Top Accounting Software for Small Business in 2021

As a small business owner, you have a lot of daily activities to catch up with. Its time to ask yourself that are you really able to cope with all of your business functional areas at the same time? Won't you feel tired handling all of these by yourself? If yes then one question:

Why not accounting software?

Why Use Accounting Software?

Nowadays, accounting and bookkeeping often means a lot to a company and has become one of the most vital needs of a company. Why so? Well-managed finances often indicate that the overall financial health of a company is great! Using accounting software like Xero and Intuit Quickbooks, it can help you to manage your company's finance way better. It offers the automation of the accounting and bookkeeping process which saves you a huge amount of time and costs compared to doing them by yourself.


Most importantly, accounting software simplifies the tracking of financial transactions and is capable of generating various types of financial reports in a quick glimpse. Different from the traditional way, the recording of financial activities no longer need to be performed manually by individuals, instead it can be now done easily and automatically using accounting software, at the same time allows full control to the business owners.

Benefits of Using Accounting Software

Before we start talking about accounting software, lets make a quick review some of the benefits of using an accounting software for managing your company finances:

Greater Financial Control

Accounting software enables business owner to seamlessly manage their accounts, even if you are not accounting professionals.


Cost-Saving

Accounting software automates the calculation and administrative process, so you do not ever need an in-house accountant for that!


Increased Data Accuracy

One of the most significant advantages of accounting software is its increased accuracy and quickness where It gives you real-time data to assist you streamline your company processes.


Improved Business Decision Making

With all types of financial reports that are able to be generated by accounting software, you can now analyze your financial condition better and make the best decision for your company growth.


Check out more on benefits of using accounting software here!

Accounting Software Overview

An accounting software generally includes functional modules such as accounts payable, accounts receivable, journal, general ledger, payroll, and trial balance that record and handle a variety of accounting and bookkeeping information. Without further ado lets jump into our today's main topic, below are some of the best accounting tools you can find in 2021!

Xero

Founded in New Zealand in 2006, Xero is considered as one of the world's fastest-growing software as a global service company. For twice, the accounting software has been ranked by Forbes as the World's Most Innovative Growth Company in the year 2014 and 2015. Xero is an online accounting software for small and developing businesses that allow you to access your company's finances from any internet-connected device, such as a phone, tablet, or computer, at any time.


Online accounting with Xero gives you a world of possibilities for increasing productivity, streamlining your business management, and infusing beauty into your workday. Xero can be easily set up even for people that have zero accounting knowledge. Besides, its clean and simple to operate dashboard can also provide a real-time and easy-to-understand overview of your business, click here to view Xero pricing plans!

Xero's Features:

Pay Bills

Claim Expenses

Bank Connections

Accept Payments

Track Projects

Bank Reconciliation

Manage Contacts

Capture Data

Pay Runs

Files and Reporting

Purchase Order and Quotes

Inventory

Send Invoices

Multicurrency-Aa

Sales Tax

Analytics Plus

Quickbooks Online

QuickBooks - an accounting software package by Intuit was first created and launched in 1983. QuickBooks Online (QBO) is a cloud-based solution from Intuit. The customer pays a monthly membership cost rather than an up-front charge for the desktop version, and uses the software only through a secure Web browser login, while Intuit automatically delivers fixes and upgrades the software. With QBO, businesses may automate many of their monotonous operations and procedures using the cloud-based system, such as handling bills and invoicing, monitoring projects, and even tracking mileage automatically with only a smartphone.


QBO not only is an inexpensive options, but it also has high value for startups. It includes almost all of the fundamental bookkeeping tools that most startups require, such as income and spending tracking, as well as important reporting, such as the monthly financial statements. Even users with minimal finance expertise may obtain the information they need to start doing basic bookkeeping using QBO's user-friendly and simple interface. Nevertheless, QuickBooks also provides video tutorials that teach how to utilize the platform, as well as a virtual orientation process and other online training. You may also reach out to the QBO customer service staff for technical assistance or extra assistance through email, online chat, phone, or even video chat, click here to view the pricing plans for QBO!

QuickBooks Online's Features:

Invoicing

Expenses

Bank Feeds

SST

Capture and Organize Receipts

Mobile App

Insights and Reports

Inventory

Multi-Currency Support

Date Security

Manage Cash Flow

Cloud Accounting

Xero VS QuickBooks Online

QuickBooks and Xero are both great accounting software for small businesses and excel in different functional fields. Its hard to say that which one is the ultimate winner, it depends heavily on what features you require, your budget, and the capabilities that are most essential to you. Let's see which accounting software suits your company better and how we can help you with that!

Xero

Minimalist design and ease-of-use
Inventory Management
Third Part Integration
Startup Business

QuickBooks Online

Good Scalability
User Limit
Advanced Reporting Functions
Transaction Tracking Tags

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Location

Penang Office:

3A-1-13, Straits Quay, Jalan Seri Tanjung Pinang, 10470 Tanjung Tokong, Penang, Malaysia

KL Office:

23-5, Menara Bangkok Bank, Berjaya Central Park, Jalan Ampang, 50450 Kuala Lumpur


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