Your Guide to Accounting Technologies

Regardless of if you’re running a small freelance accounting project in your home or work for a modern and established accounting firm, accountants have much to benefit from by leveraging accounting technologies. Choosing the right accounting technologies can help to simplify steps and processes—all while making sure you’re able to deliver the best value and experience for your customer. 

Accounting technology solutions are designed to improve your firm’s productivity and can streamline accounting workflows ranging from client management, scheduling, task tracking, and other accounting functions such as providing modules for accounts payable and receivable, billing, bookkeeping, and more.



Accounting software can be either cloud-based or desktop-based, with the best softwares for small businesses being cloud-based. Small businesses need basic invoicing and reporting capabilities to help them track their functions. As businesses grow, they can add on more complex features and functionalities on their accounting technologies.


While it may be tempting to try and keep all your accounting functions in order on your own, accounting softwares can make even the simplest of tasks so much easier for you or your accounting department. Not only do accounting technologies help with administrative tasks like creating invoices and tracking ingoing and outgoing payments, but it can also help flag late accounts receivables and produce data that allows your firm to identify which direction to take your business in. Accounting software can also point out any problems or trends that are worth taking note of that you may not have become aware of on your own. Ultimately, accounting technologies can be a huge cost saver for most businesses.


Before you jump into choosing an accounting software for your business, it’s important to consider a few factors, including:

  • Cost: Accounting software is usually tiered into various levels of complexity and range from low to high prices accordingly. For example, you could pay the lowest price to have the most limited features and capabilities, which could work out if you’re a small business looking for just a few simple functions. However, the price will usually increase with the more functionalities offered. Consider how various accounting technologies fit into what you’ve budgeted and choose wisely. Remember that you can always start smaller and build up.
  • Access to technical help: With every new technology, it’s important to be able to access technical help in the event that something goes wrong or you have questions about how to make something work. Being able to easily chat with or call a help desk representative who is technically trained should be a huge deciding factor. 
  • Accuracy: Accounting technologies are known to provide an accuracy that humans may not always guarantee. Because of this, it’s important to choose an accounting software that ensures accurate reporting to prevent future mistakes from occurring.
  • Dashboard capabilities: You’ll want to have a clear overview of all your accounting activity and metrics—from your income statement, expenses, accounts payable and receivables, cash flow, and more. Make sure you find a software that gives you the ability to customize your dashboard and rearrange the information you need to see in the order you need it to be in.
  • Online invoicing: Some accounting softwares can generate invoices and even schedule the system to generate recurring charges automatically, such as subscriptions to certain services. You can decide how often these invoices are sent and indicate an end date, if relevant.



There are a number of popular accounting technologies, with respective pros and cons. Here are four worth looking into:

  • Quickbooks: Quickbooks is one of the most popular accounting softwares used by businesses of all sizes because it’s affordable, easy to use, and effective. Quickbooks offers an accounting platform that’s easily integratable with existing platforms. Here are a few other features that make this software special:
  • Quickbooks provides built-in report templates that allow businesses to create reports with general ledgers, transaction details, and more. The software makes the reports easy to find and also emails reports to you (you can set this up on a regular schedule).
  • Quickbooks also offers bookkeeping services and has a diverse portfolio which includes financial applications and softwares such as Turbotax and Mint.
  • Freshbooks is another popular accounting software known for its ability to enhance project management, track times, generate multiple reports, and speed up the process of getting paid. Freshbooks offers a number of benefits, including:
  • Sending reminders to clients who are paying invoices, especially if they are late or nearing the due date.
  • Error prevention by logging all necessary information, pictures of receipts, and monitoring for double entries. These automated features make sure you make less mistakes and always have an accurate picture of your debits and credits.
  • Cloud-based system that doesn’t require backups or present the risk of losing all your information.
  • Zoho books: Zoho is a simple software solution that is cost-effective for small businesses, as it offers all the basic accounting features a business needs through a mobile option and a cloud-based interface. Zoho is valuable for:
  • Empowering business leaders to manage their own books and send invoices through the software’s apps. This makes it even easier for business leaders to access documents and reports and send out invoices quickly and efficiently.
  • Oracle NetSuite: Oracle Netsuite has customizable pricing that makes it easy for businesses of all sizes to explore each price tier according to their specific needs. Oracle Netsuite also offers:
  • A full featured ERP program that is designed for complex accounting needs, including making and receiving payments, running multiple reports at the same time, and even managing taxes. NetSuite’s extensive ERP tools allow 
  • NetSuite has also adopted automation, making it easy for accounting firms to send invoices and receive payments from them. Not only that, but its tax management tools are able to support various currencies and exchange rates. 



Making the decision to commit to an accounting software is a big step and requires time, patience and consideration. Ultimately, there is an accounting software for every kind of business—whether you're running a small operation in your office at home or you’re a part of a bigger and more established accounting firm. Each accounting software has its benefits that can help simplify and automate accounting functions that make life easier for everyone.

Need help narrowing your decision down? Speak with our team of professionals today to talk through how to turn your vision for your business into a reality.

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