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There are a lot of bookkeeping software tools that small businesses can make use of. However, not every software is a perfect fit for each type of business. As for many small business owners, a bookkeeping software tool is of great help, especially when hiring an accounting team isn’t within their budget.
A bookkeeping software helps small business owners (like you, probably) to track your finances and have a clearer understanding of your profitability. A bookkeeping software will also make it easier for you to prepare for your taxes just in time for the tax season.
In terms of which bookkeeping software tool you should use, it usually varies depending on your type of industry and your total number of employees.
Choosing the right software tool
Here are some key notes to consider in choosing the right bookkeeping software for your business:
- Know your budget
Bookkeeping software tools vary on their functionalities and prices. Before you choose which software you will use, you have to know how much you can afford to spend and if you have enough budget.
- Determine your requirements
Do you need to monitor your receipts and inventory? Or do you need help in your tax preparations? List down your accounting requirements and make it as your top priority in choosing the right software.
- Research
Ensure that the software you choose meets all your requirements. Do not hesitate to ask questions. How do they manage the security of their application programming interface? What other fees are added to the package? And how do they back up their system? Take note that part of researching is being able to ask the right questions.
- Choose a software that you can use as your business grows
Consider how your business is growing and make sure to choose a flexible software that you can still use even as your business scales up.
List of Bookkeeping Software Tools
Godaddy bookkeeping
This software is perfect for businesses that sell on Amazon, eBay and etsy. It creates invoices from the mentioned ecommerce sites and it also calculates your quarterly tax estimates.
Kashoo
This software offers an easy bookkeeping solution as it has an automatic reconciliation, categorization, including income and expense monitoring.
Oneup
This is a double entry bookkeeping software tool and is perfect for businesses that are focused on inventory management and pricing.
Onpay
This software is usually used by small to medium sized businesses as it helps automate tax filing, simplifies payroll calculations, and manages employee compensations.
