Small business owners who have taken accounting in college aren’t necessarily ready to take over an accountant’s role. In fact, business owners could very well be better off using financial software to fill the gaps of missing knowledge. But with so many different software available on the market, what if you’re still unsure as to which financial software is right for you?
To start things off, create a laundry list of what you’re exactly looking for out of financial software. Considerations to mull over include:
- Your needs: Are you looking for a place to store invoices and track receipts, or is a simple, user-friendly software at the top of your list? Does your business require multi-currency transactions?
- How your business currently operates: A business that makes several million dollars a year will have very different accounting needs than one that makes less than $50,000. Look for software that’s specifically designed for your company’s current cash flow.
- Your own accounting skills: Let’s be real here. Ask yourself: am I a beginner, intermediate or an accounting pro? A highly sophisticated tool that can make maintaining books easier is ideal, but it won’t do you any good if you don’t have the financial literacy to follow through with the software.
- Your budget: Software products can range from those customized for small, medium or large size businesses. Find one that reflects the needs of your company financially.
- Add-in features: Do you favor software that has integrations with other business software such as Stripe? Is tracking your eCommerce sales within the software a must?
Once you have flushed out the needs vs. wants, it’s time to dive deeper into specific software. If you’re unsure at this point, here are 4 important reasons why Kashoo can be the right financial software for the needs of you and your small business.
1. Simple, User-Friendly Software for Accounting Beginners
Most small business owners don’t have an accounting degree and even if they do, their day-to-day does not give them enough time to practice what they’ve learned in college. Rather, time is spent on things like marketing, recruitment, and actually building their product or service from the ground up.
That’s why a user-friendly software is so important.
Kashoo is designed for the small business owner and is streamlined to make accounting easy and efficient. It does the job without overcomplicating things. If your business is a side hustle and currently makes less than $20,000, a sophisticated financial software with many features can leave anyone starry-eyed. However, it probably won’t be necessary for your business at this point.
2. Streamlined Reports to Help You Understand the Data
Oftentimes, less is more. Kashoo helps you see the big picture of your financial data when it’s most important. For example, instead of sifting through multiple excel tabs to total up your income during tax season, you can easily pull up your income statement via Kashoo for taxes. Kashoo’s streamlined reports also allow you to compare your sales from month-to-month or simply extract your monthly expenses in a report to gain valuable insights.
If you have little to zero knowledge of accounting, Kashoo’s Reports section provides easy-to-understand navigation to find the reports that you need for any situation.
Related: 3 Reports Every Small Business Needs
3. Expense Tracking That Reduces Administration
Bookkeeping is made up of minuscule, every-day administrative tasks. If all you need out of financial software is expense tracking and a digital place to store things like receipts and invoices, then Kashoo’s software could be perfect for reducing admin tasks. Within Kashoo, not only can you categorize each of your expenses to make tax filing and deductions later easier, but you can also stop worrying about losing your receipts.
4. Easy Payments to Optimize Invoicing
Chasing down payments not only affects your cash flow but it also cuts into your time. And time is precious!
Kashoo’s software sorts and categorizes all your payments and is partnered with Stripe or BluePay to help you get paid quicker. For those businesses who struggle to get their invoices paid on time, Kashoo helps eliminate the waiting period of 30, 60 days, or more to collect payment. A call-to-action to pay the invoice can be included with your invoice to provide customers the option to pay by credit card.
What are you waiting for?
It’s important to do your research and thoroughly mull over which financial software is right for your business. Factors like your own needs, how your business operates, your accounting skills, budget, and expectations about add-on features should ultimately influence your decision.
Interested in trying Kashoo to see these reasons in action? Give Kashoo’s free 14-day trial a go to see how our financial software can meet the needs of your business.