What Should Your Accounting Stack Look Like?

Is your small business considering new software for accounting and finance needs? Luckily there is a great host of new apps created for small business accounting and finance and we no longer have to track everything on a checkbook and paper ledgers. The list below may include some options that can provide you with value as you continue your search for what best suits your industry and company!

Accounting Software

There are two very popular brands that small businesses may find very effective as their main accounting software that will hold and consolidate all the data from their financial stack:

QuickBooks Online and Xero. Some of the main features are listed below.

• Cloud-Based

• Downloads transactions straight from the bank

• Features the ability to set up rules to automate posting of transactions

• Machine learning that can recognize patterns and recommend proper posting

• App ecosystem available for stacking an integrated system

Document Management

Hubdoc is our preferred software of choice. This app provides bank-level 256bit encryption to secure your most important financial documents in the cloud. It has the ability to fetch all of your bank statements, check images, and popular vendor documents straight from their websites. The documents can then be categorized and synced straight to your QuickBooks Online or Xero accounting software.

Payroll

Gusto is our preferred software of choice. This app provides bank-level 256bith encryption to secure payroll and tax documents in the cloud. Gusto is an easy-to-use, integrated platform, that automates and simplifies your payroll, benefits, and HR, all while providing expert support. You and your employees will get the peace of mind you need to do your best work.

Time Tracking

If you have payroll, then you're going to need a time tracking system that will allow your employees to clock in and out. For this Ximble is a good tool that uses facial recognition time in and out to prevent coworkers from clocking in for each other. This software also connects directly to Gusto, helping automate most of the payroll processing.

Bill Pay

Bill.com is a great tool that can help you keep up with your bill payment. View your upcoming or overdue bills and process them in minutes. This app offers approval workflows that can prevent employee embezzlement and automate bill pay. A great pairing with Hubdoc's online automated vendor bill retrieval.

Point of Sale

There are probably several POS systems that are really good, but I have to be clear about the fact that I have only personally used one. Square is a great point-of-sale app that replaces the old-school cash register. It's really useful for retailers and vendors who have a fixed location as well as being mobile and selling in the streets or events. Square also has a very useful invoicing function which can be sent over email to collect payment from customers.

Inventory Management

Dear systems is a cloud-based inventory management system that streamlines order fulfillment. It is a software that integrates with Square POS and QuickBooks and Xero accounting software making sure that your balance sheet reflects the correct amounts of inventory in your storage.

At GFT, we help our clients find the right system that fits their business best. We believe in a software-first approach to accounting, and that people intervention comes second. We want to minimize errors as much as possible, so we ensure the apps are properly integrated with working APIs that are tested out properly before implementing on a live account. For assistance with your financial stack, please feel free to contact us.