Bookkeepers and bookkeeping services can be a small business owner’s best investment. Bookkeepers save small businesses money by keeping their books in order and providing accurate financial reports – giving the small business owner more time to do what they do best.
Bookkeepers handle a wide range of duties, including recording financial transactions, maintaining accurate records, and balancing the books of a business. Bookkeepers can manage accounts receivable and accounts payable for small businesses – they can create and send invoices, accept payments, and so much more. They use small business accounting software to reconcile bank accounts and lines of credit, and create vital reports such as Profit & Loss statements and Balance Sheets. Bookkeepers can track and manage inventory, provide payroll services, and even track time. The key financial statements that they prepare can help prepare you for tax time, and their assistance in translating the reports into layman’s terms can help you make smart business decisions.
Making the switch to using an online bookkeeping software like Quickbooks Online or Xero is an ideal choice for small business owners who are looking for more accuracy in their books and reporting – when you just need someone to keep your books in order, working with a bookkeeper who uses one of these cloud-based bookkeeping software solutions is the perfect choice. Online bookkeeping is also great for our remote entrepreneurial lifestyles – since Quickbooks and Xero are cloud-based, you can keep tabs on the financial health of your business anytime from anywhere – office to the beach!
What does bookkeeping software do?
Bookkeeping software allows bookkeepers to accurately manage the finances of a small business. Software such as Xero or Quickbooks Online are all cloud-based and perform a wide variety of bookkeeping functions – creating reports like your Profit & Loss statement, working in Accounts Payable and Receivable, and balancing your books.
Online bookkeeping programs like Xero and Quickbooks Online connect seamlessly with your bank accounts to import transactions. This not only helps save time over entering transactions manually, but it also reduces the human error element that comes with manual data entry and can provide up-to-date financial reports. The software even knows how to categorize your transactions to match your Chart of Accounts. It makes reconciling your accounts every month a breeze!
Main functions of online bookkeeping software:
- Importing & categorizing transactions from your bank
- Reconciling bank accounts
- Accounts payable
- Accounts receivable
- General ledger
- Preparing key financial statements
- Managing inventory and purchase orders
Our picks for the best bookkeeping software
Xero provides fast, simple, powerful bookkeeping software that your users can access simultaneously, regardless of their different locations or operating systems. They offer a wide range of easy-to-use features to help you manage your bookkeeping, such as paying bills, claiming expenses, and accepting payments. Xero is a great choice for small and mid sized businesses – and it’s even a great choice for businesses that are growing – they make it easy to create a plan that meets your changing needs since their software integrates with more than 500 third-party apps, plug-ins, and products. With over 2 million global subscribers, Xero is a leader among online bookkeeping software options, and for good reason – their software and customer support are an excellent choice when you’re looking to choose a bookkeeping program for your small business.
Quickbooks Online is the cloud-based version of Intuit’s classic bookkeeping program. Quickbooks Online does it all – reconcile your bank accounts, create and send invoices, accept business payments, manage and pay bills, and even manage payroll. It is one of the most popular bookkeeping software options for small and mid sized businesses and is one of the most trusted bookkeeping software options out there.
Sage is known for being easy to use and set-up. Sage gives you control to automate your business finances, speed up payments, manage cash flow, and track expenses. Their real-time tracking feature lets you know the minute your invoice is viewed and paid.
AccountEdge Pro – AccountEdge offers full-featured accounting software for your small business, via their desktop application – and with no monthly subscription. Their command centers help you run and report on all aspects of your business: sales and invoicing, purchases, payroll, inventory, time billing, and more.
Wave offers free accounting, invoicing, and receipt scanning software. But these kinds of free software tools have fewer features, and will not be able to scale as your business grows.
NetSuite offers an entire suite of enterprise-grade applications that reach well beyond the needs of accounting & finance. Companies use NetSuite for enterprise resource planning (ERP) and to manage inventory, track their financials, host e-commerce stores, and maintain customer relationship management (CRM) systems. It’s a flexible platform that can be applied to a wide range of business applications.
FreshBooks is a cloud-based accounting software solution designed for freelancers and small business owners. It is a simple and intuitive solution, so accounting isn’t intimidating. You can create professional invoices, capture your expenses and track your time towards projects.
Why you should hire a professional bookkeeper
Keeping your company’s books accurate and up-to-date takes up a lot of valuable time as a small business owner. And as your business grows you’ll find you don’t have enough hours in the day to accurately manage your own small business bookkeeping. Hiring a professional bookkeeper becomes essential to keeping your finances on track. With a bookkeeper on your team, you can then easily review your finances, make smart decisions fast, and grow your small business.
Xendoo’s online bookkeeping service plans utilize Xero and Quickbooks Online software, and come with a dedicated team of bookkeepers and accountants who are committed to helping you grow your business. Xendoo offers a variety of packages because we know not all business owners are created equal. You can choose the package that works best for you and your business.
Online bookkeeping software makes doing your own books possible, however paying a monthly rate to Xendoo will provide you with Quickbooks and Xero, plus a dedicated financial team on the go. You gain the freedom to focus on managing and marketing your business while staying passionate and avoiding burnout.