5 Automated Accounting Systems For Small Businesses
As a small business owner, one of your goals is to work as efficiently as possible, correct? We’d hope so!
In order to do that, it means it’s time to cut the clutter, ditch the piles of invoices and receipts, and say hello to digital accounting technology.
Accounting technology has transformed the industry by allowing businesses and accounting professionals to work smarter, more efficiently, and with reduced errors.
Here at Redmond Accounting, we embrace accounting technology and have even helped to mold some of the accounting platforms into what they are today.
So, let’s talk about 5 automated accounting systems for small businesses that will completely change the way you do your accounting.
QuickBooks Online
You most likely already know about and use QuickBooks Online (QBO), but we have to mention it because it is the powerhouse of accounting technology. Since its inception in 1998, QuickBooks has revolutionized the way small businesses run. QBO has helped millions of owners and accountants save time and money while reducing errors, through simple, automated processes.
Some of the features of QuickBooks Online include:
- Tracking income and expenses
- Running reports
- Sending estimates
- Tracking sales and sales tax
- Maximizing tax deductions
- Managing cash flow
Even though this program is considered the powerhouse of accounting technology, it doesn’t do EVERYTHING, which is why it allows programs like the ones we list below to integrate with the system and make it an even more powerful accounting tool.
Bill.com
When it comes to cash flow management and keeping your accounts payable and receivables in balance, Bill.com is the platform you need. When using Bill.com, you can save up to 50% of the time you normally would spend working on your AP/AR.
With this platform, you no longer have to worry about piles of invoices that need to be paid, because it’s all done online through the Bill.com system. The intelligent virtual assistant scans through your invoices and bills to ensure that no errors or red flags are found, which gives you peace of mind that everything is correct.
You’ll be able to set up workflows for approvals and set up automated payments so that your payments get paid without worries.
To learn more about Bill.com, read our latest article, How To Add Notes In Accounts Payable In Bill.com.
Gusto
If you have less than 100 employees, Gusto is the payroll platform for you. Gusto has been awarded Best HR Platform by Nerdwallet and is used by over 200,000 small businesses. This all-in-one platform makes it easy to hire, insure and pay employees with ease.
The best part? You no longer have to worry about the always-changing tax laws and other tax information because Gusto’s intelligent system will automatically update everything based on where your business is located and your employees work.
They also offer seamless switching between other payroll platforms to ensure that your employees don’t miss a paycheck, and you can continue to work without worry.
Expensify
Do you travel a lot for your business? Do you have crumpled receipts and logged mileage sticky notes that you have to turn in at the end of the month? With Expensify, you can toss those receipts for good! Expensify is an incredibly intuitive expense management platform that allows you to upload receipts with their SmartScan tool and then THROW THEM AWAY.
Expensify can save you countless hours at the end of the month when it comes to expense management because the platform will automatically create expense reports based on the receipts you upload.
The features of this platform are endless, and when you travel for work, you’ll find that you use Expensify for everything business expense-related.
LivePlan
If you are ready to grow your business but aren’t sure if it’s the right plan, LivePlan is there to help. LivePlan can analyze, forecast, evaluate and refine your business to guide you in the right direction for growing your business.
Over one million businesses utilize LivePlan to either start or grow their businesses. With step-by-step guidance, hundreds of sample plans, business planning support, and financial performance tracking, you’ll know exactly which way your business is headed. You also know how to adjust your business for success.
Interested In Learning More About Automated Accounting Systems For Small Businesses? – See Redmond Accounting!
Implementing automated accounting systems for small businesses is exactly what we do here at Redmond Accounting. Along with our suite of accounting technology professionals like Controllers, CFOs, Payroll Specialists, and Bookkeepers, we offer setup and support services for all the above accounting systems.
We will work with you to set you up for success with the right platforms for your business and help you every step of the way.
If you’re ready to cut the clutter, ditch the paper and work more efficiently, save money and reduce errors, it’s time to schedule a consultation with our team!
