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How Are Small Business Accounting Software Meeting Industry Needs Today?

Kutubkhan Bohari | September 30, 2022 | 390 views | Read Time : 02:36 min

How Are Small Business Accounting Software Meeting Industry Needs Today?

Introduction

With numerous tasks and operations to take care of, from basic invoicing and billing to project management and tax calculations, small business owners find it a nerve-wracking challenge to keep track of all monetary transactions and manage accounts payable.

In addition, the advent of digitization, the growing penetration of cloud-based solutions in the industry, and the introduction of cutting-edge accounting software, among others, are eliminating the extra use of paper, pens, files, and voluminous binders. Because of these small business financing trends, businesses and start-ups are increasingly inclined toward online financial management tools, such as small business accounting software, to handle their financial data.

The small business accounting software assists them in examining their financial condition along with accurately recording businesses’ cash flow, generating reports, tracking transactions, monitoring account balances, billing customers, creating purchase orders, and much more. Owing to such compelling features, these small business financial management solutions are garnering massive popularity in the industry.

Small Business Accounting Software: Emerging Financial Needs in the Industry 

Running a small business sometimes entails wearing several hats, such as sending emails, paying suppliers, invoicing, creating processes, and preparing financial reports. All these are essential tasks, along with the other small business operations, such as employee management and work management, among others.

None of the additional responsibilities faced by small business owners are as crucial as accounting. Robust accounting processes are vital for keeping businesses in excellent financial condition and helping owners to make smarter decisions. Accounting software provides various features that can facilitate the smooth operation of the organization. From processing invoices to monitoring cash flow, here are the primary ways accounting software can assist owners to meet financial requirements for small businesses and promote growth.

Automate Invoicing and Billing

Due to the shortage of cash inflow, it is vital for small businesses to keep the cash flowing by billing clients and crediting customers on time. Accounting software assists small businesses in automating the billing process, enabling owners to create recurring invoices, send follow-up reminders, and accept digital payments directly from the invoices. It also assists in tracking all unpaid invoices and preventing accidental missing payments, thereby fending off potential losses.

Expense Tracking

A common accounting mistake that small businesses often make is failing to accurately track business costs and expenses, which causes a shortage of cash flow. The deployment of the right small business accounting software prevents this from happening and enables firms to keep track of all the spending and identify the source where the money is being spent.

Efficient Inventory Management

Proper inventory management is a crucial part of small businesses as they cannot stock products in large quantities due to the unavailability of a large amount of capital. Good inventory management is necessary to guarantee an adequate supply and deliver superior customer service. Accounting software aids small businesses in recording stock keeping unit (SKU) codes, monitoring goods, preparing reports, tracking products sold, and running reports on which items firms are doing well and which ones aren’t.

Bank Reconciliation

Small business accounting solutions simplify one of the most fundamental tasks of the company—bank reconciliation. It enables small business owners to access their bank statements directly from the accounting solutions, along with comparing bank statements, balancing debits and credits, and identifying any discrepancies at the end of each financial period.

The Final Thought


Maintaining correct financial records at all times is essential for the success of small businesses and start-ups. For maintaining proper accounts, these businesses need a system that overcomes the drawbacks of traditional accounting tools such as spreadsheets. With the introduction of novel accounting software integrated with artificial intelligence, big data, and other technologies, these financial management solutions are paving the way for small businesses.

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How to Choose the Right Small Business Accounting Software?

