According to the IRS, a small business “may choose any recordkeeping system suited to your business that clearly shows your income and expenses” to report their finances. ANY record-keeping system - talk about freedom! J There are thousands to choose from, and record keeping is one of the most important things you can do for your business... but how do you know what system to choose?
We have compiled a list of what platforms we suggest researching. These applications can be downloaded onto your device to provide easy organization to maintain records of your financials. These programs allow your bookkeeper to ensure you are capitalizing on your business’s financial success.
- QuickBooks - This is one of the most popular accounting software for small businesses, and for a good reason. QuickBooks allows a company to adjust the program to fit its needs. A business can download one application or all they have to offer depending on their needs and services. Currently, the first three months are discounted at 50% off, which allows time to determine if it is the right program. QuickBooks will enable employers to keep track of income, expenses, employee expenses, and inventory in real-time. We could discuss the benefits of QuickBooks for hours, but let’s just say here at ShoreSource Business Solutions, we strongly recommend QuickBooks.
- Zoho Expense - This is a user-friendly app with a dashboard that accommodates all skills. Not only is it easy to use, but it is also cost-effective. Depending on the storage you need, it could be a free investment for your company. If it is not free, you will spend a maximum of $8 monthly. This app can create more than 25 reports based on your spending, travel, credit cards, and other expenses. It also allows employees to submit payments for approval from anywhere in the world with the option of direct deposit reimbursements.
- FreshBooks - Just like the others, FreshBooks offers a simplistic snapshot of your financials. This expense tracker allows the business to connect credit cards and bank accounts to update all expenses. In addition, FreshBooks has the ability for clients/staff to upload receipts or emails and have them scanned and processed directly. Hello, automation! The app starts at $15 a month but could be as much as $55 per month for the premium plan.
Perhaps you already have a system in place; that’s great and we applaud you! Don’t forget to reevaluate your software year to year to ensure you are making your life easier and not more complicated.
Are you interested in learning more about ShoreSource Business Solutions, LLC?
Feel free to reach us at 843.729.2961 or info@shoresourcebiz.com.
