Accounting software is an application designed to record and process financial transactions. It functions as an accounting information system and is normally composed of different modules such as general ledger, sales, purchases, stock/inventory. Accounting software is a vital resource for both profit-oriented businesses and non-profit or government organisations. It automates and simplifies bookkeeping and financial reporting for voluminous accounting transactions.
Questions To Ask When Choosing Accounting Software
In recent years, the number of accounting software providers has increased. These software providers like Quickbooks, Xero, QuickFile and Wave Accounting are constantly competing to provide their users with the best accounting software. As a result, accounting software products now have various features ranging from simple to advanced that are available in desktop, mobile or online platforms. Below are a few questions to assist you in choosing the right accounting software for your organisation:
- Is the software free or does it come with a subscription fee?
Some accounting software like Wave Accounting and QuickFile are available for free while others like Quickbooks and Xero are available for as low as $9 per month.
- Is the software’s user interface or dashboard easy to understand?
Most online-based accounting software like Quickbooks Online are easy to use (i.e., navigating to different modules and entering information are quite self-explanatory). Whereas, custom-built or internally developed accounting software such as the ones used in banks are often more complex. These may involve basic knowledge in a certain coding language or in-house training on how to use the software.
- Is the software accessible from my desktop, mobile or online? Can I grant access to other users such as my accountant and other employees?
Accounting tools also have to adopt to the fast-changing world of technology where information has to be accessible anytime and anywhere. In addition, accessibility is increasingly important in modern organisations where team members are working in multiple locations around the world and for freelance accountants who might be servicing organisations outside where they are based. Most accountants software like Quickbooks Online and Xero are available in mobile applications for on-the-go accounting from a mobile device.
- Can I rely on customer service or a support community to troubleshoot any challenges I may encounter when I start using this software?
Some free accounting software like Wave Accounting have customer support through phone or live chat; however, these come at an extra cost. Other accounting software like QuickBooks Online offer phone and chat support for free.
Quickbooks Online (QBO) Accounting Software
Quickbooks Online is one of the best-rated accounting software for small businesses. To access this software, you only need to log in to QuickBooks through your web browser or the QuickBooks mobile app. This software also offers real-time data update and automated data back-up so that you and your accountant can work remotely on your data at the same time and not worry about losing information. To help you save time on reports, you can also set-up Quickbooks Online to run reports automatically. Other cool features include customising and sending invoices to customers via email and integrating with third-party apps such as your bank. As mentioned earlier, customer support is also available via phone and live chat to help you get started and to answer your questions. If you would like to test Quickbooks Online (QBO) before deciding to purchase a plan, they offer a free 30-day trial. Just contact us at (+65) 6876 7906 for better QBO pricing and deals. Our staff can also help you to set up the chart of accounts, Goods and Services Tax function and include the necessary users to get you started with QBO. This is part of our accounting services.
Free Cloud Accounting Software
Of all the free software available online, we recommend the wave accounting software which has following features:
|General Functionality||A full web-based accounting system with double entry|
|Inventory Sub-ledger||Not Available|
|Customer Invoice and reporting||Restricted and have limited Choices|
|General comments||This is recommended for companies which provide only services and does not carry any inventory|
|Set Up||Easy sign up and set up from web|
Caution When Using Free Software
Paid Accounting Packages
While there may be many free accounting software available for personal and even corporate use, we encourage users to purchase more reliable accounting software instead. Paid accounting software usually comes with more comprehensive features, and some even offer special features that make your life easier. Most importantly, these software are usually created by reputable companies and organisations, with greater credibility than free software. This would reduce the security risks that you expose your computers to.
Latest Updates – Bookkeeping with OCR and AI
In recent years, new data extraction software with Optical Character Recognition and Artificial Intelligence is developed to automate bookkeeping function. It has come a time where routine bookkeeping work is taken over by machine. AI Accounting provide such software to automate your bookkeeping function.
At SG Accounting Solutions, we recommend Quickbooks Online as it is reliable and we have been using this software for our clients for many years. Please contact us to discuss more about Quickbooks Online, other accounting, tax and corporate secretarial services (including virtual address at competitive rates and cheap company incorporation).