Best Accounting Software for 2024

Are you searching for the best accounting software? Well, today we're going to discuss some of the best software out there. It's a great time to talk about looking at your software and seeing if you need to make a change. But welcome back everyone to another informative episode of the Ask Ralph podcast, where we dive deep into the world of small businesses and provide you with valuable insights to help you thrive.

I'm your host, Ralph Estep, Jr.. And today we have a topic that is at the utmost importance for every small business owner out there. We're going to discuss the best technology for handling your accounting tasks and how partnering with a professional accounting firm can enhance the value of these products.

But before we delve into that topic, I want to take a moment to thank our sponsor SciJO Accounting Plus. Are you a small business owner looking for expert financial management? Are you looking for professional tax preparation? Look no further than Saggio

Accounting Plus, our proud sponsor. With their team of experienced professionals, they provide comprehensive accounting services, tailored to meet your unique needs.

From bookkeeping to tax planning, Saggio [00:01:00] Accounting Plus. Is dedicated to helping you achieve financial success. Visit ask Ralph. com to learn more about how they can support your business and take control of your finances today. Welcome to the ask Ralph podcast, where listening to an experienced financial professional can help you make sense of confusing questions, current headlines, and industry trends about taxes.

Small business, financial decision making, investment strategies, and even the art of proper budgeting. As Ralph makes the complex simple by sharing his real world knowledge with all things financial. Now here's your host, Ralph Estep Jr. Well, now let's jump right into our discussion on the best technology for handling your accounting tasks.

In today's digital age, technology has revolutionized the way we manage our businesses, and accounting is no exception. With a myriad of accounting software and tools available, it can be overwhelming to choose the right one for your business. [00:02:00] That's why we're here to guide you through the pros and cons of some of the best accounting products on the market.

So this is my rundown on what I see as the best products on the market. I'm going to start number one with QuickBooks. It's what most of our clients use. QuickBooks is one of the most popular accounting software for small business. I think it's mentioned somewhere that Dave got about 80 or 85 percent of the market.

It offers a wide range of features, including invoicing, expense tracking, and financial reporting. So it really handles the basic things that most businesses are going to need. QuickBooks is known for its user friendly interface and ease of use, making it accessible to users with varying levels of accounting knowledge.

It also integrates seamlessly with other business tools, such as payment processors and inventory management systems. However, one downside of QuickBooks is that it can become very costly. As your business grows, especially if you require additional features or user licenses. Yeah. And there's really two varieties of QuickBooks.

Now there's the QuickBooks desktop, which is sort of going away, you know, [00:03:00] unless you're a very large business, the QuickBooks desktop is really not going to be what you're going to select. So you're going to move into the QuickBooks online and we moved all our clients to that. platform. I want to say it was about five or six years ago.

The issue is as you need more features or as you need to grow the number of users, your fees are going to go up. You know, we've seen that trend in general with inflation, but I would say that QuickBooks is definitely. You know, joining the group of, of those that are raising software. Now, the cool thing about QuickBooks in my view, and this is why I selected for most of my clients, is it is scalable.

There are a great deal of apps that, that you can, you know, interface with this and it, and it does. You know, I would say 95 percent of the things that most of my clients or most small businesses need. You just have to understand that, you know, you're buying into a monthly subscription and that subscription price does tend to go up over time.

So let's move on to number two, and that's Xero. That's X E R O. I have some clients that use this. Xero is another highly [00:04:00] regarded accounting software that's particularly popular among small businesses. It offers similar features to QuickBooks, including invoicing, expense tracking, and financial reporting.

And most of them are going to handle. those basic things. Now, one of the standout features of Xero is its strong focus on collaboration, allowing multiple users to access and work on the account simultaneously. Xero also provides integrations with a wide range of third party applications, making it a versatile option for businesses with specific needs.

However, and this is one of the downsides, some users find the learning curve of Xero to be steeper compared to other accounting software. So there is a bit of more of a learning curve. And quite frankly, I think that Many people say that because they've grown accustomed to QuickBooks and I've noticed this, you know, I used to work in the software field and whenever you introduce something new, uh, people are always going to compare it to the old software or what they were using before and the truth is, you know, most software is not the same.

So I think you're going to find that, you know, objection [00:05:00] in most things. So let's move on to number three and that's called FreshBooks. FreshBooks is a cloud based accounting software designed for small service based businesses. FreshBooks It excels in simplifying the invoicing and time tracking processes, making it ideal for freelancers and consultants.

FreshBooks offers features such as automated recurring invoices. It's a huge feature. Expense tracking and project management. It also provides a user friendly mobile app, allowing you to manage your accounting tasks on the go. However, FreshBooks may lack some of the advanced features required by larger or more complex businesses.

Yeah, that's been my experience. As well, uh, this is, you know, commentary that I found online that, you know, it may lack some of those, uh, features, a larger, uh, complex business, but the truth is it does the basic, you know, if you're a business as just looking for an, a way to invoice your customers or a way to, you know, put those, you know, things out there for your service based business, time tracking and all that sort of thing.

It really is good software and [00:06:00] it's not as costly. As some of the other options. So let's move on to number four and that's called Zoho Books. That's Z O H O. Zoho Books is a comprehensive accounting software suitable for small and medium sized businesses. It offers features such as invoicing. expense tracking, inventory management, and project management.

