Monday, March 27, 2023
Monday, March 27, 2023

Top 5 Financial Services Accounting Software in 2021

Breaking your head over numbers, processing accounting transactions, and managing accounts? Trying your best to protect your organization’s and customers’ sensitive financial data from malicious actors? If yes, we know what can help you ease this situation and enable smooth workflow. Yes, the solution we are talking about is financial service accounting software. Want to know how they can help you?

A financial services accounting software is a must-have for bookkeepers, accounting professionals, and business owners who are in charge of processing accounting transactions and managing accounts. This software can help you manage and make sense of any amount of numbers – all while providing additional security, accuracy, and reliability. But the key is to choose the right accounting software. How do you know what software is right for your business? Worry not! We’ve got you covered. After detailed research, we have collated a list of some of the best financial services accounting software for your business. Have a look and determine which software best aligns with your business needs.

5 Best financial services accounting software for your business

1. Sage Intacct

This cloud-based financial management and accounting software are suitable for all small to medium-size accounting firms. Their specialty is their capability to provide financial reporting and operational insights along with automating critical financial processes with no compromises on security and compliance. Sage Intacct software can manage all the core financials for you. It is fantastic when it comes to features and the services it offers. To elaborate:

  • This software offers your accounting/finance team an array of core accounting applications such as a general ledger, accounts payable, accounts receivable, cash management, and order management
  • It also supports functionality for built-in dashboards, real-time reporting, time and expense management, project accounting, revenue management, and global consolidations for multiple entities
  • It has an open API structure and offers integration with any CRM, payroll, POS, or ERP system such as Salesforce, ADP, and others

2. Zoho Books

Zoho Books is also another great cloud-based accounting solution that’s suitable for all small to mid-sized enterprises. This online accounting software manages your finances, keeps your organization GST compliant, automates business workflows, and helps you work collectively across departments. Moreover, it is simple, easy-to-use, and is one of the best accounting systems out there that can help you manage your accounts online.

This financial services accounting software offers tons of amazing features that make it attractive and worthy of a try. It provides:

  • Automatic bank feeds
  • Collaborative client portal
  • Easy accounting and taxing options
  • Safe and easy online payment options
  • Various invoice templates to choose from
  • Analytical reports

With Zoho Books, you can even automate mundane and recurring activities such as billing, payment reminders, auto charge, and payment thank you note. Moreover, it allows users to manage multiple time sheets of different projects. And also makes tracking reimbursable expenses way easier.

Not just that, you can also connect bank and credit card accounts and match automated feeds with transactions. Also, it even updates the quantity and value of the items sold and purchased. Plus, it has the analytical capabilities to provide reports of receivables, payables, cash flow, income, and expenses via its dashboard.

3. FreshBooks

FreshBooks is yet another cloud-based online accounting software solution that will give you everything you need to manage and keep track of your business transactions. And you don’t even need any accounting experience or math proficiency. FreshBooks is a popular choice for most small business owners.

The FreshBooks dashboard will give you a snapshot of your company’s income and expenses. With FreshBooks, you can generate financial statements in just a finger snap. In other words, you can generate your company’s general ledger or a host of other reports in just one click.

In addition, invoicing is simple too. All you have to do is choose a template, enter the details, add your logo and you’re good to go! Also, FreshBooks will automatically calculate the tax and mail it to your client.

Not just that, it even offers secure online payments through credit cards, Stripe and Apple Pay. You can also set up a billing schedule so that a client’s credit card is charged regularly. Put simply, these features will help you get paid faster with no delays.

4. Wave

Wave is another popular online accounting platform exclusively designed for small business owners, freelancers, and consultants. This amazing accounting software provides several interesting features, including:

  • Accounting
  • Invoicing
  • Billing
  • Payment tracking
  • Payroll management
  • Finance management
  • Credit card processing
  • Receipt scanning

Wave can help you streamline and simplify bookkeeping processes. Also, with Wave’s bank reconciliation tools – you can manage all bank account and credit card information in real-time, thereby improving your bookkeeping efficiency and accuracy. You can even generate reports that consist of various data such as sales tax, balance sheet, cash flow, profit/loss, and more.

In addition, Wave’s dashboard comprises an invoicing tool that collects invoice payments. And you can choose customizable invoicing templates depending on the need. Not just that, this software automatically mails the invoice to your client. And its software’s credit card processing feature allows you to collect payments online.

5. Oracle NetSuite

Last but not the least, NetSuite by Oracle is a great cloud ERP system that includes financials, commerce, inventory management, HR, PSA, supply chain management, CRM, and more. From startups to small and mid-size businesses, NetSuite is a popular choice for most organizations. It enables you to work more effectively by automating core processes and provides real-time insights into your organization’s operational and financial performance. It offers an array of accounting and financial management solutions such as:

  • General ledger
  • Accounts payable
  • Accounts receivable
  • Cash management
  • Project accounting
  • Fixed assets management as well as global financial consolidation

These features are meant to help you with your daily business financial transactions, accelerate the financial close process and ensure compliance is met. Moreover, the specialty of this software is that – it has a built-in dashboard and offers real-time reporting. In other words, it delivers a real-time view of your overall business’s performance in just a click.

Wrapping up,

To thrive in today’s post-COVID-19 world, you need financial services accounting software that can deliver top-notch industry-specific capabilities. Therefore, from invoicing and billing to tax calculations and project management, accounting software is an essential tool for your business’s financial data. Hope this article helps you choose the right accounting software for your business. If you want to add to this list, please feel free to do so by dropping us a comment.

Also read: 5 Incredible Personal Finance Apps That Help Manage Your Finances Better

Priyanka Prashob
Priyanka Prashob is an organizational psychologist with 6+ years of experience in the field of Content and Psychology. She is a passionate writer and has authored 2 books. She has designed content for corporate training programs, worked on organizational behavior reports and numerous individual personality assessment reports. Several research articles written by her are published on platforms like Academia and Research Gate. The articles have gained recognition and appreciation from universities, academicians, and researchers across the world.

Related Articles

Latest Articles