Skytrend Consulting

With the advent of computer and digital technology, businesses do no longer have to burden themselves or their accountants with endless manual systems of recording their daily financial operations. Accounting software for small businesses has become affordable and many of them are available for effective and timely reporting to aid quality management decision making.

What Is An Accounting Software?

Accounting software is a computer program that allows the automation of financial records and processes and assists accountants, store managers, consultants, and business owners in maintaining, posting, reporting, and monitoring an organization’s financial transactions within a functional system.

A good accounting software solution contains menus such as customers, vendors/suppliers, sales ledger, purchases ledger, accounts receivable, accounts payable, journal, payroll, fixed asset, direct cost (cost of sales) and indirect cost (administrative expenses), assets, liability, general ledger, trial balance, income statement, media expenses, and income, advertising expenses, PR Expenses, etc, balance sheet, etc. which simplify the processes of accounting record entries and reporting. A good accounting software, therefore, functions as a complete accounting information system.

Are you thinking of getting ACCOUNTING SOFTWARE for your business anywhere in Nigeria? Hotline Call or Whatsapp Skytrend Consulting on 0803 385 7245 any hour of the day. Our Consultants will be glad to attend to you and give you free consultancy for implementing accounting software for any type of business you manage.

With it, you can maintain and manage sales/customers and purchases/vendors, generate and post ledger accounts of daily business transactions, generate reports, manage and track stock levels, bill customers, complete inventory management and monitor cash and bank account movement and balances.

Skytrend Consulting is an accounting software solution company incorporated in Nigeria in 2013. When it comes to implementing budget friendly, affordable, and effective accounting software for small businesses in Nigeria, we are the expert! Many SMEs in Nigeria fail in the first 5 years due to improper financial recording processes.

With an accounting software customized for your small or medium scale business, SMEs, you do not have to suffer this failure anymore, you can easily then focus on the strategic aspect of building your business.

The Digital Evolution And Accounting Software For Small Businesses In Nigeria

No matter how small or big your business is, managing its financial side can be frustrating. Thanks to the digital evolution, you can overcome that stress and have the best accounting software solution for your business to do all the heavy financial recording and tasks for you.

Once you find your top accounting software among all that’s out there, you will be able to do away with Excel and Google spreadsheets and get into the world of proper accounting and double entry principles. Our accounting software for small businesses in Nigeria will definitely turn your SME around for proper financial procedures and effective internal control processes.

How Does Accounting Software For Small Business In Nigeria Work?

Once a business’ bank accounts and credit cards are synced with the accounting software, transactions will appear in a queue and can be classified into the categories found on the business’ chart of accounts. After selecting the proper category, transactions begin to populate the business’ financial statements.

Small business owners can run a financial report in seconds to review profitability, compare revenue and costs, check bank and loan balances, and predict tax liabilities. Having quick access to this financial information gives business owners the power to make important decisions.

Additionally, many accounting software allows third-party application integrations. For example, if a business owner uses a point of sale (POS) system to capture sales transactions, the POS system could potentially integrate with the accounting software to record specific transactions, sales tax liabilities, sales by subcategories, and more.

Different Types of Accounting Software for Small Businesses In Nigeria

There are many different types of accounting software for small businesses in Nigeria, with varying capabilities and price tags. Generally, the type of industry and number of employees are two factors that can help a small business owner begin to choose the accounting software that is appropriate.

If accounting isn’t your strength or even if it is and you want to save time, read on to see which accounting software is right for your small business.

1. Sage 50 Accounting Software
2. FreshBooks Accounting Software
3. QuickBooks Accounting Software
4. SAP Accounting Software
5. Xero Accounting Software
6. Zoho Books Accounting Software
7. AccountEdge Pro Accounting Software
8. Wave Accounting Software
9. ZipBooks Accounting Software
10. Sage Business Cloud Accounting Software
11. Tally Accounting Software
12. Busy Accounting Software
13. Godaddy Accounting Software

1. Sage 50 accounting software

Sage 50 Accounting Software is the first and foremost and leading accounting software for small businesses in Nigeria. It has become industry standard in the evolving business of accounting solution implementation. This is because it’s very simplified, easy to learn, and use even by accountants and nonaccountants in Nigeria and all across the globe.

The solution is easily customizable for many types of business organizations such as hotels, restaurants, bar, manufacturing, consultancy businesses, service businesses, trading businesses, schools etc.

