Various accounting software and business solutions are making rounds in the modern accounting market. As a result, it is even more essential to analyse the distinguishing features and functionalities that these software apps provide. As thriving business personnel, a gist of the services these software products offer. Also, a selection of the right software depends on how far it matches with your business demands.
Therefore, we should base a software selection on ‘what’ and ‘how’ the business software such as Xero, Wave, QuickBooks, Zoho Books address to. These common concerns hinder or slow the selection of the software. For your business to run smoothly and work efficiently, you need an understanding of the requirements of your business and a comparison of key functions. So, your emerging business requires handling and management in a swift and convenient yet organized manner.
An average percentage of the overall customer satisfaction and scorecard gives a rough sketch of the position that each software holds in the market. But for a customized selection, it is necessary to dive deeper into the technicalities of the business solutions to suit your business needs.
Xero accounting software is established and ever-developing accounting software. It is flexible regarding accounting based on cloud computing. We can access it through any device, zero installation with free upgrades, and auto-backup. In addition, you can connect it to your bank account and can automatically reconcile your transactions. It is also economical, convenient and helps to have secured transactions.
Nothing to install, real-time users, upgrades are free and automatic backup of data. The generation of invoices and online payment makes your business quick dealings. Get connected to your bookkeeper and accountant with convenient login setups. It aids in networking with other apps. Quite simple and descent!
Basically, Xero is an accounting management system that abides with your business rules, mission, priorities, and goals. And if your business is on the lookout for a long-term committed app, Xero comes to your rescue! The inbuilt financial operations process your financial activities update in a speedy manner. This includes data entry operations, core financial and accounting activities. So, you just need to fill in the basic details regarding your contacts and transactions.
With the ease of access for financial activities and management, such as
- Billing and invoicing status
- bank reconciliation,
- expense claims,
- financial reporting,
- purchase orders,
- GST returns
Xero enhances the functioning of financial transactions and activities in a simplified and easy-go manner.
In addition, with the help of cross-reference, which approves and authenticates multiple times, secures your business from financial frauds. Further, you can survey all actions based on the displayed status of items and a list of executed actions.
What’s more in store for your business to run better? Xero provides integrations with business software. This helps to improve software productivity and thereby, provide better service to its customers.
Now, let us move on to yet another powerful accounting software called Wave. It is a free software app that is dedicated to performing financial activities as follows:
- Generates the invoice, payroll, and receipts
- Calculates tax
- Gathers info on deductions
- Yearly record
- Makes direct deposit and credit card payments
- Provides integration
Basically, it is a compact accounting software tool that works rigorously in serving small business owners for:
Ease of setup, maintenance and tracking
First, with the setup taking seconds to install and function, your business activities can be started instantly. Second, your data is not only in safe hands but also accessible anytime and anywhere as per your requirement. And third, you can connect your bank and credit card transactions to this software in a fluke. As a result, your bookkeeping is done by recording your transactions. Hence, this deletes the need to enter your receipt data manually and help to generate invoices and bills. In addition, tracking your business health in terms of cash flow on a monthly or yearly report and comparison is possible. This will help you view your business from a futuristic perspective and in taking necessary decision-making steps.
A simple secured and ordered accounting app
With a smart dashboard that helps to display financial aspects in an orderly fashion, generating tax time becomes simplified. These aspects include income, expenses, invoices and payments.
A PCI Level-1 certified app, it equips Wave with servers that extend towards keeping your physical and electronic data safe. Also, access to bank data connections is read-only and encrypted for 256-bit. Thus, the software provision for double-entry accounting makes it friendly software for fellow accountants.
A few highlights with regards to the accounting functionalities that Wave caters to its users:
- Reminders for bills and invoices that are scheduled.
- Updates for bulk transactions, invoicing, payments and payroll data.
- Customised services for a chart of accounts regarding the specific account IDs, sales tax.
- Automated calculations for exchange rates and reconciliation for payment transactions only for Wave users.
- Multiple business operations carried out for a single account.
- Connect to other software interfaces like PayPal, Shoeboxed and Etsy.
- Provision for journal transactions, acceptance of foreign currency payment.
In consideration of the mentioned features for Xero and wave apps, we observe and understand that both work towards maximization of online accounting for your business purposes. In conclusion, they equip Xero with additional and established features, Wave makes a fresh yet strong foothold in performing and delivering accounting actions that are commendable.