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Sage is an entry level accounting and bookkeeping software that is ideal for SMBs and businesses want to manage their cash flow.
Deployed on: Cloud
Starting From: $10 /month
NetSuite by Oracle
One of the best cloud-based financial management solutions for medium to large organizations. It integrates with all other NetSuite order management, inventory, CRM and eCommerce functions to streamline critical business processes.
Deployed on: Cloud
Starting From: $999
As much as it is a tedious, boring task, accounting is a duty that must be done for every company. The right accounting software for contractors automates the invoicing and bookkeeping process, digitally bringing every aspect of accounting together in an easy to use way. However, there are dozens, if not hundreds of accounting software out there, making finally deciding on one app a difficult task. The following buyer's guide aims to show you your best options and explain what functions and features you should be looking for in your accounting software.
What are the advantages of an accounting software for contractors?
Any contractor that needs an assisting hand in their accounting and save money on tax consultants and accountants should be using an accounting software. It helps you put together and archive documents, invoices and expenses to be accessed later when you need to file your taxes, or take a quick look at when you need to overview finances of your company. Offloading your accounting to a professional software, which by the way, developed according to current status of the law and checks all boxes, enables you to focus your time on growing your business.
What to look for in a good contracting accounting software?
Before deciding on the best contractor accounting software to use, the main question you should answer first is, what features and functions the software should offer.
The exact requirements may change from person to person, but also on the industry and the size of the company. However, if you are an absolute beginner in accounting, you often cannot even name the exact features of an accounting software at the beginning. In principle, newcomers should therefore pay attention to certain functions that provide powerful tools.
Accounting software must-haves:
The features we listed down below are the basic functionalities you're going to need at some point in your accounting and bookkeeping, therefore should be provided by your accounting software.
- Income Surplus Account
- Profit and loss account (P&L)
- Annual financial statement with balance sheet
- Advance sales tax return
- integrated booking templates
- business analyses and reports
- integrated online banking
- regular free updates
Other functions that would be great to have:
In addition to the most basic functions we have listed above, the following ones would be great to have also;
- Annual sales tax returns
- 3rd party app integrations
- Asset management
- IOS & Android mobile applications
A good accounting software does not specialize in one particular type of industry, market or a segment. It should be able to used by different groups. It must be adapting to your company's ever-changing needs & requirements, even as the company grows. This makes it suitable for freelancers, start-ups, small businesses, small and medium-sized companies and large enterprises.
Anyone who wants to work with an accounting software as an absolute beginner needs a clearly structured and easy-to-understand UI. It should be understandable even without previous knowledge and thus avoid hours of training. This is especially important if there is going to be many people at your organization using the software.
Should there be any questions arise within your company despite easy to understand user interface of your accounting software, there must be a support team available to answer your questions. Live chat with an advisor or same-day email answers would help solve your problems fastly.
If, despite the simple interface of the accounting software, questions arise, a support team should be available. In the best case, the provider has a chat for quick questions and answers subject-related queries in simple language.
Price Performance ratio
With many products and offers available on the market, competition in the accounting software industry is stiff. It drives their subscription prices down and as a consumer helps you save hundreds of dollars every month in subscription costs. Despite the enormous value they provide, even the most expensive accounting software in 2020 won't cost you more than 10 - 50 dollars a month per seat/user.
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