Sage 50 accounting software helps organizations achieve more by simplifying everyday tasks so you can get more work done, helps you get to your data faster, and provides tools to help increase organizational efficiency and financial recording accuracy.

Specifically, the software has features to set out your charts of accounts as a hotel and implement a workable system that gives you daily, weekly, monthly reports of your business and finances. With Sage 50 accounting software, you can easily determine your turnover, direct & indirect cost, profitability (both gross and net) separately and combined from room sales.

If you own or manage a hotel, Sage 50 robust accounting and inventory management modules will simply your room sales, restaurant sales, bar sales, and other additional lines of income such as swimming pool, gym, and laundry. This will let you easily determine if your hotel is making a profit or not and how much.

The solution also delivers to you which department is making the greatest sales and costs attributable to such department. This is equally true and customizable to whatever type of business you manage, Sage 50 has an effective and customizable system for your small business.

To book a call or make inquiries with our Sage 50 Accounting Software Expert in Nigeria, call 0803 385 7245 or  CLICK HERE.

2. FreshBooks Accounting Software

FreshBooks is number 2 on our list of accounting software for small businesses in Nigeria and has long been the best accounting software in the freelancing space. With FreshBooks, you can manage all the financial operations from a single dashboard.

SAGE 50 PEACHTREE ACCOUNTING SOFTWARE – ALL YOU NEED TO KNOW

You will definitely like the user-friendly interface of this solution. To take the functionality to another level, they prioritized integrations. You can use it with platforms including PayPal, WordPress, Mailchimp, Zendesk, and more.

FreshBooks’ features include:

Payment reminders

Recurring invoices with customizable options including due dates and discounts

Online credit card payments

Multi-currency and language billing

Automatic tax calculations for sales tax

Tax-friendly expense categories

Remembered vendors

Time tracking with a Chrome browser extension

Bank deposits, recurring payments, and auto bills with bank integration

Tax help integrations with tax apps, estimates, deductions, and filing tools

Easily integrates with other products including Goggle Workspace and Gusto

3. QuickBooks Accounting Software

QuickBooks is number 3 on our accounting software for small businesses in Nigeria and it was developed and marketed by Intuit. Its latest cloud-based release was in 2019, but it also offers separate desktop options you can purchase and download. Its products are typically geared toward small and medium-sized businesses, and over seven million businesses use this software.

Not only do the majority of small business accounting professionals use QuickBooks Online, but there are also endless online training resources and forums to get support when needed. All accounting features can be conveniently accessed on one main dashboard, making bookkeeping more fluid and efficient.

QuickBooks features include:

Mobile access

Track income and expenses

Capture and organize receipts

Payroll processing

Send estimates

Track sales and sales tax

Shopify and PayPal integration

Connect bank/credit card accounts

Manage accounts receivable

Invoice and accept payments

30-day free trial

Multiple users (up to 25)

Receipt capture

4. SAP Accounting Software

SAP, an acronym for System, Application, and Products is one of the leading business software providers in the world and a top on the list of accounting software for small businesses in Nigeria. It is an integrated enterprise system mostly used by big companies. It can also be used by small and medium-sized businesses.

The software is one of the leading solutions for your small business. SAP which is abbreviated for System, Application, and Products, has gone on to establish itself as the fourth largest in the world.

The beauty of SAP is that it can be thoroughly customised – with codes and social departmental designations – to fit a specific company. It is even better in the sense that it allows you to account for not only money but physical goods too.

Keeping inventory, raising product orders and reservations and managing/ manipulating stock are just some areas where SAP finds application in the industrial sphere. For well-rounded accounting software, this delivers every time.

The software helps you manage your sales tax, finances, and account reports. Not only does it manage your finances but also physical goods. It can be used to keep track of inventory, raise product orders, manage reservations and stock. SAP can also be used to manage relationships with customers and potential customers. The interesting thing about SAP software is that it can be customized to fit a specific company’s needs.

5. Xero Accounting Software

Xero is another top accounting software solution for small businesses in Nigeria. This software has a clean interface and also fully integrates with a third-party payroll service. Businesses can collect payment online from customers through Xero’s integration with Stripe and GoCardless.

Pros

A cloud-based, Mobile app, Payroll integration with Gusto, Third-party app marketplace, Simple inventory management

Cons

Limited reporting, Fees charged for ACH payments, Limited customer service

Xero was founded in 2006 in New Zealand and now has over two million users worldwide. This accounting software is popular in New Zealand, Australia, and the United Kingdom. Xero has over 3,000 employees and is growing rapidly in the U.S., as well.

