When starting a business, what should be among your first steps? Typically, one would think about getting the business going, putting all operational effort into making money.
When actually, it helps to set up a good business infrastructure first. Otherwise, you may end up making an inefficient use of your finite resources in the long-term.
Accounting tools help your business plan better. These include online tools for invoice processing, accounts payable, payroll, expenditures and even cash flow forecasting.
Below, we summarise the top accounting tools that will help your business grow.
Xero can be your one-stop shop for all your accounting needs. It is packed with features to track sales, offer recurring invoices, calculate tax, schedule payments, manage your inventory, handle incomes and expenses and more. This accounting software allows you to view your financial information in real-time.
Furthermore, Xero may incorporate more than 300 apps for further customisation based on your accounting needs.
FreshBooks is a cloud-based invoice and accounting software for freelancers and SMEs. Through the software, you can create invoices as well as track both expenses and status towards projects. You can also organise expenses and run accounting reports. The cloud solution allows data to be stored securely and in a convenient manner. You can access your information on any device, anywhere.
It starts from SGD $8.10/5 billable clients.
Bill.com, as its name hints, allows you to keep track of your bills. It is a cloud-based accounting solution that specialises in billing and invoicing. Bill.com helps users handle their financial reporting. Bill.com delivers financial process efficiency to small businesses and mid-sized companies through streamlined accounts payable and accounts receivable management.
What makes Bill.com outstanding is how the platform leverages artificial intelligence (AI) and machine learning. Through this, it learns your processes and preferences to allow you greater control over every aspect of your bill management. This saves time, as well as reduces data entry and human error.
It integrates with other accounting software easily, such as QuickBooks, Xero and Intacct.
It starts at SGD $52.62 per month.
Developed by Intuit, QuickBooks is an accounting software that provides desktop and online accounting applications as well as cloud-based ones that can process bills and business payments. QuickBooks is dedicated to helping small and medium businesses manage their finances better. Ease of use and reporting functionality are what make QuickBooks popular.
It is one of the most trusted accounting software across the globe. It lets you access invoices and accept payments, run reports, track your expenses and taxable income, manage budgets, track inventory and more.
You are allowed a 30-day trial before you choose which plan suits you.
Expensify is a good tool for keeping track of your expenses. Expensify allows one to take pictures of your receipts. This way, your employee can quickly log his or her receipt details and submit them to you.
The goal for Expensify is to help get your business expenses done while on the go. Expense reports can take as much as 83% less time!
You have 6 weeks of free trial and then you will be charged $6.75 per user per month.
We hope you find a good infrastructure to ensure payment efficiency. If you are further looking to streamline your payments, Wallex offers a range of services such as bulk approval and bulk payment features. Our bulk payment feature allows you to pay employees regularly, while our multi-level approver matrix lessens your administration time on making payments.
We have more tips on how to grow your business in our latest E-Book. Download it below.