Small business owners need bookkeeping and payroll software that provides comprehensive features. Getting this right protects the company from losses or issues like IRS penalties.
Neglecting your financial situation risks the well-being of your business and your employees. There are several benefits of bookkeeping:
- management of customer and supplier accounts
- helps with business decisions such as wage increases and investments
- ensures compliance with federal tax laws
- reduces risks such as fraud and embezzlement
- enables future planning for the business
These benefits come when you are using a high-quality bookkeeping and payroll system. Read on to learn about the best ones on offer.
Top Bookkeeping and Payroll Solutions
Every small business needs helpful office tools that improve productivity and efficiency. There are different top solutions available for your bookkeeping and payroll needs. They include:
QuickBooks
This is one of the most popular accounting software. It is moderately easy to set up. It offers plenty of features for recording financial transactions.
Bookkeeping features include expense tracking, billing and invoicing, and bank reconciliation. It integrates with other systems to provide payroll features. These include check printing, W-2 preparation, direct deposit, and compensation management.
It categorizes your information, delivers updates, and creates reports. Moreover, you can share your transactions with your accountant to go over them. It also helps you track your taxes and deductions.
Wave
Wave is the people’s software. That means the designers made it simple enough for anyone to use. You don’t have to be an accountant or an IT specialist. Just set up Wave and let it do everything for you.
The software customizes itself. It offers online access to make your data available from anywhere. You can connect it to your bank and have all your accounts at hand.
It provides all the reports you need. Plus, it makes your tax time simpler with pre-prepared details. Last, it has built-in invoicing, receipt scanning, and affordable payroll services.
Xero
Xero is another easy-to-use software with bookkeeping and payroll features. It gives you a real-time view of your cash flow. It provides easy invoicing and inventory tracking.
This software integrates well with third-party apps. It also reconciles your local and foreign bank accounts. That means they update exchange rates every hour to ensure your records are accurate.
Getting information from point-of-sales systems is also simple. Use services such as National Transaction merchant account services. They process all electronic payments in a seamless way.
It also has thousands of certified advisors to help you with your bookkeeping needs. It uses Xero Payroll integration to manage your payroll.
Sage 50
Last on the list is Sage 50. It provides financial reports on different platforms. It automates all your data and stores backups online.
Sage 50 records your receipts and bills. It manages your customer contacts and tracks your vendors. It also manages your inventory and provides banking integration.
It makes it convenient to receive electronic payments faster. It allows you to pay employees and track payroll tax changes. This means you’ll always be compliant with the law.
Learn More About Business and Design
The software listed above are not the only ones available. Do your research and find the interface that works for you. Make sure it has all the features you need to run your business.
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