Looking for an efficient accounting software? Come this way, we present you the top 6!
A accounting software is a computer tool that automates certain bookkeeping tasks and allows you to keep your company's accounts up to date, such as estimates and invoices, supplier management, or any other common accounting tasks. It is therefore not only a solution to fulfill the accounting obligationsbut also a management toolIt is also a management tool, ensuring data security and guaranteeing the company's profitability. Thanks to the numerous statistical and reporting tools included in the current solutions, especially the online accounting softwareYou can save time in your daily operations and constantly monitor your company's cash flow and finances. We hope that this little guide full of tips will help you in your choice of accounting tools for the new school year 2023 !
Accounting software to help create charts of accounts and journals
Accounting software is very useful for quickly creating and importing charts of accounts and accounting journals. We explain what this is all about!
Creating or importing the chart of accounts
It is a document that groups all the accounts useful in the life of your business, classifying transactions in relevant accounts, in the form of a tree structure where your accounts are broken down into subsets.
Creation of logs
The accounting journal is a document that records, in a chronological and continuous manner, all the financial operations carried out by the company during the accounting period.
For better management, a company can use several accounting journals, for example: a purchase journal, a sales journal, a cash journal, a miscellaneous transactions journal, etc.
These are called subsidiary journals and are then centralized in the centralizing journal. Accounting software therefore allows you to create the necessary subsidiary journals.
Accounting software, an aid to monitoring cash flow and banking operations
Accounting software allows you to quickly create cash flow monitoring charts and quickly and easily allocate your banking transactions. We explain!
Cash flow monitoring
This is the table that lists your cash inflows (income) and outflows (expenses) period by period. In this way, you can see the financial flows during a given period.
Allocation of banking transactions
This requires prior synchronization with the bank, so when a transaction is made it allows :
- Or to associate the bank transaction with an invoice, thus allowing the invoice to be considered paid;
- Or to associate the bank transaction with a payment, allowing the entered payment to be confirmed;
- Or to associate it with a type of operation (e.g. to determine which employee it is, which charge, etc.).
Other functions of accounting software
- Quotations and sales invoices: allows you to generate quotations and invoices for your customers.
- Purchase invoices: it also allows you to enter payments for your supplier invoices.
- Management of expense reports (and receipts): taking into account the various employee expense items
- Accounting entry ;
- VAT management ;
- Alerts and reminders; allows you to automate your alerts and reminders, thus limiting your unpaid bills and improving your cash flow
- Export of the accounting entries file; grouping all the records related to accounting.
- Access for the chartered accountant; making interactions with your chartered accountant smoother and avoiding many mistakes!
As you can see, accounting software can perform many key functions in a company!
Types of accounting software
There are two types of accounting software:
- Online software: on which some data can be automatically updated.
- Offline software: which is not linked to data systems and therefore has to be updated manually, by entering information, such as Microsoft Excel.
The advantages of accounting software
Accounting is often seen as a task that can be tedious, fortunatelyaccounting software is there to simplify the life of the manager, here are some advantages.
Efficiency and time saving
Automation of tasks saves time (automatic lettering, automatic integration of data such as bank statements or automatic invoice recognition, etc.).
Different people in your organisation can work on the accounting software, and possibly even your accountant.
Reduced risk of error
The online accounting software makes the whole process secure and reliable, as the journals are set up in advance and the totals are calculated automatically. The centralisation of information is also managed automatically.
Managing your business
Accounting software allows you to have an adequate view of your company's financial health on a daily basis.
How to choose an accounting software according to your needs?
Choose according to the size of your organisation
The software is suitable for different sizes of organisation.
- Software adapted to VSEs is generally very standardised and only manages accounting and sometimes estimates and invoices;
- Software adapted to SMEs can manage all accounting, including VAT returns, the possibility of making and sending tax returns, etc. ;
- Software tailored to large companies is usually custom-built for the company.