Article | May 6, 2022

Introduction With increasing complexities in financial management and migration towards digital technologies for accounting operations, advanced accounting solutions are gaining massive traction across the small business sector. Accounting software assists small businesses in enhancing their financial performance by providing higher accuracy, optimized payroll, automated transaction tracking, centralizing financial records, and others. However, it is crucial for small businesses to integrate the right accounting software as per their requirements to get the most out of the solutions. Since the market is full of numerous accounting solutions with different capabilities, selecting the one that is most suitable for your business can be overwhelming. So what are the factors that a small business owner should consider before looking for an accounting solution? Let’s see below. Select the Right Accounting Software: The Top 5 Primary Factors to Consider for Small Businesses Types of Software With multiple types of accounting software available, such as system software, application software, cloud-based software, and others, small business owners can opt for solutions that suit their operations and working style. If the owners operate in an on-the-go style, cloud-based software is best for them. But if the owners prefer to work from a single location, then the system software is appropriate for them. Learning Curve Until and unless small business owners are aware of the ins and outs of accounting software, using the software may seem complicated. As the high complexity of the solutions can result in costly errors, these owners should make sure that the learning curve for operating the software is not too steep. Features List Before small business owners start reviewing various types of accounting software platforms, they should take the time to brush up on the basics. It is crucial for the owners to make sure that the accounting solution has all the functionalities and features they need, such as inventory management, multi-currency support, payment processing, expense tracking, and others. They should also consider the add-on features that the solution provider can offer. Software Cost Accounting software varies in cost, depending on the number of users it supports, its tools and features, and other factors. The more specialized the software is, the more expensive it gets. Small business owners should compare prices between various accounting software providers and understand the exact amount and the process by which they will be charged. For instance, some of the companies charge standard monthly fees, while others have a single upfront cost with additional charges for add-on services. They should also find out if there are any hidden charges associated with the setup, customer support, and cloud storage. Customer Support A huge part of a reliable accounting solution is customer service. This is because small business owners need quick solutions and answers if they get stuck or have any questions related to the software. They do not want to be bounced around from representative to representative when reaching out for support. Thus, the owners should look for accounting software that offers excellent customer support and service. While selecting the solution, they should research and read customer testimonials about the software’s customer support. Begin Your Accounting the Right Way Efficient accounting is a crucial part of financial management, which involves tracking critical business activities such as accounts receivable and payable, invoicing and billing, bank reconciliation, reporting, and tax compliance, among others. It can be difficult for small businesses to get everything right, yet good accounting is fundamental for the company's growth and success. Choosing the correct accounting software is a crucial first step when getting started with the discipline. To get the most out of your accounting software, it is essential for small businesses to carefully consider their requirements, check the availability of features as per the requirements, and then select the accounting software that provides the capabilities they require for the greatest accounting experience.

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How Are Small Business Accounting Software Meeting the Industry Needs Today?

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Introduction Every business owner wishes to become financially independent when starting a business. To achieve that, it is crucial for the owners to manage their finances in an efficient manner. When done wrong, financial management, which is supposed to make a company's budgeting processes more efficient, has led to the loss of funds in many cases. Without sound financial management, small businesses may struggle to meet their objectives and might even suffer losses that could push them into insolvency. Financial management assists businesses in maximizing their market share, minimizing capital expenditures, maintaining proper cash flow, and improving profits. Accounting software plays a significant role in proper financial management and has become a vital need for all businesses today. With a better understanding of the inefficiencies of manual bookkeeping and the increased chances of error in finance tracking, business owners are increasingly shifting from managing finances manually to leveraging innovative solutions, such as accounting software, to improve their financial management. Why Is Small Business Accounting Software a Need for the Industry Today? In the course of a typical day, there are numerous tasks and responsibilities that must be managed and accomplished by small businesses by the end of the day. From planning to managing finances and accounting, a small business owner's back is full of a plethora of day-to-day tasks. As a result, keeping track of every last detail is nearly impossible for them, especially in accounting, where keeping track of every transaction is critical for managing business operations. Accurate and reliable accounting management is critical for small businesses and start-ups to ensure stable cash flow. As accounting software helps small business owners keep track of every single transaction along with other benefits, such as managing business finances, understanding profitability, and preparing tax statements, among others, it is becoming a necessity for small business financial management. Here are some of the other reasons why small business accounting software is becoming a necessity in the industry. Overcoming Manual Records With the growing number of transactions in the small business sector, it is becoming increasingly difficult for business owners to track and record income and expense data. As accounting software assists these owners to overcome manual work by recording the data directly into the page in real time and keeping a daily update of all the transactions, it is increasingly being sought by small businesses. Ease in Maintaining Transaction Due to the increasing customer inclination towards the adoption of digital payment solutions, small businesses are encountering numerous obstacles in maintaining all transactions from different online portals. Accounting software helps businesses leverage the bank feed feature to connect credit card accounts and the business bank, thereby centralizing and maintaining all transactional data in one place. Preparation of Reports and Financial Statements Keeping track of all small and large transactions and preparing financial statements, such as profit and loss statements and balance sheets, of these transactions manually is a tedious task and prone to errors. Accounting software automates the preparation of these financial statements and allows comparing transaction activity from prior months and years. As a result, it is increasingly gaining acceptance among small business owners. Increases Efficiency Accounting software allows small businesses to manage invoices and expenses, prepare for taxation, and keep tabs on all the financials, including payments, bad debts, upcoming dues, employee salaries, and others. Delegating all these financial management responsibilities to accounting software enables small business owners to focus on tasks that require their undivided attention, thereby boosting business efficiency. Bottom Line Regardless of the size of the business, every company strives to optimize its financial management, improve efficiencies, minimize costs, and simplify complex and tedious tasks. Accounting software can help small business owners achieve these objectives, along with eliminating time-consuming manual processes and redundancies, by automating accounting practices. Following this, the growing introduction of advanced cloud-based accounting software capable of providing real-time data access to business owners from anywhere at any time and on any device is expected to change the ways accounting is done in the small business industry in the coming years.

