by Truc Nguyen
Effective accounting is the backbone of any successful business. While QuickBooks by Intuit is a popular choice for many small businesses due to its comprehensive functions such as invoicing, expense tracking, and payroll management, there are numerous other tools that can make your accounting process more efficient and compliant. Here’s a look at some other top accounting tools available today.
Bill.com: Automating AP and AR Processes
Bill.com is a cloud-based platform designed to streamline and automate accounts payable (AP) and accounts receivable (AR) processes. Here are its standout features:
1. Accounts Payable Automation
- Invoice Management: Bill.com starts processing as soon as invoices are forwarded to its inbox, reading and extracting data for review. The platform can perform invoice matching and purchase order matching, flagging potential duplication to reduce the risk of overpayment.
- Approval Workflows: Confirm billing codes and amounts, then let Bill.com route invoices for proper authorization. You can automate workflows with as many specific rules and controls as you need.
- Payment Processing: Use various payment options like ACH, virtual card, international wire, or paper check with just a few clicks.
- Vendor Management: Vendors can set up profiles and control their banking information within the Bill.com network.
2. Accounts Receivable Automation
- Invoice Creation and Sending: Create and send electronic invoices effortlessly.
- Payment Collection: Facilitate electronic payments, making it easy for customers to pay.
- Auto Reminders: Automatically send payment reminders to customers.
3. Integration
- Seamless Syncing: Integrates with major accounting software like QuickBooks, Xero, Sage Intacct, and NetSuite. Bill.com automatically syncs data to your general ledger.
Expensify: Simplifying Expense Reporting
Expense reporting can be a tedious task, especially for businesses with many traveling employees. Although some accounting software already includes expense tracking features, a dedicated and specialized expense tracking tool is still a must. Expensify is a specialized tool designed to streamline this process with the following features:
1. Creating Expense Reports
- Automatic Receipt Scanning: Snap a photo of a receipt, and SmartScan inputs the details for you—no manual entry needed.
- Credit Card Integration: Link your credit card to import expenses automatically. Expensify even matches these expenses to scanned receipts.
2. Submitting Expense Reports
- Custom Reports: Employees can group expenses by theme, such as business trips, and submit to admins for review.
- Automated System: Admins can create and submit reports for employees based on the company’s workflow.
3. Approving Expense Reports
- Approval Workflows: Set up custom approval rules to review and approve reports quickly.
- Efficient Review: Approve and export reports with a few clicks, eliminating manual data entry.
4. Reimbursing Expense Reports
- Quick Reimbursements: Approved reports can be reimbursed in seconds, with ACH reimbursements processed in 4-5 business days. Expensify also offers Next Day Reimbursement for even faster payout to your employees.
5. Integration with Accounting Software
- Syncing and Reporting: Integrates with QuickBooks, Xero, NetSuite, and SAP. Expensify imports general ledger codes to tag expenses, saving hours of manual reconciliation.
Gusto: Comprehensive Payroll and HR Management
Gusto combines payroll, benefits, and HR management in one easy-to-use platform. Here’s how it can empower the accounting professionals:
1. Full Payroll Service
- Unlimited Payroll Runs: Run payroll as often as needed without extra costs or set it on AutoPilot for consistent periods.
- Compliance: Stay compliant with labor laws and regulations with Gusto automatically processing and filing payroll taxes at local, state, and federal levels.
2. Hiring and Onboarding
- Job Posts and Tracking: Improve your hiring process with job posts, applicant tracking, and offer letter templates.
- Onboarding: Streamline onboarding with digital document signing, customized checklists, and welcome emails.
3. Time Tracking
- Automated Hours: Calculate and integrate employee hours, PTO, and holidays. Gusto also helps manage time-off requests, approvals, and project tracking.
4. Employee Benefits
- Health and Retirement Plans: Enroll in health plans (medical, dental, vision), and manage retirement plans like 401K and 529.
- Additional Benefits: Offer HSA, FSA, and workers’ comp plans.
5. Reporting and Syncing
- Custom Reports: Build custom report templates for crucial data analysis.
- Accounting Integration: Easily sync payroll with accounting software like QuickBooks, Xero, Sage, FreshBooks, and more.
Everlance: Modern Mileage and Expense Management
Everlance simplifies mileage and expense management with features designed to reduce manual tracking, streamline mileage reimbursements, and ensure compliance with tax regulations.
1. Automatic Mileage Tracker
- GPS Tracking: Automatically track trips with GPS for accurate mileage capture.
- Reliability: Provides precise location tracking, eliminating manual calculations.
2. Manage Mileage Reimbursement
- Custom Schedules: Set custom mileage reimbursement schedules and automate direct deposits to your employees.
- Easy Submission: Mileage reports can be submitted on the go and be approved with a click.
By integrating these tools into your accounting processes, you can save time, reduce human errors, and ensure compliance with financial regulations. This not only enhances efficiency and accuracy but also provides valuable insights and automation, ultimately leading to more effective and streamlined financial management.
Photo by Kristin_Hardwick from Freerange Stock.