Accounting

Maintaining a proper track of finances records is one of the core challenges being faced by the business owners. Business owners should be able to have a better control of their money and be able to better business decisions.

Keeping in view the current state of incomes and expenses, more informed plans for the future could be made. We, at Shakoor & Co, would like to suggest you the best suited accounting software that meets your business needs. Let’s say all accounting software are capable to handle accounting needs of businesses, but some are best suited for small businesses like sole traders, freelancers and companies with two or three employees. Others could accommodate slightly larger business, although they may also be suited for start-ups and less complex companies. We at Shakoor & Co do the said job for you in an excellent manner. We along with a vast experience in this subject evaluate your business requirements and suggest most suited accounting software accordingly.

Financial bookkeeping is complex and time taking process. This is challenging for Business owners to cover the basics e.g. payment of bills and tracking incoming, revenue etc. Responding critical questions like is business profitable, and why or why not? Are businesses capable to pay required taxes? Would it be wise to invest in new equipment? Where expenses could be reduced etc?

Why Accounting software necessary

- Accounting software are helpful in tracking accounts payable, accounts receivable and expenses.

- Software packages are different with regard to their size, integrations and capabilities as well

While deciding which accounting software suits our business, there is a need of evaluating all offerings, including but not limited to compliance, reporting, tracking and available add-ons.

Keeping an eye on the money in flows and out flows of businesses is one of the major priorities for small business owners. This is the reason most suited accounting software has its own importance. Business owners are in need of a program helpful in accomplishment of their day to day accounting tasks, like payments recording, tracking expenses, customers invoicing and transactions reconciliation. So business owners must select an accounting software helpful in managing financial health of the business. The software must be capable enough to generate such reports as are helpful in analysing the performance of the business from multiple angles.

Convenient software for small businesses Perhaps accounting doesn't list all things a business owner would like to do. It can be intricate, and there is a need to do it accurately. Those involved in development and formulation of business accounting software exerted their full efforts to present this discipline in a simple and pleasant manner. Some, including Intuit QuickBooks Online and Sage, have been more successful at this than others. Accounting professionals do like to use terminologies like "accounts receivable" and "accounts payable" to elaborate the basic elements of accounting, recording and tracking income and expenses or tracking sales and purchases.

Factors in deciding accounting software

This requires a prudent approach to select the best accounting software for businesses. Characteristics and merits of every programme vary. There is a difference with regard to pricing plans, functionality, number of users and other aspects of a programme.
Following factors must be kept in view while deciding the selection of a business software

Cost: Should your accounting software be of basic nature and cost efficient or you are looking for a costly application which possesses extra features?

Characteristics: What kind of functions the software should perform for you? If you require accounts payable and accounts receivables tools? For business analysis what type of accounting reports are required to be generated? Is there a need of inventory tracking?

Usability: What is the number of users you would like to give access to software? Would you like to have a cloud accounting system accessible from anywhere or you prefer desktop software? If a mobile application is needed for accounting software you choose? The mobile app should be equipped with what capabilities?

Accounting software merits

Usability factors to be considered in software selection

A well feature-packed, fairly priced accounting software is not going do business good if it fails in integrating existing solutions, like sales platforms, shipping scheme and even payroll applications. Having selected an accounting software suited with existing solutions, there will be not any compatibility issues. Compatibility issues could possibly result in time-consuming errors.

Permission is granted by most of accounting software regarding inviting other users to the system and control the data invited users see and the tasks they perform. No additional cost is charged by some systems if multiple users are invited. Free accountant access is granted by some systems but require subscription against a higher pricing plan or pay extra. Some solutions offer unlimited payment plans.

Multi-business support

If we run more than one business, we may want accounting software that supports multiple small businesses under one account at no additional cost. Otherwise, we would have to pay extra to set up separate accounts for each entity.

Cloud-based software and mobile access

Cloud-based accounting systems are being practised by most of the top accounting systems so that our account could be accessed anywhere any time only with internet access. This convenient access helps run business remotely. Various systems also offer mobile apps to help monitor key information helpful for working from home. Capabilities of a mobile apps are different, so if mobile access is necessarily required, ensure needed functionality.

QuickBooks is considered to be one of the best accounting software providers. known for stellar products and accounting support, QuickBooks is wonderful all-in-one accounting solution for small businesses.

The notable aspect of Sage 50 Cloud accounting software is that it could be easily integrated with Microsoft 365 enterprise software. The software has a robust and intuitive dashboard easily understandable and helpful in analysing our activities against accounting, all from a central hub. We can conveniently organize and simplify our data with the help of Sage 50 Cloud.

Xero is also one of the cloud-based small business accounting software. This is equipped with tools such as invoice management, reconciling banking, inventory management, purchasing, expenses, bookkeeping and many more. Xero is believed to be a substitute of QuickBooks. Xero being cloud based is accessible from any mobile device or a computer.

FreeAgent is also one of the cloud-hosted accounting software. The software needs not to be downloaded or installed. Because of this feature we can avoid additional costs like IT support, updates, maintenance and more. The system provides flexibility and control over cash flow. Invoices and expenses could be easily managed. FreeAgent enables users to create attractive custom invoice templates. FreeAgent performs well with online payment sites like PayPal and Stripes. This feature enables customers to pay us directly using our invoices. FreeAgent allows multiple number of users against a single account and provides full control over their permissions and access level.

By using Kash Flow accounting solution, time could be saved. With the help of this system we are in a position to get a better insight into our financial position. The software works in accordance with our expectations. It does not involve confusing jargon or complex procedures. The software is meant for small businesses. The software addresses the needs of customers, ranging from invoicing process to management of cash flow, to VAT reports and more at your fingertips.

Cloud-based vs. desktop accounting software

Often, desktop-based software could approach data saved to the local computer only. Resultantly it misses certain updated features and functions which cloud-based system provides. For connectivity, desktop accounting software does not depend on an internet connection whereas other one depends on internet for access.

Cloud-based software syncs directly with bank accounts and is accessible remotely from anywhere. Its functionality could be optimized with regular updates of new features. Additionally, a top-level security is offered by cloud-based system. There is no risk of leakage of financial information.

We at Shakoor & Co evaluate customer’s business and suggest accounting software accordingly. We test and rate the top online accounting software available in market. We analyse this software to see what differentiates them and see which kind of small businesses could benefit most from using each one.

We suggest the most suited software based on needs of a business. For example, all apps available in market could handle small businesses accounting but some are suited for businesses at small level like sole traders, freelancers etc. others could do for slightly larger businesses. This is mandatory to select an accounting software which is in full compliant with making tax digital (MTD) as per recent changes in the UK. There is no doubt that selecting an appropriate software is the key to serve the clients better for accounting outsourcing companies. As there is proliferation in accounting software industry, the choice gets difficult. For making right choice regarding accounting software, we at Shakoor & Co are available for a feasible and cost-efficient solution.

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