Features of Xero include

Send invoices, track them, see when the client sees them

Inventory tracking

Reconcile bank transactions

800+ business apps

Connect to your bank

Exceptional online support

Track payroll

Pay your bills via Xero

Mobile app

Multi-currency

Calculate sales tax

6. Zoho Books Accounting Software

Zoho Books is simple yet scalable accounting software for those who are self-employed and those who want to start a small business. This makes it a unique option on our list of the best accounting software for small businesses.

Payroll offering is limited in this option, though. Zoho Books offers excellent cloud accounting for micro-businesses. It is easy to use and budget-friendly. Features are limited, but you can use additional Zoho tools (like Zoho CRM) to boost the functionality as your business grows. Or, you can opt for the complete, all-in-one solution called Zoho One.

Features of Zoho Books include:

Create invoices in seconds

Send payment reminders

Give customers online payment options

Upload expense receipts

Track inventory

Bank reconciliation

Invoice templates

14-days free trial

Operates in multiple languages

Stripe compatible

Project billing

Time tracking

Create, edit, and manage your customer and supplier contacts

6. AccountEdge Pro Accounting Software

AccountEdge Pro is desktop accounting software for small businesses founded in 1989 and has developed new features and enhancements over the years. If you need to access your finances on the go or from your smartphone, you can use their cloud-based app or their hosting platform. It’s geared toward small to medium-sized businesses, has a basic version and a pro version, and offers comprehensive accounting solutions full of customizations.

We chose AccountEdge Pro as our best accounting software for experienced accountants because of its robust features and reporting capability. It’s a bit more complex than some of the other software, so this software works best if you’re already familiar with accounting terminology.

AccountEdge Pro’s features include:

Bank feeds with integration

Direct deposit

Inventory management

Payment processing

Turn quotes into invoices

Customer and vendor management

Full-service payroll

Free accountant copy

Data sync with company files

7. Wave Accounting Software

Wave is powerful accounting software for small businesses in Nigeria and also for individual contractors. It places significant emphasis on ease of use and synchronicity —letting you link your bank accounts, track your expenses, and balance your books without any trouble. It also lines up with Wave’s additional resources, providing you with an all-in-one solution if you opt to invest in its other products.

The accounting software was founded in Toronto in 2009 and provides software and financial services for small businesses. It’s an invoicing and accounting software that also has credit card processing and payroll services.

It’s cloud-based, easy to use, and can be used by business owners with no accounting or bookkeeping experience. All of your data is backed up for extra security, and you can connect your bank accounts to sync your expenses at any time from anywhere.

Wave accounting software and invoicing services are free. Keep in mind that payroll services and credit card processing have charges associated with them, so not all of the features are free, and the free features aren’t as robust as some of the other software options. However, it’s great for new businesses, especially those working with an accountant or another software.

Wave Accounting’s features include:

Unlimited income and expense tracking

Track sales tax on income and expenses

Double-entry system

Multiple users

Dashboard with easy-to-read financials

Organize income and expenses into tax categories

Reports including profit and loss statements and cashflow

8. ZipBooks Accounting Software

ZipBooks is a free cloud accounting software for small business owners. You can use it for free if you’re okay with the limitations. But the good news is that the paid plans are quite affordable as well.

With the free version, you can send invoices, manage suppliers/customers and accept digital payments. They have sophisticated features in the premium version for small and mid-sized business owners.

Features of ZipBooks include:

Send unlimited invoices

Manage unlimited vendors and customers

Connect a bank account

Accept payments via Square and PayPal

Payroll processing

Automated reminders (premium)

Dedicated bookkeeper (premium)

Time tracking (premium)

Account reconciling (premium)

9. Sage Business Cloud accounting

Sage Business Cloud Accounting is an upgraded version of sage 50. It is designed specifically for small businesses. The solution has a platform for accounting, payroll enterprise management, customer sales history, expense management, project accounting, compliance management capabilities, and much more.

It is a global brand that offers online accounting and business services for small businesses. It was founded in 1981 in Newcastle, England, as a way to develop estimating and accounting software specifically for small businesses.

With Sage, you can spend less time on administrative tasks. The software sends invoices, tracks payments and expenses, and calculates what you owe come tax season. Time-tracking and collaboration tools are two things you won’t get with Sage, and payroll is a separate product.

