The advent of accounting software was a godsend for businesses all over the world. Just the amount of time it saved people over the old manual method made it worth the price of admission for anyone trying to grow a business.

It eliminated redundant data entry, reduced time-consuming business transactions and promoted efficiencies. Over time, as the software improved and became more sophisticated, so did user requirements. For example, larger firms needed software with more complicated features to ensure financial statements from all their entities were kept up to date and accurate.

Today, regardless of the size of your business, accounting software is a must-have when it comes to improving operations. Below are five types of accounting software that might be right for your business:

QuickBooks Online

QuickBooks Online is excellent accounting software for small to medium-sized businesses. You can customize it to work the way you want it to and it saves time. It also eliminates errors by allowing the user to share data with other applications and programs like Microsoft Word, Excel and Outlook. The online payments feature allows for faster billing, invoicing and payment through credit cards and bank transfer. You can even download your monthly bank statements for faster reconciliation.

Xero

Xero is a cloud-based app that gives you access to your financial data anywhere at any time. Cloud accounting provides safe storage for your business records as it cannot be lost, stolen or infected by malware. Xero software can be also installed on most smartphones allowing you 24/7 access to your data.

Wave Accounting

Wave Accounting is a standard accounting software for small businesses. Unlike most software of this kind, it offers free cloud-based software with a range of comprehensive accounting features. It has a user-friendly interface with non-technical jargon for easy setup and use.  If you are looking for good accounting software without a large monthly price tag, Wave could be the solution for your business.

Sage One

Sage One offers users two types of accounting options. The first is for invoicing while the second is for full-service accounting. The invoicing version carries out invoicing on its own without manual input. The full-service accounting version offers a range of accounting services such as customer relationship management, point-of-sale, e-commerce, inventory tracking, credit card processing and more. Sage One prides itself on offering a product that can be mastered in minutes and is far simpler than trying to work with spreadsheets.

Intacct

Intacct is accounting software for the modern financial professional. Its comprehensive features provide a range of financial capabilities that increase efficiencies and promote growth. It provides cloud-based solutions to businesses without the high costs of maintenance associated with on-premises solutions. Intacct is ideal for medium-sized businesses as well as large private and public corporations.

EDITOR’S NOTE: Of the five software listed, QuickBooks and Xero sync automatically with Qvinci.