Accounting professionals and small businesses are connected with the help of accounting software. QuickBooks is one such software that connects its users over a variety of geographic locations and devices. Few of the QuickBooks competitors are discussed in this paper. With the help of accounting software expenses and income can be tracked, and invoices are sent. Reports and files are easily shared with bookkeepers and accountants. Such software offers organizational capabilities to help the organizations keep accounting data organized. Any trustworthy accounting software is likely to profit many companies. However, there are also some problems associated with such software sometimes, and it is important to manage the possible problems associated with them.
This accounting solution is designed for growing and small businesses. Invoices, and pay bills are created to manage expenses and income. This software is cloud-based accounting software and can track the profitability and sales of businesses. Xero is intended to simplify the already difficult financial operations. Xero also minimizes the time spent scrambling huge records. The main advantage of Xero lies inside its system, where all transactions and contacts are administrated from the same page.
Some of the disadvantages of Xero are that there are limited options for payroll processing as compared to QuickBooks. There is also no time tracking tools in this software. Information can be imported from PayPal and bank only and not from any other source like merchant account payments (pcg-services.com).
The remarkable invoice-to-payment feature is provided by Freshbooks. These features are advantageous to small businesses and companies. It allows users to track exactly when the client has opened his/her invoice email. This helps the organization to deal with and manage the customers who claim that they didn’t receive the invoice. FreshBooks also ensures that invoices are correctly distributed to customers. Billing history can easily be managed because the app offers many tools to help you keep track of current and past invoices. For example, unpaid invoices can easily and quickly be found in past months. Automatic payment overdue reminders can also be sent to the customers of the company.
However, besides these remarkable features, there are a few things that can be improved in this software. These are reporting features, goal setting, and metrics. There have been bugs found by the users of FreshBooks in the email. Apart from these inconsequential malfunctions, however, FreshBooks is on the top without any doubt for its business clients and users (financesonline.com, 2018).
This software was formerly known as Sage 50 and is important accounting software for small businesses. It offers invoicing and billing, security, and inventory management. It also provides industry solutions for many of business segments. These segments include manufacturing, construction, distribution, and accounting (softwareadvice.com, 2018). Some of the advantages of this software are that this software retains a remarkable amount of reporting and inventory features. This software is reliable software that allows its users to set up service items, for example, items that are not stocked but are bought and sold. This software offers payroll features for different kinds of employees and a variety of programs that are important to business types such as businesses that operate different departments. This software provides solid tutorials for new users on how to start with this software.
Some of the disadvantages of this software are that this software is not efficient for inventory services. This software is also expensive as compared to its competitors. A standard package of Peachtree costs 395 dollars. Another disadvantage of this software is that it is hard to understand for new users, especially the users who do not have formal training or accounting background (basis365.com).
basis365.com. (n.d.). Pros and Cons: Top 6 accounting software today . Retrieved from https://www.basis365.com/blog/pros-and-cons-of-the-top-6-accounting-software-today
financesonline.com. (2018). Pros and Cons of FreshBooks: Is It The Best Accounting Software? Retrieved from https://financesonline.com/pros-and-cons-of-freshbooks-is-it-the-best-accounting-software/
pcg-services.com. (n.d.). Xero Accounting Software Comparison. Retrieved from http://www.pcg-services.com/xero-accounting-software-comparison/
softwareadvice.com. (2018). Sage 50 Accounting (Formerly Peachtree). Retrieved from https://www.softwareadvice.com/accounting/sage-peachtree-profile/