Sage also works well for medium-sized businesses. If your small business is more mature than most — and you can afford to spend a little extra on your accounting software — take a look at Sage50cloud.

Sage Business Cloud Accounting’s features include:

Manage business finances and cash flow

Accept and receive payments

Create and send invoices

Manage payroll

Available on all devices so you can check your financials on the go

Integrate with your financial institution and other apps including AutoEntry, Zync, and more

Tax compliance tools

Dashboard view with easy-to-read financial reports and analysis

Inventory control

Forecast cash flow

Share access with your accountant in real-time on any device

Add-ons such as human resources management and estimating

10. Tally Accounting Software

Tally is Indian-made. It provides you with great error detection and correction capabilities. Other functionalities provided by tally include accounting, finance, inventory, sales, purchase, point-of-sales, manufacturing, payroll, Inventory control, discount, collection reports generated, and branch management.

Tally contains a platform that carries out accounting aspect support tasks such as voucher management, bank account integration, and payment reminder letters. It also has a sales module platform that records receivables, payables, billing, Invoicing, etc. This software is also made up of Shortcut Keys.

12. Busy Accounting Software

Busy Accounting software helps your accounting team to work with great precision and order. It is best suited for small and medium businesses especially those in FMCG, Retail, Trading, Manufacturing, Distribution, and Service as it helps them manage their business efficiently.

The solution also supports accounting processes such as configurable Invoicing, Financial Accounting (Multi-Currency), multi-Company Accounting, Payroll Management Sales / Purchase Quotations, multi-branch management, and more. Tax management is one of its key functionalities.

13. Godaddy accounting software

Established in Baltimore, Maryland, in 1997, GoDaddy is a big name in the web hosting and website creation space, but it also offers accounting software for small businesses. It has tools to automate and organize your bookkeeping and accounting solutions and requires no prior accounting knowledge. You can automatically create and send invoices, accept online payments, and view business reports.

GoDaddy accounting software is purpose-made for e-commerce businesses, so you can get started in a few minutes, and it syncs to Amazon, Etsy, eBay, PayPal, and more. Keep in mind that GoDaddy is great for online sellers, but may fall short if you’re a small business looking for comprehensive accounting solutions including automation, tax forms, and payroll.

 

 

Accounting software expert, Femi Adeoya, takes on small and medium scale businesses

Femi Adeoya, an accounting software expert, says his organization aims to digitize small and medium scale businesses in Nigeria in order to make them accounting software compliant.

Mr Adeoya who’s the CEO of Skytrend Consulting Ltd, an accounting software solutions company for over 8 years, has worked as an accountant for over 20 years for different organizations and has been involved with the use and implementation of different accounting software solution for this period. He is an associate member, Institute of Forensics and Certified Fraud Examiners of Nigeria.

“When it comes to implementing suitable and cost effective accounting software solutions for your business, Skytrend Consulting takes the EXPERT lead”, says Adeoya.

He advises small business owners, “If you need help in Implementing an effective accounting software for your businesses, whatever the type of business, whatever your budget, wherever your business may be located, we will be right there to provide a presentation/Demo and workable solution that will get your business working again.”

He adds, “We have implemented accounting software for over 30 companies and still counting. We will make your financial processes digitized, seamless, fraud proof and report ready real time.

Skytrend Consulting Ltd is indeed the accounting software expert for small and medium scale businesses in Nigeria.

Need an accounting software for your business? Hotline: Call or Whatsapp 0803 385 7245 or 0803 239 3958.

 

The Rivers State Governor, Mr. Nyesom Wike signs into law bills on Value Added Tax (VAT) collection. It’s named the Valued Added Tax Law No. 4 of 2021

The governor speaks shortly after signing the bills into law at the Government House, Port Harcourt, says that the judgment of the Federal High Court sitting in Port Harcourt had sufficiently addressed the illegality perpetrated by the Federal Inland Revenue Services (FIRS) on behalf of the Federal Government in the collection of VAT in States.

The signed bill was recently passed by the Rivers State House of Assembly.

Governor Wike says when agencies of the federal government are allowed to illegally demand and collect taxes meant for the state government to collect, they strangulate the state financially and turn them to be beggars.

He said: “But we (Rivers State) are standing on the part of history as representatives of the state to have taken the bull by the horn to challenge the illegality of the Federal Government through the Federal inland Revenue Services (FIRS).

