Top 5 Accounting Systems

In the past several years, accounting software has become an integral part of businesses. No matter the industry, more companies and employees try to use accounting systems to their benefit. The biggest advantage of using accounting system is that it reduces expenses, provides an error-free taxation, and you make accounting faster. Companies providing accounting system softwares usually rely on the interface, making it as simpler, user-friendly, and intuitive as possible. But that doesn't mean there are not a lot of features. Quite the contrary, the robust set of features of accounting system make life easier. So, with that being said, which are the best?

Part 1Top 5 Accounting Software Systems

1. PDFelement

The first accounting system we recommend is PDFelement , an all-in-one PDF software tool that can help with various tasks. You can use PDFelement to send invoices, make them professional looking, and much more. Here are some of the features that make PDFelement perfect accounting system software:

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Catch errors in your PDF files and edit them
Keep all essential documents in one PDF file by using the merge feature
Streamline your workflow by creating fillable forms
Use the annotating tools to explain and clarify documents. Add comments, notes, stickers, a nd highlights
Convert any document into PDF file and vice versa
Quickly retrieve documents by using OCR technology that recognizes 20 languages
Black out sensitive data by using the redaction tool to improve confidentiality
Protect your documents with password and encryption, ensuring there is no unauthorized access

2. Dynamics

Dynamics is the next software tool on the menu. A product by Microsoft, Dynamics is adaptable and integrated business management solution that can help people make business decisions. With design and working setup like most Microsoft software, Dynamics is easy to learn and use. The accounting solution helps you automate and streamline your financial and customer relationship.

Pros:

Extremely good value for the money
All customer information is in one place and you can easily keep track
You can customize detailed reports

Cons:

Compared to Salesforce, Dynamics is hard to learn
The software is not much suited for a small company, as there are overwhelming features

3. QuickBooks

One of the most popular accounting software, QuickBooks helps you manage finances with online or licensed version. You get instant access to vendor, employee, and customer information. A very versatile software that scales well. You can choose one of the many payment plans, and opt for different levels of features. And you can get a free 30 day trial to test it.

Pros:

Countless integrations you can use and customize to your needs
Clients can make payments very easy in simple and clear steps
Functionality is a huge plus, and no accounting background is needed
There is a mobile app

Cons:

Customer support is mediocre, and you might end up finding better answers at Google
There is a forced renewal every three years
Hard to figure it out if you do not have tech knowledge

4. Accounting by Wave

This is 100% free accounting software that is cloud-based. As such, Wave allows you access to your data from anywhere, at any time. You can add unlimited number of collaborators and work on all your businesses from just one login. Accounting is integrated with receipt scanning, payment processing, invoicing, and payroll. This is the perfect software to start your business with.

Pros:

Pro features are even better, and there is a mobile app
You can transfer transactions between personal and business accounting
Receipt image feature is one of the best things

Cons:

Can be buggy when you make changes to the transaction page
You need to have accounting background to handle it
Smaller branches of banks are not supported

5. Sage 50

You can do everything, starting from accounting to payroll and to credit card processing. Designed for small and medium companies, Sage 50 is good at handling membership. Reports are a powerful tool to use, and there are even extras like volunteering and events.

Pros:

Flexibility and logical set up
The software uses a solid “enterprise-grade” back end database

Cons:

A bit outdated
The file system is less than intuitive
It is easy to corrupt data

Part 2What is Accounting System

An accounting system is a system of collecting, storing, and processing financial and accounting data. Generally, it is a computer-based method that tracks accounting activity. The financial reports processed by the accounting system can be used internally and externally. For internal use, management uses them to see how the company performs, and externally for partners like investors, creditors and tax authorities. Here are some tips how to make the most of it:

File your documents. It is crucial that you have a filling system in place, with a separate file depending of the financial document.
Record all transactions. Your system will be more reliable when you provide customers with receipts for each transaction.
Decide whether to use cash or accrual accounting method. Cash basis system is preferable by small businesses, as they record the income they receive. When using the accrual accounting method, transactions are counted when the order is made, items delivered, or services rendered. They do not take into consideration whether money were received or paid.
Keep everything, including invoices, bank statements, tax documents, bills, and everything in between.