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Introduction With increasing complexities in financial management and migration towards digital technologies for accounting operations, advanced accounting solutions are gaining massive traction across the small business sector. Accounting software assists small businesses in enhancing their financial performance by providing higher accuracy, optimized payroll, automated transaction tracking, centralizing financial records, and others. However, it is crucial for small businesses to integrate the right accounting software as per their requirements to get the most out of the solutions. Since the market is full of numerous accounting solutions with different capabilities, selecting the one that is most suitable for your business can be overwhelming. So what are the factors that a small business owner should consider before looking for an accounting solution? Let’s see below. Select the Right Accounting Software: The Top 5 Primary Factors to Consider for Small Businesses Types of Software With multiple types of accounting software available, such as system software, application software, cloud-based software, and others, small business owners can opt for solutions that suit their operations and working style. If the owners operate in an on-the-go style, cloud-based software is best for them. But if the owners prefer to work from a single location, then the system software is appropriate for them. Learning Curve Until and unless small business owners are aware of the ins and outs of accounting software, using the software may seem complicated. As the high complexity of the solutions can result in costly errors, these owners should make sure that the learning curve for operating the software is not too steep. Features List Before small business owners start reviewing various types of accounting software platforms, they should take the time to brush up on the basics. It is crucial for the owners to make sure that the accounting solution has all the functionalities and features they need, such as inventory management, multi-currency support, payment processing, expense tracking, and others. They should also consider the add-on features that the solution provider can offer. Software Cost Accounting software varies in cost, depending on the number of users it supports, its tools and features, and other factors. The more specialized the software is, the more expensive it gets. Small business owners should compare prices between various accounting software providers and understand the exact amount and the process by which they will be charged. For instance, some of the companies charge standard monthly fees, while others have a single upfront cost with additional charges for add-on services. They should also find out if there are any hidden charges associated with the setup, customer support, and cloud storage. Customer Support A huge part of a reliable accounting solution is customer service. This is because small business owners need quick solutions and answers if they get stuck or have any questions related to the software. They do not want to be bounced around from representative to representative when reaching out for support. Thus, the owners should look for accounting software that offers excellent customer support and service. While selecting the solution, they should research and read customer testimonials about the software’s customer support. Begin Your Accounting the Right Way Efficient accounting is a crucial part of financial management, which involves tracking critical business activities such as accounts receivable and payable, invoicing and billing, bank reconciliation, reporting, and tax compliance, among others. It can be difficult for small businesses to get everything right, yet good accounting is fundamental for the company's growth and success. Choosing the correct accounting software is a crucial first step when getting started with the discipline. To get the most out of your accounting software, it is essential for small businesses to carefully consider their requirements, check the availability of features as per the requirements, and then select the accounting software that provides the capabilities they require for the greatest accounting experience.

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This is the first post in a seven-part-series detailing the biggest entrepreneurial mistakes business owners make. The series will run over the next few weeks so check back to learn more. These are the 7 Biggest Mistakes I have seen entrepreneurs and companies make that can devalue their Intellectual Property (“IP”) portfolio, damage their brand, or sink a deal. If you are considering turning your idea into a business, read this carefully first. There are other mistakes you can make, but these are the deal-breakers. Any one of these can cost you big bucks, credibility in the eyes of investors and potential partners, and ultimately lead to evaporation of the value of your idea.