“Of course, we are all aware that the states have already been strangulated. Most states depend on allocation from the federation account. States have been turned to beggars. Hardly will any day pass that you won’t see one state or the other going to Abuja to beg for one fund or the other.”

He said no campaign of calumny or blackmail on the part of Federal Inland Revenue Service (FIRS) would make what is illegal become legal. He dismissed the FIRS’s propaganda that 30 states will suffer if some states are allowed to collect VAT.

Wike pointed out that his concern is on establishing whose duty it is to collect VAT and the constitutionality of such position before talking about who is going to suffer or not.

He said: “In this Rivers State, we awarded contract to companies and within the last month, we paid over N30billion to the contractors and 7.5% will now be deducted from that and to be given to FIRS.

“Now, look at 7.5 per cent of N30 billion of contracts we awarded to companies in Rivers State, you will be talking about almost N3billion only from that source. Now, at the end of the month, Rivers State government has never received more than N2 billion from VAT. So, I have contributed more through the award of contract and you are giving me less. What’s the justification for it?”

The governor said that there are plans already for FIRS to introduce Road Tax and this is likely to take away more duties from the states, and further emasculate them financially.

“Which are the roads? Are they the roads the state government is paying for or the roads federal government has constructed? So, at the end of the day, they have taken over the functions of the state government and the state is left with nothing.”

The governor regretted that the state governments have been so emasculated that they could barely survive without monthly revenue received from Federation Accounts Allocation Committee (FAAC).

He stressed that the overbearing attitude of the federal government, impinged on attaining financial autonomy for the legislature and the judiciary since the states were not allowed to collect due revenues as specified by the country’s constitution.

Need an accounting software for your business? Hotline: Call or Whatsapp 0803 385 7245 or 0803 239 3958. If you also have an article or review on financial implementation or an accounting solution you want us to publish, send to blog@skytrendconsulting.com.

Skytrend Consulting unveils Accounting Software XPERT

Skytrend Consulting Ltd, has unveiled Accounting Software Xpert, a business directory that will act as a melting point for all accounting software professionals and organizations in Nigeria.

According to the Chief Executive Officer and Principal Partner of Skytrend Consulting Ltd, Mr Femi Adeoya, “Accounting Software Xpert will become a convergence of business directory for all accounting software companies in Nigeria. It’s aimed to be the joining forces for all Accounting software practitioners both individuals and organizations that are either currently practicing or about to start practicing.

Adeoya adds further that ASX seeks to bring together in one single platform all the news, development and contact point for all accounting software experts and professionals in Nigeria.

According to Adeoya, the platform will be strictly for accounting software professionals who are professionally qualified accountants and seeking to digitalize accounting profession across businesses in Nigeria. “We will showcase each business registered with us, their names, contacts, competencies and their clients base with continuous updates,” he says.

The accounting software Boss adds that ASX will provide clients with a pull of qualified and practicing accounting software experts and professionals in Nigeria.

For more information, prospects should call or Whatsapp 0803 385 7245 or 0803 239 3958

Skytrend Consulting Ltd is a leading Accounting Software Solutions Company based in Lagos. The organization is an accounting software expert, when it comes to implementing suitable and cost effective value driven accounting software solutions for different categories and forms of organizations.

With head office at No 7 Obokun Close, Off Allen Avenue, Ikeja, Lagos, Skytrend Consulting has implemented successfully accounting software solutions for every categories of business, ranging from manufacturing to hospitality, educational, consulting, religious, Not for profit organizations, schools, cafe, lounges, hospitals etc.

Some of our clients include the following:

· Ariflad Hotel and Suites Ogba, Lagos
· PRM Africa, Bamisile Street, Allen, Lagos
· Grace Academy, Magboro, Ogun State
· Hotel 1960 Ltd, Ikeja, Lagos
· Idea Supermarket, Aja, Lagos
· Spaces for Youth, Development & Social Change, Ikeja, Lagos
· Alluring View Hotel, Toyin Street, Ikeja, Lagos
· Prince of Anthony Hotel, Anthony Village, Lagos
· Ikeja Local Govt, Ikeja, Lagos
· Ronchess Global Resources Ltd, allen Avenue ikeja lagos
· Eagles Park, Hotel, Allen Avenue, Ikeja
· Avail international consult ltd (AICL) Ogba Lagos
· Integrated howdy Konzult Ltd, Ogba, Lagos
· Marketing Mix And Company Ltd
· Coastwise Limited
· Continent Hotel, Akure, Ondo State
· Power Café, Oba Akran,Lagos
· First Baptist Church, Lagos Island, Lagos
· Island Builders Baptist School, Lagos Island, Lagos
· Dechoppers Food, Allen Avenue, Lagos
· Freedom Park Restaurant, Freedom Park, Lagos

Need an accounting software for your business? Hotline: Call or Whatsapp 0803 385 7245 or 0803 239 3958. If you also have an article or review on financial implementation or an accounting solution you want us to publish, send to blog@skytrendconsulting.com.