Accounting software specialised by type of business
There are also specialised software packages for each type of business. (For example, for a construction company, there may be a management control tool for monitoring the site: monitoring hours, monitoring consumption of materials, etc.)
Other criteria for choosing accounting software
Depending on your legal status
Accounting has many national specificities, depending on the country or countries where the organisation operates
Depending on the price
While some software is free, others with additional modules may be more expensive (payroll management, etc.)
Quickbooks is an online accounting software adapted to the self-employed and small businesses. It is one of the references in accounting software because it is very complete and allows you to manage invoicing (estimates, invoices, follow-up and reminders of unpaid bills with bank synchronisation).
Quickbooks sorts expense reports using visual invoice recognition.
It also allows you to monitor your cash flow and forecasts in detail on a dashboard. It is also available on mobile and easy to use.
Sage Accounting & Billing
Sage Compta & Facturation (formerly Sage One), is an accounting software for small and medium-sized businesses and is 100% online. Like Quickbooks, it is a complete software that offers advanced functionalities (online payment, a customer area, cash management and unpaid invoices, etc.).
This software is ideal for managing your pre-accounting and for collaborating efficiently with your accountant.
IPaidThat is a young and promising solution specialized in the automation of your accounting contents. Close to its customers, IPaidThat automatically collects your professional invoices from your acquisition channels (mailbox, customer space, CRM, supplier platform, slack ...).
Following this connection, the solution issues a bank reconciliation and automatically compares your movements from your account statements and your accounting documents. Thus, you will be able to benefit from a global vision of your assets and consequently, control your cash flow directly.
IPaidThat differentiates itself from its competitors by the precision of its monitoring dashboard. Thanks to this spreadsheet, you will be able to follow in real time your expenses by division, your cash flow, your revenues and expenses by customer, your suppliers, your employee expenses as well as the evolution of your turnover according to your shared expenses.
Finally, thanks to its intelligent solution, IPaidThat offers you the possibility to generate expense forms and to edit your invoices. Several possibilities that make IPaidThat an ultra powerful tool!
Pennylane is a French accounting software , for small and medium-sized companies, which also allows the management of sales and purchases and cash flow. It is particularly adapted to the e-commerce and restaurant sectors.
It is possible to connect your Dext account to your Pennylane platform. Dext is a tool that centralises purchase invoices. This integration of Dext with Pennylane allows the automatic publication of accounting entries with associated comments.
Pennylane offers three different rates depending on the size and nature of the business.
Zefyr is a Frenchaccounting software, which we have selected because it is relatively complete, with modules for payroll, stock management and customer relations (in addition).
It allows a company to easily manage all its pre-accounting and has integrated cost accounting dashboards. Depending on the number of modules used, the learning curve can be more or less difficult.
Zefyr offers 4 different monthly subscriptions depending on the company's turnover. For each subscription, the number of users is unlimited. Employees, partners and accountants can use Zefyr at the same time.
Odoo is an OpenSource management solution and is a complete Enterprise Resource Planning (ERP). As such, Odoo covers all the key functions of a company, including accounting functionality. This tool is completely free.
MyAe is an online accounting software especially dedicated to auto-entrepreneurs. This software offers the possibility to auto-entrepreneurs to easily set up invoices, estimates and to transform them into dematerialized content in one click, to keep a chronological book of receipts and a register of expenses. An ideal solution to dematerialize its content and to be able to issue financing requests easily withKarmen.
A accounting software is a key resource to enable a manager to have reliable accounting reliable accounting data, but also to free up time for everyone to focus on their core business. It allows you to integrate all functions related to accounting in one place and give access to your collaborators or service providers. The key functions are the import of the chart of accountsthe creation of journalscreation, the follow-up of cash flowthe allocation of bank transactions, the estimates and invoicesmanagement, management of expense reports, accounting entry, management of VAT MANAGEMENTalerts and reminders and export of the accounting entries file.