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Grasshopper Bank, the leading digital bank serving the business and innovation economy, recently announced a new partnership with MANTL, a renowned provider of account origination solutions, to achieve efficiencies that will better serve its SMB clients. Grasshopper Bank will utilize Commercial Deposit Origination by MANTL to enhance its digital deposit origination platform for businesses and provide a better client experience. The bank will also work with MANTL to establish an entirely automated online business loan origination solution, which is currently in development. MANTL was chosen by Grasshopper Bank to improve and streamline its existing online business account opening process, enabling the bank to access new revenue streams and efficiently scale while providing best-in-class digital banking experiences to the SMB market. The MANTL solution is entirely digital and automates up to 97% of application decisions, including customer and enhanced due diligence (EDD), to provide organizations with an intuitive, straightforward, and speedy digital onboarding experience. In addition, this collaboration will streamline Grasshopper Bank's document collection by eliminating manual processes and enabling business applicants to upload and examine documents digitally. After assessing the available loan solutions on the market, including technology vendors that offer both loan and deposit origination, Grasshopper Bank decided to join MANTL to develop a brand-new digital business loan origination solution. This solution, which is expected to launch in the second half of 2023, will extend MANTL's product line and bring its high-performing and ROI-optimizing technology to the other side of the balance sheet, filling a crucial technology gap in the loans market. Key MANTL features for Grasshopper Bank include the ability to personalize the underwriting, intuitively manage risk thresholds and KYC, enhanced back-end data processing, and an industry-leading time to market. About MANTL Founded in 2016, MANTL is an enterprise SaaS firm that assists traditional financial institutions in modernizing and growing. The company's Commercial Deposit Origination is a first-of-its-kind solution that automates up to 97% of application decisions, reimagining account creation for businesses of all sizes. Its Consumer Deposit Origination is one of the market's fastest and most efficient solutions, allowing net-new prospects to open accounts in just 2 minutes and 37 seconds, enabling existing account holders to open additional accounts with a single click, and reducing fraud by up to 67%. In addition, its software transforms the cost structures of banks and credit unions, facilitating expansion that is up to ten times more cost-effective than opening a brick-and-mortar branch.

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mdf commerce Partners with Acumatica to Provide SMBs a Unified E-commerce Solution

mdf commerce | January 31, 2023

On January 30, 2023, mdf commerce inc., one of the SaaS leaders in digital commerce technology, announced a collaboration between its ecommerce solution, k-e-commerce, and Acumatica. The products, when combined, provide a full offering to SMB clients and extend the reach of mdf commerce's e-commerce solution. The k-e-commerce ERP-integrated e-commerce platform designed for Acumatica Cloud ERP customers comprises a CMS, cloud hosting, and post-implementation servicing and training. In addition, k-e-commerce assists B2B businesses by providing a PCI Level 1 compliant environment. Vice President of partner solutions at Acumatica, Christian Lindberg, said, "With over 20 years of experience in the B2B ecommerce industry, built specifically for manufacturing, wholesale and distribution businesses, k-ecommerce checks off all the boxes for providing Acumatica Cloud ERP users with a robust and scalable B2B ecommerce platform. The integration to k-ecommerce also means Acumatica customers can maximize the return on their current technological infrastructure." (Source – GlobeNewswire) President of k-e-commerce, powered by mdf commerce, Pascal Cardinal, said, "Acumatica has been the world's fastest growing Cloud ERP company for more than six years. We are proud to support the Acumatica Cloud ERP business by providing the fully integrated ecommerce experience that is key to partners in the channel and end users within the Acumatica ecosystem." He added, "We are excited to introduce the new solution in exclusivity during the Acumatica Summit 2023." (Source – GlobeNewswire) About mdf commerce inc. mdf commerce Inc., previously known as Mediagrif Interactive Technologies Inc., facilitates the flow of commerce by offering a comprehensive suite of SaaS solutions that optimize and speed up commercial transactions between buyers and sellers. The firm's infrastructure and services enable companies all over the globe to produce billions of dollars in yearly transactions. Its procurement, e-commerce, and e-marketplace solutions are backed by a strong and devoted workforce of over 700 professionals in Canada, the United States, Denmark, Ukraine, and China. About Acumatica Acumatica is among the world's top innovators in cloud-based enterprise resource planning (ERP). Acumatica ERP provides adaptive cloud and mobile technologies with a one-of-a-kind, all-inclusive user licensing model, providing a comprehensive, real-time picture of your company at any time and from any location through its global network of partners. The technology is based on a future-proof platform with an open architecture for quick integrations, scalability, and user-friendliness, allowing it to give unmatched value to small and mid-sized businesses. The company has its headquarters in Kirkland, Washington, and is owned by EQT Partners, one of the world's most prominent investment firms.

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