Accounting Software Done Right: Choosing The Best Solution To Survive Tax Season (And Every Other Day)
Tax season is all about time management.
Most accountants know the drill: work/life balance goes awry during the busiest season of the year. You’re working around-the-clock to get the work done on-time and meet the demands of your clients. And even when it’s off-season, you’re busy working with individuals on their investments, retirement planning, and other tasks.
Let’s not forget about businesses looking for strategic advice, payroll, bookkeeping, and other services. What’s the best accounting software to take you through the crazy tax season (and every other day of the year)?
What Should You Look For In Accounting Software?
The right accounting software is indispensable.
Why?
Because it’ll allow you to reduce errors, automate tasks, and overall, save a ton of time. In today’s ever-evolving, technology-dependent business environment, there are so many accounting software solutions available. Choosing the right one is not always a simple task. Today, we’ll look at three of the most common options:
1. QuickBooks
QuickBooks enables you to keep track of daily transactions, manage sales and expenses, and much more. It’s ideal for generating reports, filing taxes, invoicing customers, and a whole host of purposes. Here are some of the benefits:
- Manage cash inflow and outflow
- Gain important reporting insights
- Run profit and loss reports in minutes
- Keep track of all financial data in one place
- Create invoices and track expenses/sales
- Manage data relating to vendors, employees, and customers
In addition to the benefits listed above, QuickBooks integrates well with a number of other applications. In fact, you can exchange data with over 325 different applications, including Microsoft Excel. There are four different programs available:
- QuickBooks Desktop
- QuickBooks Self-Employed
- QuickBooks Accountant
- QuickBooks Online Simple Start
2. Sage 50cloud Accounting
Next, we have Sage 50cloud Accounting. This solution offers the power of desktop account software with the flexibility of the cloud. You can simplify financial tasks – minimizing the amount of time spent on each task required. Plus, built-in checks and balances help ensure accuracy at all times so you never have to worry about mistakes.
Some of the main features include:
- Business intelligence and reporting
- Accounting and finance
- Purchasing and supplier management
- Sales and customer management
- Inventory management and warehousing
You can choose from one of three programs:
- Sage 50cloud Pro Accounting
- Sage 50cloud Premium Accounting
- Sage 50cloud Quantum Accounting
The comprehensive reporting capabilities allow you to drill down into the details you require – gathering insight that lets you make informed choices. A visual dashboard highlights key areas of performance to simplify the process of staying ahead of key trends.
3. Microsoft Dynamics GP
Lastly, we have Microsoft Dynamics GP, formerly known as Great Plains. This business management solution requires a bit more training and customization than other options, but it’s great for those looking to get control of a range of business processes, including supply chain performance, human resources, and payroll processes.
Accountants can rely on this solution for:
- Financial management
- Reporting and analytics
- Business intelligence
- Sales tax automation
- Performance optimization
- Asset management
As an added bonus, it’s very similar to other Microsoft applications, such as Outlook, Excel, and Word. You can get up and running rather fast with minimal learning curve involved. It also works with other Microsoft applications flawlessly.
