By Analytix Editorial Team
As with many other industries, accounting is “going online”. This is especially true for small to mid-sized companies. Fortunately, there are several software solutions on the market which are designed to simplify online accounting processes for startups and small businesses. QuickBooks, Intacct, and Sage 50 (previously branded Peachtree) are three such applications. Following is a brief comparison of these three software solutions.
QuickBooks’ parent company originally launched a software solution to assist with personal financial management. They soon recognized the need to offer a similar solution for small business owners. Today, QuickBooks is recognized as an essential tool to aid small businesses with their financial management. QuickBooks allows users to track their income and expenses, record bank information, organize tax-related information, and back-up data for business continuity planning. QuickBooks also provides some versioning on the basis of business attributes such as General, Wholesale, Retail, Not for Profit, or Contractual. They offer programs for Accountants and Professional Services as well.
Sage 50, previously known as Peachtree Accounting, is another business management software program. Like most accounting software designed for small to mid-size businesses, Sage 50 also provides options for different business sizes, such as an entrepreneurships, small to mid-sized business, and a large businesses. Sage 50 accounting solutions include:
Sage 50 solutions also offer system options on the basis of whether a business requires a full-time, dedicated, fully integrated accounting system; or one that is client or project dependent; or one that requires payroll management and necessitates the creation of budgets.
Intacct is a cloud-based solution offering options such as accounting, financial management/reporting, as well as inventory and vendor management. Intacct offers solutions customized to various industries, including accounting, healthcare, hospitality, non-profit, and wholesale distribution.
Intacct offers many options for customizing your reports, including employee time tracking and management, vendor tracking for details like inventory management and purchasing, financial solutions like multi-currency management and global consolidations, and more. However, Intacct is a bit more complex than the previous two solutions and maybe better suited to a mid-size business than to a startup, depending upon the needs of the business.
|> Simplified and accurate financial management option, and offers significant support for bookkeeping and accounting functions such as batch entries, which save time for small businesses||> Simplified and accurate financial management options. Reliable management features and multiple inventory management methods for web-based accounting||> Offers multiple features for a wide variety of industries, including mid-size businesses.|
|> User-friendly navigation system; considered top cloud-based financial application||> Logical, easy-to-track workflow and reporting features||> Customizable dashboards. Provides users with options to support their clients’ accounting needs|
|> Inventory functionality is limited, and the program poses some integration problems; however, it integrates smoothly with most third party applications||> Robust options, although the inventory management is single location defined||> Powerful program that may contain features that are more complex than those required by a startup or a small business|
No matter which solution you choose, a reliable accounting system will assist you in running your business more effectively.