To stand out in an emerging market, a business needs three things – proper research, a valuable and hard-working team and obviously a robust accounting system. Among these all, when it comes to the accounting, it relates to everything, starting from the investment to the salaries of the workers. One of the essential tips to grow a successful business is to keep a detailed record. By maintaining records especially accounts related, you will get to know what is the current position of the business and what can be taken as potential challenges.
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Why we need an Accounting Software?
As for the small type of businesses, one can manage by using a simple spreadsheet to manage the finances. But as the income and the expenses grow, things get more complicated. To keep track of all invoices, other revenues, taxes, online payments get more tricky to be tracked down.
In this technology-oriented era, we have software for almost every complicated thing to get it more easily. For Accounting, it is no different.
Using an Accounting Software, it is too easy to keep a record for every finance-related problem, and it also can save time to manage money more efficiently.
Popular Accounting Software
There are many Accounting Software present in the market that have gained popularity. Some of them can be considered as one of the best accounting software suitable for small business as well as for freelancers. Among these all one of the most popular software is SlickPie – it can maintain automated data entry, online invoicing and billing, financial reports, live bank feeds and more. Another one is Wave, which gains remarkable reputation over others. This software is also perfect for maintaining finance related record in small business.
Let us have a look on Slick pie vs Wave comparison and check the essential features of this two mentioned software below.
This software is easy to use and comes with a sales tax tracking tool. The tool helps in monitoring municipal, state, regional, federal, provincial and other taxes. It also ensures that the taxes are operating in line with the regulations.
When it comes to calculating taxes and organising them in respect to specific products, the SlickPie software helps to save the time of the users. With this application, entrepreneurs, non-profit organisations and small business owners can do all the complicated calculations.
In addition to this, SlickPie provides the data the users need when required, accurately and expeditiously. It is equipped with an automated feature that can ease the burden on the user.
Benefits of SlickPie
Compliant Monitoring: SlickPie allows the user to enter into a system of various taxes, which is required to track to ensure complete compliance with tax regulations. Businesses can rest assured that they do not miss to comply with state, federal and other kinds of taxes with the SlickPie.
Quarterly Calculations: This software assures entrepreneurs to check the total amount of sales tax they incurred for the quarter. It does it automatically, so they do not have to worry about doing calculations after every end of the quarter.
Accurate Numbers: Successful businesses are also assured that the tax rates are always reasonable. SlickPie helps to do it against possible issues and makes sure that the users fulfil the tax obligations.
Price information: SlickPie offers two SMB and enterprise pricing plans for users to choose from. It also has a free trial and the STARTER costs free. The PRO package starts at $9.95/month.
This software is an excellent option for small business, particularly for the businesses, which have less than ten employees. It is free as well as a well-integrated platform that combines invoicing, accounting and receipt scanning into one compact package. It is also a perfect option for self-employed professionals such as freelancers, consultants, entrepreneurs.
The system is easy to install and use. It features a simple navigable dashboard with everything that users need to view, and it is easy to access.
With this application, accounting and invoicing processes get simplified, and this also enables users to get rid of distractions that come with chasing payments, monitoring expenses and managing employees and taxes. The system also helps users create and send out professional invoicing, estimates, receipts in a matter of moments.
Benefits of Wave
The best thing about this software is there are no hidden charges and undeclared fees. The software is free, and this makes it an ideal accounting tool for small startups, freelancers and consultants.
The Wave significantly streamlines the process after taking out manual data entry from equations without compromising accuracy. The software also starts preparation all the calculations for tax season without the hassle.
With its automated invoicing and billing, users can save a lot of time. Users can also configure reminders to remind for paid and unpaid items.
In addition to this, it allows users to pay the team from anywhere with the right amount. Users can use online pay stubs or select direct deposits to deliver the payment.
Price information: Wave is entirely free software, and it also has a trial version.
Comparison between the software
The Wave is entirely free software and can be used for various accounts related work. This software is for small business but with less than ten employees, which can be a drawback.
On the other hand, SlickPie costs $9.95/month and can manage a small business. But there is no restriction on the number of employees.