In many cases, there are various accounting software options that are found on the market which is suitable for businesses depending on their sizes ( Hutt, 2010) . The following are recommended for the most viable software for every business category;
Small Businesses
Small businesses are often regarded as those which are owned independently and whose operations are limited depending on the type of industry that they operate in. The most viable accounting software for small businesses is QuickBooks. The software often offers many versions that are designed so that they can be able to fit in the almost ant small-sized or medium-sized business.
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The common accounting software feature that that is found in QuickBooks and which are needed for small businesses include feature tools for routine accounting that just tracks expenses, bills, customers, and invoices ( Lewis, 2014) . The software is advantageous to small businesses because it is easy to use and also saves time because it helps in making sure that there is accuracy in accounting. In addition, it reduces or in some cases eliminates the need to enter the same accounting data in various software applications as they can be put in QuickBooks. More specifically, the version that is advisable for small businesses is the QuickBooks Simple Start because it can be upgraded easily to other versions of QuickBooks as the business grows. It does not need sophisticated hardware as it uses computers which are affordable to most small companies. The software has its own security as it allows the user to input a password.
Medium-Sized Businesses
Medium-sized businesses are often those whose employees fall in below certain limits depending on the industry that the organization is found in. Considering the fact that most of the financial management operations are conducted in the cloud , financial officers from medium-sized companies can take advantage of digitized accounting benefits and they can do so without the installation of expensive programs and without going through the training process. The leading application of the best accounting software for medium-sized business is FreshBooks. The accounting software is the most appropriate for medium-sized companies because it performs highly. In addition, it is considered to be fast and reliable and also simplified all the accounting operations, even the most cumbersome ones.
FreshBooks is suitable for medium-sized business because of several reasons that include it is considered to be the easiest accounting software to use. It is assumed that the accounting software has a friendly interface and improves the quality of work. In addition, task prioritization is automated and does not need any form of training, especially for new users. In addition, upgrades and maintenance are also automated. The system is usually available on every device and on all operating systems. The accounting software is also beneficial to medium-sized businesses because of the fact that it saved billing time as it allows organizations to accept online payments. In addition, it captures the expenses and displays them in a way that helps the users be able to predict the most vital assignment for the team. In addition, it manages a company’s billing history and tracks the past and present invoices. In addition, it automatically sends overdue payment reminders to the clients that help the company stay on top of its cash flow and users do not need to argue with the customers about payments that have not been paid or which are missing.
The software is compatible all devices which the most basic hardware requirement is the computer. There is also need for the company to have an internet connection. It integrates with many systems and apps as it can be connected to various types of business applications such as Capsule, Paypal, Google, Acuity Scheduling, and MailChimp. Considering the fact that it uses the internet, there is the need for companies to make sure that they are secure from viruses by installing antiviruses.
Large Businesses
Large businesses are those that are involved in activities that are large-scale and which control large-scale finances. The organizations often run huge transactions and thus need accounting software that can support their operations and at the same time that will increase the competitiveness and agility of the company in the market ( Deshmukh, 2006) . The accounting process for large companies can be confusing and tedious as they deal with large transactions. Therefore, they need the right software that can increase the level of accuracy and efficiency of accounting, and at the same time, which can automate and streamline the processes of the business.
Cloud accounting is the best option for large companies more specifically the Cloud-based Large Business Accounting Software known as the Financial Force. The software helps in finding ways of making the operations more efficient and cheap. The software uses the common hardware found in any company, more specifically the computer. It helps employees in large companies to work as a team by using a recording system to ensure efficiency and consistency. It takes advantage of cloud computing and thus covers all the security issues.
Conclusion
There are many accounting systems that are available in the market and thus it is vital for companies to analyze them and choose the one that is suitable for their entities based on the size of the company. For example, from the analysis above, small business people would choose QuickBooks because it is cheap and easy to use.
Reference
Deshmukh, A. (2006). Digital accounting: The effects of the Internet and ERP on accounting . Hershey, PA: IRM Press.
Hutt, M. D., & Speh, T. W. (2010). Business marketing management: B2B . Mason, OH: South-Western Cengage Learning.
Lewis, J. (2014). The Book You Need Before You Buy That Accounting Software: How To Find, Buy and Implement the Best Accounting Software Solution For Your . Cork: BookBaby.
