5 Essential Bookkeeping Tools to Set Your Clients up for Success

Featured Image Caption: Five Essential Bookkeeping Tools

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It’s a win-win situation when you introduce clients to time-saving solutions and software that make their burden more manageable. They value validated advice from a trustworthy expert, and by providing advisory services, you boost your position as a vital partner for your clients. It’s also easier to optimize your own procedures and scale your firm when all (or even some) of your clients utilize the same technologies.

Many accountants and bookkeepers try to be all things to all people by adjusting to their clients’ preferred tools and apps. This may be more convenient in the short term, but it is inefficient in the long run for you and your clients.

While your clients may need some persuasion to shift to an all-in-one tool, it will streamline your technological stack and simplify your workflow. Your customers will profit as well. Since you will be familiar with the tools and systems they are using, they will save time and get better services from you.

Thus, five essential bookkeeping tools that your clients can use are as follows:-

QuickBooks Online

QuickBooks Online is a well-known software product that most clients may already be familiar with. It includes a variety of subscription tiers and a reasonable monthly fee, making it a good fit for any small or large-scale business.

Its powerful reporting features, limitless settings, automatic bank transaction import, and customizing possibilities make it the ideal bookkeeping solution for small businesses. With this software, your clients can even level up to higher tiers as their business expands for an extra monthly membership fee. As a result, they can quickly scale this programme to match the expansion of their company.

It also offers payment processing and payroll services for an extra fee, making it a one-stop shop for all business needs. Without paying any additional fees, business owners can easily share their company access with their accountants.

Pros

It is effortless to use and also includes a new effective dashboard.
It is accessible from any computer, from many places, and on a variety of platforms.
Clients can also use the mobile application that allows easy access.

Cons

The entire course of subscription can be costly.
This software does not have the “Combined reporting” feature. With it, this app can perform in a much more efficient manner.

Wave Accounting

Wave Accounting software’s most significant selling point is its cost: it is entirely free.

Although it is not as capable as QuickBooks Online, it has similar reporting capabilities and an automatic bank transaction import feature. Wave also includes a Wave Pro Network, which is open to bookkeepers and accountants.

Pros

The programme is cloud-based.
No matter where the clients are, they can access the information.
This software can produce and send invoices from any location.
A single login can be used to administer many enterprises.
It comes in handy when it comes to bookkeeping services.
Invoices are simple to track, appear very professional, and are simple to alter and update.

Cons

Customer service is a bit lacking.
Because there is no offline version, updating accounts always necessitates internet access.
The programme is simple to install, but the clients need to look for third-party tutorials online as there are limited tutorials available on this platform.

Xero

Unlike QuickBooks, which began with a desktop version, Xero has always focused on the cloud. For Mac users who can’t locate what they’re looking for in QuickBooks for Windows, Xero is the best option.

Along with around 600 integrations, Xero provides 24/7 assistance through live chat without charging anything extra. This makes it easier for business owners to manage functions like invoicing, inventory, among other things.

A significant feature of Xero is that it allows tracking the time and money on specific projects. This allows the business owners to manage each task effectively and efficiently.

Pros

Many connectors are supported, and it checks all the boxes for SME accounting.
It is a reliable, easy-to-use software with a straightforward user interface.
The programme is of excellent quality and at a reasonable price.

Cons

Their customer service has deteriorated dramatically, and the pricing of some plans is prohibitively exorbitant.
IOLTA account transactions in Xero require additional procedures, and the process is cumbersome.
Since they have established several spin-offs from their software for a per-user licence price, Xero can be costly for new users.
Xero requires some accounting theory knowledge and procedure training, expertise, and experience.

Freshbooks

This is yet another old-school bookkeeping programme that will undoubtedly complete the task at hand. It is also QuickBooks’s main competition. Once you’ve received payment, you’ll have unrestricted access to invoices and the ability to handle up to five clients at once. You can also get unlimited email and phone assistance from them.

Pros

Customer service provided by this platform is excellent, and it gives an autopay feature too.
It processes credit card payments and automates reminders exceptionally well.
It can automatically issue invoices and accept auto-payments.
It also keeps track of each client’s time and allocates projects to them.

Cons

There is no bank reconciliation.
For products the clients don’t use very often, the user interface can be a little too complicated to understand.

FreeAgent

FreeAgent is a simple-to-use software with attractive graphics and an extensive feature set. However, many individuals might see the abundance of functions provided by this platform as a disadvantage, and users who aren’t experienced with bookkeeping may find it confusing.

Pros

It supports Google Apps integration.
It has a friendly user interface.
It is a very effective and simple to use tool which provides outstanding customer service.
Non-complex enterprises can find this tool cost-effective because it gives the financial reporting they want.

Cons

It is slightly more pricey than its competitors.
If the clients have more complex accounting needs, they may find it restrictive because of the simplicity of the tools provided by this software.
In comparison to other applications in this category, the product has very restricted functionality.