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Choosing the Right Accounting Systems When Starting a Company

July 12, 2018

 

 

 

 

When starting a new company, it is important to use the correct tools to properly set up your accounting files. Attached to every good accounting hub are expense report tools, bill payment systems, and the right payroll for your business. Figuring out which ones will benefit the your company most can be a daunting task since there are many options to choose from. However, we have broken down the benefits below into different sections containing accounting tools that pertain to the sections main function. Here is a list of different options that are available.

 

The Accounting Systems (Hub)

 

Quickbooks

 

Quickbooks makes organization easy, keeping track of many different features in a simple design. Managing bills has never been easier with Quickbooks. You can track your bill status, record payments, and create recurring payments. You can create checks from anywhere and pay multiple vendors at the same time which saves you lots of time. Quickbooks allows you to import transactions from your bank, credit cards, PayPal, Square, and other services to automatically sort transactions into tax categories. Quickbooks makes tracking invoices fast and easy. You can accept any credit cards right in the invoice. You can track invoice statuses, send payment reminders, and match payments to invoices automatically. Quickbooks also lets you keep track of your workers with 24-hour direct deposit. With many other features, Quickbooks is a simple, fast, and easy way to get banking and accounting done right.

Payroll can be completed right from inside Quickbooks. With payroll and Quickbooks together, you can run your business more efficiently. You are able enter 50 employees’ hours and Quickbooks will automatically calculate the taxes and deductions. Quickbooks payroll reports make it easy to manage your tax liability and payroll expenses. With 24-hour direct deposit available all your employees or contractors can be paid on time. You can choose to handle your taxes on your own or have Quickbooks experts do it for you.

 

Xero

 

This accounting software does all the heavy lifting for you. The many features Xero offers makes small business simple, with many small features to help you run smoothly. You can login at any time on any device to get real time cash flows. You can create professional invoices and get notified when they’re opened. With all your business data in one place it’s much easier to view how your business is tracking. You can also send invites to people, such as your accountant to ensure you’re meeting tax obligations. Xero also lets you calculate payroll, pay employees, and manage payroll taxes. With many other helpful features, Xero is a smart tool to use.

 

Expense Report Tools

 

Expensify

 

Expensify is an expense report tool, and has many features to help make accounting easy. With Expensify, you can fill out your expense report with a single picture. Taking a picture of a receipt automatically fills out and submits the expense report for you so there is no hassle. Once reports are approved, the money is delivered and will be delivered to your employee’s bank account within 24 hours. Administrators can configure expense policy rules for the company however they like. They can also set Expensify to detect any expenses that might require a manager’s review. Any changes that might be made in your accounting system can be automatically synced with Expensify to view your company’s finances immediately. These features help make your company expense reporting process straightforward.

 

Abacus

 

Abacus is another expense report tool. Abacus produces real time information to help you make decisions on expenses, spending, budgets, and return on investment. Any expenses that may violate your policy, such as approaching the budget limit, potential errors or fraudulent activity are easily separated to minimize any heachache . Abacus can also draft any expenses using receipts and/or card transactions to process complete and accurate records. Abacus also lets you set up policy rules to expenses before they are submitted to prevent any violations. A simple interface and powerful rule-based automation makes Abacus a great tool for convenient expense reporting.

Abacus learns from your past accounting patterns to suggest account categories, merchants, and more. Travel expenses can be viewed with Trip in your dashboard. Abacus also integrates with the application, Slack to provide the high productivity in a work environment.

 

Bill Payment Systems

 

Bill.com

 

Bill.com wants to simply all your businesses’ bill payments. With Bill.com you can process and pay all your bills in just minutes. Invoices are received electronically, or by dragging, and dropping, or you can enter the bills yourself. Online access gives you fleibility to use this tool anywhere at any time for your automated approvals and business payments across all devices. Bill payments are sent by either ACH, or Bill.com will mail your checks out for you. Bill.com can send your customers automated electronic invoices and reminders to make sure they are never late. Bill.com can also sync to your accounting software to give you faster entry and auto-reconciliation.

Bill.com lets you skip any double data entry, with sped up account reconciliation, to improve the accuracy of all your records. When you pay, or get paid, you’ll automatically get updates on your accounting software and bank account, giving a clear and real-time view of your cash flow. With Bill.com you can do everything faster. Bills, invoices, and any other documents are easily accessible for your organization by their online system.

 

Payroll

 

Gusto

 

Gusto is one of the quickest tools to get your payroll done. With simple explanations, Gusto wants you to get your payroll done as quick as possible. Just add employees to the payroll and they’ll receive emails linking them to their paystubs. Gusto also pays and files away your payroll taxes in a simple, organized fashion. Gusto also lets you sync your payroll with accounting and time-tracking software. Gusto will help with any new hires and file their paperwork with the state and help with I-9’s and W-4’s. Gusto gets rid of many of the hardships with filing payroll and makes a quick and easy task.

These are just a few smart accounting tools that are recommended to new companies and businesses wanting to make banking easy and reliable. This list separates your options for accounting tools, and clarifies how each program works best and makes your accounting process straightforward. Starting a new company can be difficult to get off the ground with its own set of challenges, but with these few helpful tools, accounting won’t be one of them. Best of all, they’re all free.

 

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