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Accounting Tools for Your Business

Accounting Tools

Paper is the Lex Luthor to our Superman, the Joker to our Batman, the villainous foe in our fight for justice.

It’s really not that great.

Sure, ten years ago paper might have been a big deal, but there’s no mistaking that it has always been an accounting pain point. Paper has bogged down processes, overtook desktops, diminished transparency, and prevented an accurate picture of a company’s financial performance.

Really, not that great.

Thankfully for us, today’s accounting tools transform these pesky paper tasks into trackable, digital experiences. They provide real-time results and automation to cut down on manual labor and its errors. The question now is — which accounting tool is right for your business? And what exactly should these solutions offer?

The Best Tools for Accountants

Before we dive head-first into our recommendations, let’s discuss the four major pain points when evaluating new accounting technology.

1. Is the technology cloud-based?

Yes. The correct answer is yes.

A cloud-based solution gives you unprecedented flexibility. You can access the critical information you need from any device, at any time. You can increase or decrease its capacity (more storage, more users, etc.) quickly and easily. In short, cloud-based accounting solutions have an increased ability and agility to continually meet your business’ needs.

2. Does the tool provide automation?

Let’s be honest, is your time best spent tracking down the status of a bill payment? Wouldn’t you prefer to access a solution, check the automated approval workflow, and immediately see its status?

Smart automation is imperative in any new accounting tool your business adopts. You determine the level of automation you prefer, who is involved, and enact it. Automation immediately introduces a new standard of efficiency into operations.

3. Does the tool allow mobile access?

Mobile access transcends beyond powering up a laptop to access a program. Truly mobile access means you can use an app on the go – regardless of operating system or device.  You should be able to perform tasks formerly tied to the office from the convenience of just about anywhere. Waiting in line to pick up a fresh Italian sub? Great, you can use your down-time to approve and review bills.

4. Does this tool integrate with other applications?

There are tons of solutions that handle specific tasks. The real value of these tools is when you can integrate and sync them to create a higher level of accuracy and efficiency.

When evaluating options, ensure that the accounting solution shows many available integrations with reputable providers and that the vendor is regularly releasing more integrations. For example, if you have one accounting tool that handles expenses and another that handles payments, it makes sense that these two systems should sync information to avoid extraneous data entry or the intrusion of paper into a digital process.

Our Top Financial Accounting Tools

Salesforce

Woah, Bill.com. Salesforce is not an accounting solution, Well technically, yes, it’s customer relationship management software. But if you integrate your trusty accounting apps with Salesforce you can completely elevate its performance. Imagine turning a closed deal into an invoice automatically and then syncing received payments back into Salesforce – all with just a few clicks.

QuickBooks Online

Intuit, such a fresh-faced kid. It’s only been a leading software company for 34 years. And with its product, QuickBooks Online, you can migrate your essential accounting functions to the cloud. QuickBooks Online syncs with bank accounts to download, categorize, and reconcile bank and credit card transactions. It even tracks your expenses and monitors your cash flow.

Xero

Xero. The most beautiful accounting software solution. Positioned as the online accounting software alternative to QuickBooks, Xero handles inventory, payroll, bank reconciliation, and reporting. Plus it offers a robust app marketplace with a large number of integrations.

Tallie

Streamline expense reporting with Tallie by digitizing the entire process. The solution scans, categorizes, and matches receipts and credit card data. It essentially automates the entire expense report workflow for you.

Bill.com

Reduce time spent on bill payment by 50% or more with smart automation and controls offered by Bill.com. It’s mobile and it integrates with multiple leading accounting programs to increase efficiency.

Vanquish paper for good, and evaluate the cloud accounting tools that are right for your business. Take the first step towards adopting a top accounting solution by test-driving Bill.com.

February 3, 2017
Kate Wilson
Social Media Manager, Bill.com
Kate is in charge of all things social at Bill.com. When she's not writing every type of content imaginable, she's drinking strong coffee and debating the use of the Oxford comma with her coworkers.