Do you need accounting software for your small business? It is pretty easy to find the answer. Just open your spreadsheet and try to judge, "Is it bigger than the spreadsheet you prepared to record the last month's earnings and expenses?"

There you have it - the truth.

Online Accounting Software to Automate Your Daily Tasks

You may have started small, penny-pinching here and there. But as the business grows, you have to change your mindset. You need to analyze your work and find opportunities to automate it. It is where accounting software for small businesses come into play. These business software tools can minimize your workload.

Leveraging Online Accounting Software for Small Businesses

Regular updating of your books gives you two distinct benefits. Firstly, your business remains compliant with the law. Secondly, you get to know its financial status. Online accounting software simplifies your:

  • Online billing and invoicing

  • Accurate tax filing with GST report

  • Maintenance of general ledger & journal

  • Preparation of quotations

  • Multi-currency transactions

  • Recurring transactions

  • Preparation of cash flow, profit & loss, balance sheet statement

  • Accounts payable

  • Accounts receivable

  • Reconciliation of accounts

  • Inventory management

  • Budget & forecast

  • Multiple Users

  • Customer and vendor management

How Accounting Systems Enables You


Most importantly, the latest accounting systems tools like One Accounting software, provide you with a dashboard that presents fresh financial data. It means you do not have to dig for the information. The dashboard enables you to take stock of your business' latest position at-a-glance.

Customized Invoices

It is obvious that as a business owner, you expect to get paid as early as possible. You can speed up the process by sending customized invoices to your clients. In fact, you can email them instantly. You can use ready-made templates to customize invoices: add your company name, logo, and trademarks to it.

Prepare Financial Reports & Statements

Today, accounting software is a very handy tool for streamlining your business' day-to-day accounting tasks. The data you digitize during bookkeeping remains available for further processing.

You can use the digitized data to instantly prepare various financial statements and reports without having to work manually. It is effortless and saves tonnes of time. You can base your business decisions on these critical documents.

Manage Accounting Needs of Multiple Companies

What if you own a number of companies? Would you need to buy a copy of the accounting software for each of them? Of course not. One Accounting software comes with advanced capability. It handles the accounting of your multiple businesses without a hitch.

One Accounting software allows you to create as many companies as you want. It takes into account the business and industry type and automatically, creates default accounts appropriate for each company. It simplifies the management of all your business' accounting needs from one-place.

Maintain Positive Cash Flow

The cash flow management is one the crucial task for the business owners. You may break your business if you ignore it. However, you also need to attend other vital tasks of the business like reaching out to customers, preparing marketing campaigns, providing products and services, and all the activities that you need to do to retain your existing customers.

Then, one fine day you find that your customers are not honoring their commitments. They are falling behind on their payments leading to an imbalance in your cash flow.

Manage with Ageing Reports

One Accounting software provides you with accounts payable and accounts receivable reports. These documents give you a fair idea about what you owe to your suppliers and how much amount your customers owe to you.

With accounting software, you can go a step further and produce ageing reports for accounts payable and receivable. The report renders the data to show outstanding payments as per their date. You can confront your customers with this factual data and get a handle on your cash flow situation and streamline it in your favor.

What Online Accounting Software can Do for You

  • 24/7 access to your financial data

  • Easy to understand settings

  • Auto-save current draft

  • Easily import financial data

  • Reconcile any accounts

  • Email estimates or invoices

  • Print estimates or invoices

  • Give access to multiple users

  • Export data in PDF, Word, Excel format

Take Timely Business Decisions

You can access your online accounting software from wherever you are at any time. You can access the latest data and evaluate your position before making any commitments to your customers. You can also use this data to make other vitally important business decisions.

If you are searching for online accounting software for your small business, look for the vendors that offer a free trial of their software. It will give you a fair idea, whether it can fulfill your business' accounting needs or not.

Author's Bio: 

I am a technical consultant & a writer who loves to forge knowledge on software products & services.