 

Top 13 accounting software for small and medium scale businesses

Skytrend Consulting is an accounting software solution company incorporated in Nigeria in 2013. When it comes to implementing budget friendly and effective accounting software for small businesses, we are the EXPERT!

No matter how small or big your business is, managing its financial side can be frustrating. Thanks to the digital evolution, you can overcome that stress and have the best accounting software solution for your business do all the heavy finacial recording and task for you. Once you find your top accounting software among all what’s out there, you will be able to do away with Excel nd google spreadsheets and get into the world of proper accounting and double entry principle.

How Does Accounting Software Work?
Once a business’ bank accounts and credit cards are synced with the accounting software, transactions will appear in a queue and can be classified into the categories found on the business’ chart of accounts. After selecting the proper category, transactions begin to populate the business’ financial statements. Business owners can run a financial report in seconds to review profitability, compare revenue and costs, check bank and loan balances, and predict tax liabilities. Having quick access to this financial information gives business owners the power to make important decisions.

Additionally, many accounting software allows third-party application integrations. For example, if a business owner uses a point of sale (POS) system to capture sales transactions, the POS system could potentially integrate with the accounting software to record specific transactions, sales tax liabilities, sales by subcategories, and more. In a service-based business, a time tracking application could integrate with the accounting software to add labor to a client invoice.

There are many different types of accounting software available for small businesses, with varying capabilities and price tags. Generally, the type of industry and number of employees are two factors that can help a small business owner begin to choose the accounting software that is appropriate.

If accounting isn’t your strength or even if it is and you want to save time, read on to see which accounting software is right for your small business.

1. FreshBooks

FreshBooks has long been the best accounting software for small business and the freelancing space. With FreshBooks, you can manage all the financial operations from a single dashboard.

You will definitely like the user-friendly interface. To take the functionality to another level, they prioritized integrations.

You can use it with platforms including PayPal, WordPress, Mailchimp, Zendesk and more.

FreshBooks’ features include:

Payment reminders
Recurring invoices with customizable options including due dates and discounts
Online credit card payments
Multi-currency and language billing
Automatic tax calculations for sales tax
Tax-friendly expense categories
Remembered vendors
Time tracking with a Chrome browser extension
Bank deposits, recurring payments, and auto bills with bank integration
Tax help integrations with tax apps, estimates, deductions, and filing tools
Easily integrates with other products including Goggle Workspace and Gusto

1. QuickBooks

QuickBooks is an accounting software developed and marketed by Intuit. Its latest cloud-based release was in 2019, but it also offers separate desktop options you can purchase and download. Its products are typically geared toward small and medium-sized businesses, and over seven million businesses use this software.

Not only do the majority of small business accounting professionals use QuickBooks Online, but there are also endless online training resources and forums to get support when needed. All accounting features can be conveniently accessed on one main dashboard, making bookkeeping more fluid and efficient.

QuickBooks features include:

Mobile access
Track income and expenses
Capture and organize receipts
Payroll processing
Send estimates
Track sales and sales tax
Shopify and PayPal integration
Connect bank/credit card accounts
Manage accounts receivable
Invoice and accept payments
30-day free trial
Multiple users (up to 25)
Receipt capture

1. SAP

SAP, an acronym for System, Application and Products is one of the leading business software providers in the world. It is an integrated enterprise system mostly used by big companies. It can also be used by small and medium-sized businesses.

The software is one of the leading solution for your small business. SAP which is abbreviation for System, Application and Products, has gone on to establish itself as the fourth largest in the world.

The beauty of SAP is that it can be thoroughly customised – with codes and social departmental designations – to fit a specific company. It is even better in the sense that it allows you account for not only money but physical goods too.