You see what I'm saying, folks? All of these software, uh, that we've talked about, all four of these are offering the basic features of invoicing, you know, expense tracking. They're going to vary a little bit on the inventory management side. But the thing about Zoho Books, as I understand, and I've never used Zoho Books, I want to be clear in saying that, um, I don't have any clients on it either, but when I did some research, it did say it was a little bit better with project management.

Zoho Books also integrates seamlessly with other Zoho applications, providing a cohesive ecosystem for your business operation. Now, the one drawback that I found about Zoho Books is that it may not have as many integrations with third party applications. compared to other accounting software. And that really, you know, if I'm going to [00:07:00] give you the top things, I think you need to look at cost.

I think you need to look at features. And then I think you need to look at integrations because we're moving in, in a way where most of our things are integrated into other products. And if you don't have software that builds in that integration, like I have a lot of clients in the service industry and they use a product, I think it's called house call pro.

And another one is service Titan. And that gives their, their, their technicians out in the field. You know, they can hand them a laptop or an iPad and then go out there and work in the field and it integrates directly with QuickBooks. So that's a positive thing. You know, when you make an invoice in your, in your service Titan or, um, house call pro, it's going to integrate with QuickBooks.

So it saves you from all that, you know, redundant entering. So we've really talked about software. Now let's, let's talk about how we can partner that software with an accounting firm. You know, let's talk about how partnering with a professional accounting firm, and I'll use my firm as an example, where we can enhance the value of these products.

While accounting [00:08:00] software can streamline your day to day tasks and provide you with valuable financial insights, it's essential to recognize that it has limitations. You know, you have to understand that you're not going to go out there and just find software that's going to do everything. It just doesn't exist, folks.

Accounting software is a tool, and it can be a very good tool, and a useful tool, and a tool that I think most people need. It requires proper knowledge and expertise to fully leverage its potential, so you need to work with somebody. So by partnering with a professional accounting firm, you can gain access to a team of experienced professionals who understand the complexities of accounting and tax regulations.

These professionals can provide personalized guidance and support, ensuring that your financial records are accurate. Compliant and optimized for your business's specific needs. Additionally, and this is important, professional accounting firms can offer services beyond what accounting software can provide.

You know, I say to clients all the time, it's great that you can put all that information into your software. Does it help you make [00:09:00] decisions? Because if it's not helping you make decisions, then what is the value of it? Now it's great for compliance, you know, you'll be ready to put your things into the tax return at the end of the year.

But, you know, what else can you use? That data for these services, you know of an accounting firm like myself and I'm not trying to just use me But I mean any accounting firm I may include tax planning and preparation You know, that, that's sort of the compliance side of that financial forecasting, cashflow management and strategic business consulting.

See those are the things that that data that you have in that accounting software will help you make better decisions. By combining the power of technology with the expertise of professionals, you can unlock the full potential of your accounting processes and make informed decisions to drive your business forward.

Another advantage of partnering with a professional accounting firm is the peace of mind it brings. My clients say this to me routinely, Ralph, listen, I could probably do this on my own, but I know that you're going to handle it. I know that if I have a question, I call them, that's funny, I call them [00:10:00] the Ask Ralph questions.

You know, I say to my clients, hey, give me a call. Ask Ralph the question. And with the ever changing landscape of accounting regulations and tax laws, staying compliant can be challenging. And more than that, time consuming. It takes you away from running your business. By entrusting your accounting tasks to professionals, you can focus on what you do best, running and growing your business, while knowing that your financial matters are in capable hands.

This is a comment I make to my clients routinely. Partner with us. You do what you do well, or you do what you do best, and I'll do what I do best. In conclusion, choosing the best technology for handling your accounting tasks is a crucial decision for your small business. We talked about QuickBooks, Xero, FreshBooks, and Zoho Books are all excellent options, each with its own set of pros and cons.

However, it's important to remember that accounting software is just a tool. It's a, like I said before, it's a good tool to have. And [00:11:00] partnering with a professional accounting firm can enhance its value significantly. By combining the power of technology with the expertise of professionals, you can ensure that your financial records are accurate, compliant, and optimized for your business's specific needs.

Professional accounting firms like Saggio Accounting Plus, shameless plug again, can offer a wide range of services beyond what accounting software can provide, giving you peace of mind and the ability to make informed decisions to drive your business forward. Well, that's all the time we have for today's episode of the Ask Ralph Show.

I hope you found this discussion on the best technology for handling your accounting tasks helpful and enlightening. Remember, the right technology combined with the expertise of professionals can empower your business and set you on the path to financial success. If you have any questions or topics you'd like for us to cover in future episodes, please feel free to reach out to us at www.askralphpodcast.com.

com. And don't forget to visit askralph.com to learn more about how they can support your financial success. Until next time, [00:12:00] folks, keep embracing technology, partnering with experts, and thriving.

Thank you for joining us on the Ask Ralph podcast. And with a simple click to subscribe, we'll invite you back to our next episode. And remember, financial issues don't have to be complicated. Just ask Ralph. The information contained in this episode of Ask Ralph is based on data available as of the date of its release.

Saggio Accounting Plus and Ask Ralph Media Inc. is under no obligation to update this content if changes occur. Applying this information to your specific situation requires careful consideration of all facts and circumstances, and any information provided is not to be considered as financial, tax, or legal advice.

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