If you’re a small business owner, you know the importance of keeping accurate and organized financial records. Just a generation ago, this detailed and specialized work required the hiring of professional bookkeepers and accountants, which often proved prohibitively expensive. Now, even the smallest micro-business can leverage the power of professional-grade accounting software tools. There are several desktop accounting and bookkeeping software solutions from big-name companies like Intuit and Microsoft, but many small businesses are now turning to web-based accounting software applications for their ease of use and cost-effective results. The accounting software solution that you choose will depend both on your business needs and your preferences regarding the sliding scale from maximum interface simplicity to maximum features and power. The right accounting software can be a great boon to your business in a variety of ways.
First, a good accounting software solution can help you finance the growth of your business. Growth inevitably requires purchases, but each purchase must be managed so that you can retain sufficient capital to manage the daily operations of your business. The right software can make your “go/ no-go” decisions on capital expenditures much easier by elucidating the effects these decisions will have on your company’s daily expenses and overall financial situation.
Proper cash flow management is critical to the success of any small business, and this is one area in which accounting software can be a lifesaver. Knowing whether your business is in a strong or weak cash position at any given time allows you to make the best decisions in the moment. When the business is in a strong cash position, you can pursue opportunities and incentives that require liquidity. When its cash position is weakened, you’ll know to protect your interests. Knowing whether to lease or buy property, retail space, and equipment are key decisions that will most likely come down to an analysis of your cash position. When you have greater visibility on incoming and outgoing payments and expense tracking, you can make confident and intelligent calls.

Benefits of using Accounting Software

 - Improves Data Accuracy
 - Increased Staff Productivity
 - Automatic document production
 - Cost savings

Popular and effective Accounting Software solutions

1. QuickBooks

QuickBooks is an accounting software package developed and marketed by Intuit. Intuit has integrated several web-based features into QuickBooks, including remote access capabilities, remote payroll assistance and outsourcing, electronic payment functions, online banking and reconciliation.

2. Microsoft Dynamics

Microsoft Dynamics is a line of enterprise resource planning and financial accounting software applications. Microsoft Dynamics applications are delivered through a network of reselling partners who provide specialized services.

3. SAP Business One

The SAP Business One application integrates all core business functions across your entire company – including financials, sales, customer relationship management, inventory, and operations. Unlike many other small business solutions on the market today, SAP Business One is a single application, eliminating the need for separate installations and complex integration of multiple modules.

4. Multiview Enterprise .NET

In total, Multiview’s Enterprise accounting solution includes 14 modules to help organizations manage its financials, analyze its assets and report on its cash flow through visualized reports. Pricing based on number of users.

5. Sage One

Sage One earned this year's top ranking for offering an all-in-one accounting software. Sage One bundles all the tools businesses need to create, send and track invoices; process payments; manage expenses, link bank accounts and credit cards; generate financial reports; and maintain accounting records. Included in the software is a project management platform, where users can collaborate, share files and manage tasks via the cloud.

6. FreshBooks

FreshBooks is a cloud-based accounting software offering anytime, anywhere access to accounting tools. Its features include customized invoices, expense management, time tracking, accounting reports and tax calculations. With FreshBooks, small busineses can get paid faster with online payments and credit card processing via more than 13 payment gateways, including PayPal. Users can also set up recurring invoices, auto payments and late payment reminders.

7. iERP

There are several feature modules that can be enabled or disabled, as needed. It is a web-based application, and can therefore be used wherever an internet service is available. iERP aims to provide ERP and CRM features for people with no technical knowledge, by providing a simple solution.

iERP includes all the important features of an ERP/CRM suite, except for accountancy. It is modular and is thus characterized by its ease of installation and use, despite the large number of features.
Finally, accounting software should help simplify invoicing and bill management by managing receivables in real time. Modern systems eliminate manual invoicing, relying instead on automation to provide advanced warning when invoices are approaching terms. Best of all, many small business accounting software solutions can do all of this for very little cost.