Table of Contents
Are you running a small accounting firm? Or maybe you’re just thinking about getting into the industry? Either way, there are some accounting tools and software you should consider before you start.
What accounting software does your firm currently use, and why did you choose it? What other options would you consider?
As Certified Public Accountants (CPAs), our job is to ensure that businesses follow proper accounting procedures. Accounting software helps us track expenses and income accurately, ensuring that the books remain balanced. In addition, CPA software is often used to create financial reports for clients using these tools.
There are hundreds of accounting software companies out there. Some are free, some require a license fee, and some cost thousands of dollars per year. As CPAs, we should always try to use the best tool for the job.
This guide provides insight into the top five accounting software for CPA firms today.
What is Accounting Software for CPAs?
There are many types of accounting software solutions that you can use to help manage your practice. Some offer advanced features like invoicing, bookkeeping, client management, tax preparation, and even payroll processing.
But what makes one piece of software better than another? And how do you know which software is best suited for your needs?
You can use our guide to help narrow down your choices. We’ve included information about the different business accounting software, including cloud-based options. Then we’ll tell you what these key features do and how important it is to you.
Best Accounting Software & Tools to Consider for CPA Firms:
QuickBooks:
QuickBooks is one of the most popular bookkeeping programs available today. With its ease of use and affordability, QuickBooks is great for small, mid-sized business owners who simply need basic accounting features for record keeping.
QuickBooks comes in both desktop and cloud versions. Desktop users must download the program from Intuit’s website, install it, then configure it to work with their company information. Cloud users access their data remotely through the internet, eliminating any installation issues.
The QuickBooks desktop premier is a powerful program that allows you to manage all aspects of your bookkeeping. It includes many useful tools, such as inventory management, payroll processing, sales tracking, customer relationship management, and much more. You can even use it to run several businesses simultaneously.
This version of QuickBooks is designed to work with Windows 7/8/10, Mac OS X 10.6 and later, and Linux systems.
You can easily set up and maintain accounts, bills, customers, vendors, employees, taxes, and projects. You can also import data from Excel files. If you’re looking for something simple, try out the free QuickBooks Online.
Xero:
Xero is a special accounting software for small and growing companies. Businesses use Xero to connect with their trusted advisors and provide instant visibility into their finances.
Xero is a cloud-based accounting platform designed specifically for SMBs, and it comes from Australia.
It offers functionality similar to QuickBooks Online, plus features like invoicing, inventory tracking, and time management.
You can expect unlimited file storage, customizable dashboards, and integration with third party apps.
Users can download their data onto mobile devices, so they can complete tasks wherever they happen to be.
One of the most impressive things about Xero is its ease of use.
You can sign up for FREE, then upgrade to Business Pro for a pricing plan of $34/month. If you prefer to self-host, you can do so for $12/month.
FreshBooks:
FreshBooks is an online invoicing service that helps small business owners manage their finances.
It’s cloud-based software for accountants that functions serenely on all types of devices.
It has a fully integrated multi-currency system, payment reminders, recurring invoices, online cc payments, business tax return calculations, and much more.
It gives a wide range of affordable plans, including a $6, $12, and $22 charge, and each has varying access to custom plans with unlimited users with their biggest benefits.
Sage 50cloud:
The original Sage 50 cloud was launched in 1999 and offered online access to Sage products. In 2004, it became Sage 50cloud.com.
Although there are many versions of Sage 50cloud, the basic premise is unchanged: you pay monthly fees for unlimited access to Sage products. You can download the desktop version of Sage 50cloud here.
Sage 50cloud is designed specifically for accountants, bookkeepers, tax professionals, attorneys, business owners, and anyone who needs to manage their finances.
It includes robust features such as automated time tracking, expense management, invoicing, credit card processing, payroll, and much more.
In addition to being able to access Sage products online, Sage 50cloud offers numerous features including:
• A built-in help desk system
• Online training videos
• Accountant-to-accountant support via chat
• Remote working capabilities
• Access to professional development courses
• 24/7 customer support
• Accounting software customization
• Practice management tools
• Security monitoring
• Data backup and recovery
• And much more…
Wave Accounting:
The Wave Accounting app is a cloud-based application tool designed specifically for freelancers and small businesses. With wave, you can manage your clients’ accounts, send invoices, file taxes, keep track of expenses and much more. You’ll never lose another client again thanks to the built-in CRM system.
The Wave Accounting solution combines intuitive tools with powerful reporting capabilities and an easy-to-use interface.
Its cloud-hosted web app lets you access your financial data wherever you are and whenever it suits you – whether it’s while working out, commuting or relaxing on vacation.
Wave offers a complete suite of business management solutions, including accounting, payroll, project management, invoicing, bookkeeping, and reporting.
With Wave Accounting, you’ll always know what’s happening with your finances, no matter where you are. You can sync your accounts across multiple devices using the built-in mobile apps, and get real-time alerts about transactions, balances, payments and more.
Final Thought:
In the past year, software for the accounting industry has become increasingly popular among small businesses and freelancers alike.
This makes sense since accounting services are now accessible to everyone, regardless of their skill set.
For these reasons, we’ve compiled a list of the best accounting software tools for accountants and CPAs.
They provide a solid foundation for the smaller businesses and solo practitioners who rely on them daily. These programs offer an easy-to-use interface that allows small businesses and individuals to manage invoices, pay bills, track expenses, etc.
Find out more details about the best online accounting software! Get access to outsourced accounting and taxation services today with Safebooks global!