Keeping inventory, raising product orders and reservations and managing/ manipulating stock are just some areas where SAP finds application in the industrial sphere. For a well-rounded accounting software, this delivers everytime.

The software helps you manage your sales tax, finances and account reports. Not only does it manage your finances but also physical goods. It can be used to keep track of inventory, raise product order, manage reservations and stock. SAP can also be used to manage relationships with customers and potential customers. The interesting thing about SAP software is that it can be customized to fit a specific company needs.

1. Xero

Xero is another top accounting software solution for small businesses. This software has a clean interface and also fully integrates with a third-party payroll service. Businesses can collect payment online from customers through Xero’s integration with Stripe and GoCardless.

Pros
Cloud-based

Mobile app

Payroll integration with Gusto

Third-party app marketplace

Simple inventory management

Cons
Limited reporting

Fees charged for ACH payments

Limited customer service

Xero was founded in 2006 in New Zealand and now has over two million users worldwide. This accounting software is popular in New Zealand, Australia, and the United Kingdom. Xero has over 3,000 employees and is growing rapidly in the U.S., as well.

Features of Xero include

Send invoices, track them, see when the client sees them
Inventory tracking
Reconcile bank transactions
800+ business apps
Connect to your bank
Exceptional online support
Track payroll
Pay your bills via Xero
Mobile app
Multi-currency
Calculate sales tax

1. Zoho Books

Zoho Books is a simple yet scalable accounting software for those who are self-employed and those who want to start a small business. This makes it a unique option on our list of the best accounting software for small business.

Payroll offering is limited in this option, though. Zoho Books offers an excellent cloud accounting for micro-businesses. It is easy to use and budget-friendly. Features are limited, but you can use additional Zoho tools (like Zoho CRM) to boost the functionality as your business grows. Or, you can opt for the complete, all-in-one solution called Zoho One.

Features of Zoho Books include:

Create invoices in seconds
Send payment reminders
Give customers online payment options
Upload expense receipts
Track inventory
Bank reconciliation
Invoice templates
14-days free trial
Operates in multiple languages
Stripe compatible
Project billing
Time tracking
Create, edit, and manage your customer and supplier contacts

1. AccountEdge Pro

AccountEdge Pro is desktop accounting software for small businesses founded in 1989 and has developed new features and enhancements over the years. If you need to access your finances on the go or from your smartphone, you can use their cloud-based app or their hosting platform. It’s geared toward small to medium-sized businesses, has a basic version and a pro version, and offers comprehensive accounting solutions full of customizations.

We chose AccountEdge Pro as our best accounting software for experienced accountants because of its robust features and reporting capability. It’s a bit more complex than some of the other software, so this software works best if you’re already familiar with accounting terminology.

AccountEdge Pro’s features include:

Bank feeds with integration
Direct deposit
Inventory management
Payment processing
Turn quotes into invoices
Customer and vendor management
Full-service payroll
Free accountant copy
Data sync with company files

1. Wave

Wave is a powerful accounting solution for small businesses and individual contractors. It places significant emphasis on ease of use and synchronicity —letting you link your bank accounts, track your expenses, and balance your books without any trouble. It also lines up with Wave’s additional resources, providing you with an all-in-one solution if you opt to invest in its other products.

The accounting software was founded in Toronto in 2009 and provides software and financial services for small businesses. It’s an invoicing and accounting software that also has credit card processing and payroll services. It’s cloud-based, easy to use, and can be used by business owners with no accounting or bookkeeping experience. All of your data is backed up for extra security, and you can connect your bank accounts to sync your expenses at any time from anywhere.

Wave accounting software and invoicing services are free. Keep in mind that payroll services and credit card processing have charges associated with them, so not all of the features are free, and the free features aren’t as robust as some of the other software options. However, it’s great for new businesses, especially those working with an accountant or another software.

Wave Accounting’s features include:

Unlimited income and expense tracking
Track sales tax on income and expenses
Double-entry system
Multiple users
Dashboard with easy-to-read financials
Organize income and expenses into tax categories
Reports including profit and loss statements and cashflow

1. ZipBooks

ZipBooks is a freemium cloud accounting software for small business owners.

You can use it for free if you’re okay with the limitations. But the good news is that the paid plans are quite affordable as well.

With the free version, you can send invoices, manage suppliers/customers and accept digital payments. They have sophisticated features in the premium version for small and mid-sized business owners.

