Did you know that the accounting software market is expected to reach more than USD 400 million in the next two years?
If you are an accountant, bookkeeper, or tax professional, you may already understand the significance of value-generating accounting software. There are a series of accounting tasks and workflows that require personal attention from an accountant when you don’t have software to automate processes. For example, manually entering receipts into the system and calculating payables and receivables.
In place of struggling with these manual and challenging activities, full-featured accounting software can offer your high return on investment.
We have discussed a few leading accounting software for accounting and tax professionals.
4 Best Accounting Software For Accountants and Tax Professionals
When you are searching an accounting software, you may find multiple options suitable for different types of businesses. In this section, we have discussed four best solutions that work best for small, medium, and enterprise-level businesses. Explore and find the right software according to your business needs.
QuickBooks is widely-known accounting software designed by Intuit. Ideally, the software is the desired tool for freelancers, contractors, small, medium, and large businesses. It helps professionals track income, manage expenses, and prepare taxes without errors. Without QuickBooks software, accounting professionals may need to put in hard work for data entry and other monotonous/error-prone tasks.
Users have an option to choose from various QuickBooks offerings, including:
- QuickBooks Pro
- QuickBooks Premier
- QuickBooks Enterprise
- QuickBooks Online
For the first three, you can get a QuickBooks hosting from an authorized provider for remote working, and QuickBooks Online already offers remote working feasibility.
Micro accounting businesses can benefit the most with Xero accounting and tax management software. Its accounting functions are powered by a clean and user-friendly interface. Further, you can fully integrate your Xero software with third-party tools, like payroll software, GoCardless, etc.
Users have an option to select from various subscription models, including:
The names of the subscription define the type of users it is the best fit for. You can get a 30-day trial to assess the efficiency of the tool before purchasing the subscription.
Sage 50 Accounting is another great accounting software that helps you automate and manage your accounting and bookkeeping activities. You can customize your accounting needs with the available features and optimize the time spent on accounting calculations. However, this tool is designed for the advanced accounting needs of CPA firms and accountants.
Users have an option to choose from various subscriptions of the software, including:
- Pro Accounting
- Premium Accounting
- Quantum Accounting
Here, Pro is one user subscription, which is perfect for freelance accountants. Premium is 1-4 user subscription, and Quantum is 1-40 user subscription. Depending on your requirements, you can select the relevant accounting subscription for your business. Don’t forget to evaluate other features on the website.
The last option on the list is AccountEdge software designed for accounting services. You have high-level features that simplify accounting, bookkeeping, and taxes, and it has optimum reporting capabilities for operational efficiency. This software is also designed for advanced accounting purposes.
Users can select from various pricing models offered by AccountEdge Pro, including:
- AccountEdge Pro
- Priority ERP
AccountEdge Pro is a one-time subscription model that helps you meet basic accounting needs. Priority ERP is a customizable solution for large enterprises. It contains features like CRM, financials, fixed asset tracking, warehouse control, MRP for manufacturing, business process management, project management, etc.
Why You Should Consider Hosting Solution For Accounting and Bookkeeping?
In the above list, most of the tools are desktop-based offerings, which means you can’t support your remote or hybrid work culture. However, there’s an option to select hosting for the relevant software, which allows using a desktop tool online without losing the features of the desktop version.
For example, we can host QuickBooks Pro, Premium, and Enterprise on the cloud and enjoy its desktop app features. Some benefits of using cloud hosting for your accounting software are:
- Your team can remotely access QuickBooks Desktop on any device with an internet connection. They only need to use the provider portal or a browser for the same. Due to this, your team is able to work flexibly.
- Cloud is scalable, and you have the power to increase your storage and resources on demand. If these resources or storage are no longer needed anytime in the future, even after 10 days, it is possible to roll back and descale.
- QuickBooks hosting secures your application since the cloud is secure for remote access. The cloud provider ensures physical server security, multi-factor authentication, access control, encryption, and other security measures.
- On the cloud, server redundancy is utilized, which helps store backups on multiple servers. In case of a disaster or accidental data loss, your business can roll back to a backup image without worrying about any damage to your data during the disaster. It helps with business continuity.
- The cloud instance of your QuickBooks is similar to the desktop version, and the look-and-feel of the product is the same. This means that your employees don’t need the training to adjust to this new environment. You can deploy QuickBooks to the cloud and start working almost immediately.
- With so many benefits, the feasibility of work, and cost-effectiveness, cloud hosting creates a productive environment in the office. Your operational efficiency improves and downtime reduces, which automatically improves business productivity.
The best accounting software for accountants and tax professionals is the one that suits the needs and requirements of your organization. You need to evaluate the features, pricing models, and benefits of the above software. Then, consider how cloud hosting can improve the feasibility of these tools. These steps will help you make a valuable decision that will drive the operational efficiency and revenue stream of your business.
Remember, if you are choosing cloud hosting with any software, like QuickBooks, you need the right cloud hosting provider (such as any provider authorized by Intuit). This will help you receive the maximum benefit of the product.
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