Accounting and indeed accounting software can be a minefield if you’re not doing it day in and day out.
Accounting isn’t always everyone’s strong point and finding accountancy software that meets your needs and works for you is essential.
Essential, because fashion professionals need a system which is going to save time and money as well as support other actions too. Actions such as invoicing, expense reports and even automated entries and more.
In this post, we’ve highlighted a handful of the most efficient and effective accountancy solutions currently on the market and some of the key things you should look for in accountancy software packages.
Accounting Software
Each software package has their own features and benefits and we advise all of our fashion professionals to do their research first. Finding out if the package in question can meet your needs and ultimately make your life easier.
A popular package in the market at the moment is QuickBooks Online. Intuit QuickBooks Online is great for freelancers, consultants, online merchants, store and restaurant owners, service providers and more. It offers both basic and advanced features to meet a wide range of needs. So, whether you’re just starting out or you’re an established business QuickBooks is sure to offer something for everyone.
If you are just starting out and you’re looking for some straightforward accounting software than Zoho Books could be right up your street. Zoho Books works with small businesses offering everything you need, from helping you to automate your workflows to making sure you stay on top of your cash flow. It also has additional integrations, meaning you can keep using the software as your business grows – it also has the best prices for start-ups.
One of the easiest accounting software packages to use is FreshBooks. With features that include recording billable time and expenses, you can also customise the look of the invoice and set up reoccurring invoices, automatic payment reminders, and late fees. You can connect to your bank, generate reports as well as manage your projects.
Another good accounting software package is Wave Financial. Which offers free, cloud-based accounting software, designed specifically for small businesses. To make it feel different to others out there, Wave Financial also doesn’t limit its capabilities, offering a comprehensive set of features without the monthly price tag.
Of course, there are other accounting software packages out there, (such as Sage Accounting, Xero and more) and you need to choose the one that most suits your needs and wants.
Things to consider when looking for accountancy packages include:
- Cost – is it a one-off cost for the package or a monthly fee, and what is actually included in the price and what extras do you need to pay for?
- How easy is it to integrate and use? What customer service assistance do they offer? What do other users say and report on?
- What additional features do they provide? Can you link to your bank, carry out automatic invoicing, reporting, does it offer mobile access, integration with third-party apps, etc?
Conclusion
Accounting and managing your finances can be mind-boggling and choosing the right accounting software can seem like a minefield. But it doesn’t have to be. Identifying what it is you need support with, what takes up most of your time and what software solutions would help to solve this are all a step in the right direction. Managing all of this within your set budget and making sure the features included meet your needs and aren’t just fancy extras is extremely important too.
For fashion professionals keeping on top of your accounting when it comes to invoicing and recording expenses etc. helps you to keep your balance sheets and profit and loss accounts in check. Growing your business success relies on knowing precisely the monies that are coming in and going out, your accounting software is what needs to be set in place to help achieve this goal.
If you have any questions or if you would like further information on a particular subject the, please email us at co*****@ww*.uk
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