud-based accounting, you upload all your files online. Your system is protected with bank-level security and requires passwords. You can ensure that all your business data is protected. Furthermore, it lessens the use of paper. Aside from security, it also saves you on expenses.
The Takeaway
Cloud-based accounting software for small businesses is a great convenience for owners. Managing finances is time-consuming, and if you're not used to doing it, errors may plague your finances that can affect the flow of your business. So take advantage of convenient accounting software to simplify managing your finances.
The three cloud-based software are perfect for small businesses. These options are capable of basic accounting needs that businesses require. But if we are to choose, Pabbly software is best for new business who are looking for accounting tools that will not cost them much. However, Kashoo and Profitbooks are packed with adds-on that you will need when your business expands. Additionally, reaching out to experts is always a smart move. Their expertise in the area will help you manage your finances easily and accurately. Unloop offers bookkeeping services, forecasting, accounting services, and tax management to help you out. Talk to our professionals, and let's discuss what we can do for you.