Features of ZipBooks include:

Send unlimited invoices
Manage unlimited vendors and customers
Connect a bank account
Accept payments via Square and PayPal
Payroll processing
Automated reminders (premium)
Dedicated bookkeeper (premium)
Time tracking (premium)
Account reconciling (premium)

1. Sage 50 accounting software

Sage 50 Accounting Software has become industry standard in the evolving business of accounting solution implementation. This is because it’s very simplified, easy to learn and use even by non accountants.
The solution is easily customizable for many types of business organizations such as hotels, restaurants, bar, manufacturing, consultancy businesses, trading businesses, schools etc.
The software helps organizations achieve more by simplifying everyday tasks so you can get more work done, helps you get to your data faster and provides tools to help increase organizational efficiency and financial recording accuracy.
Specifically the software has features to set out your charts of accounts as a hotel, and implement a workable system that gives you daily, weekly, monthly reports of your business and finances.
With the software, you can easily determine your turnover, direct & indirect cost, profitability (both gross and net) separately and combined from room sales, restaurant sales, bar sales, and other additional lines of income such as swimming pool, gym and laundry. This will let you easily determine if your hotel is making profit or not and how much. It will also deliver to you which dept is making the greatest sales and costs attributable to such department.

1. Sage Business Cloud accounting

Sage Business Cloud Accounting which is an upgraded version of sage 50 previously known as Sage One, is designed specifically for small businesses. Sage Business Cloud has a platform for accounting, payroll enterprise management, customer sales history, expense management, project accounting, compliance management capabilities and much more.

It is a global brand that offers online accounting and business services for small businesses. It was founded in 1981 in Newcastle, England, as a way to develop estimating and accounting software specifically for small businesses.

With Sage, you can spend less time on administrative tasks. The software sends invoices, tracks payments and expenses, and calculates what you owe come tax season. Time-tracking and collaboration tools are two things you won’t get with Sage, and payroll is a separate product.

Sage also works well for medium-sized businesses. If your small business is more mature than most — and you can afford to spend a little extra on your accounting software — take a look at Sage50cloud.

Sage Business Cloud Accounting’s features include:

Manage business finances and cash flow
Accept and receive payments
Create and send invoices
Manage payroll
Available on all devices so you can check your financials on the go
Integrate with your financial institution and other apps including AutoEntry, Zync, and more
Tax compliance tools
Dashboard view with easy-to-read financial reports and analysis
Inventory control
Forecast cash flow
Share access with your accountant in real-time on any device
Add-ons such as human resources management and estimating

1. Tally

Tally is Indian made. It provides you with great error detection and correction capabilities. Other functionalities provided by tally includes accounting, finance, inventory, sales, purchase, point-of-sales, manufacturing, payroll, Inventory control, discount, collection reports generated and branch management.

Tally contain a platform which carries out accounting aspect support task such as voucher management, bank account integration and payment reminder letters. It also have a sales module platform that records receivables, payables, billing, Invoicing etc. This software is also made up of Shortcut Keys.

1. Busy Accounting

Busy Accounting software helps your accounting team to work with great precision and order. It is best suited for small and medium businesses especially those into FMCG, Retail, Trading, Manufacturing, Distribution and Service as it helps them manage their business efficiently. It also supports accounting processes such configurable Invoicing, Financial Accounting (Multi-Currency), multi-Company Accounting, Payroll Management Sales / Purchase Quotations, multi-branch management and more. Tax management is one of its key functionalities.

1. Godaddy accounting software

Established in Baltimore, Maryland, in 1997, GoDaddy is a big name in the web hosting and website creation space, but it also offers accounting software for small businesses. It has tools to automate and organize your bookkeeping and accounting solutions and requires no prior accounting knowledge. You can automatically create and send invoices, accept online payments, and view business reports.

GoDaddy accounting software is purpose made for e-commerce business, so you can get started in a few minutes, and it syncs to Amazon, Etsy, eBay, PayPal, and more. Keep in mind that GoDaddy is great for online sellers, but may fall short if you’re a small business looking for comprehensive accounting solutions including automation, tax forms, and payroll.

GoDaddy’s features include:

Syncing with online retailers
Online payment processing
Track sales and expenses
Create and send invoices
Recurring invoices
View business reports including profit and loss

Need an accounting software for your business? Hotline: Call or Whatsapp 0803 385 7245 or 0803 239 3958. If you also have an article or review on financial implementation or an accounting solution you want us to publish, send to blog@skytrendconsulting.com.