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Need accounting automation software to do the accounting for you, or to replace your accountant? Accounting automation is a trend that is gaining momentum within companies, encouraged by digital transformation.
The evolution of the accounting profession is a reality, but accounting automation software in no way replaces the role of the accountant.
It eliminates manual data entry and leverages data analysis to provide companies with global visibility into their financial health.
A chartered accountant, on the other hand, is entrusted with an advisory mission: they become the go-to accounting reference in the decision-making process of companies.
As you can see, the end of accountants is not on the horizon. Discover what accounting automation is, how accounting automation software is helping companies with their digitalization, and the top 10 accounting automation software that you should try to optimize your accounting process.
Accounting automation is about eliminating manual processes and replacing them with automatic ones, using dedicated and secure software.
The accounting automation concerns :
It is also referred to as "accounting digitization", "accounting robotization", or RPA (Robotic Process Automation). It is about taking advantage of technological advances in robotization and artificial intelligence (AI) to employ them in the service of accounting.
Automating repetitive processes avoids manual input errors and frees up time for more value-added tasks.
Example: The robot reads a scanned invoice, and identifies relevant information such as amount, customer, date, and tax, to automate invoice processing.
Why automate your accounting? What are the advantages of accounting automation software?
In summary, accounting automation software allows you to:
The 100% cloud accounting automation software has 5 principal advantages:
☝️ Overall, online accounting software is as beneficial to a business manager as it is to a CPA.
Nowadays, the software is increasingly equipped with accounting automation features such as :
Since accounting has a transverse impact on almost all departments of a company, the benefits of automating accounting processes are becoming more widespread.
Here are some examples of accounting processes that can be automated.
This term encompasses all the work done upstream of the accounting, i.e. everything that the manager or accountant of a company must prepare before calling on his or her chartered accountant if he or she has one.
Pre-accounting tasks include the collection, filing, and archiving of all accounting items:
You don't need to carry about these manual tasks because accounting automation software will be in charge of it!
Purchasing activity with suppliers triggers information and document flow that must be tracked and archived.
An accounting automation software helps you for example:
Just like purchasing, in the sales process, accountants have to create several steps, documents, and accounting entries.
An accounting automation software is useful in:
Payroll is an activity that, in addition to its recurring and mandatory nature, does not create value. Automating it, therefore, allows you to reap many benefits.
An accounting automation software can ensure for example:
💡 If you are looking for software specialized in payroll management, discover our comparison of the best payroll software 2021
Whether you keep traditional, cash, or commitment accounts, connecting your accounting software to your bank account can be a great help.
With accounting automation software, you can automate for example :
BlackLine is an accounting automation software that unifies all your accounting data in one place so your team can work more productively. BlackLine ensures 3 essential needs of most businesses:
Discover the powerful features of BlackLine that help you maximize working capital from collecting cash to understanding cash flow :
BlackLine offers a free trial and a free version. It doesn't publicize the price of the premium version, you have to make a quote and demand the price.
FreshBooks is one of the best accounting automation software for small businesses due to its ease of use and numerous features. With over 20 million users worldwide, FreshBooks is a proven and validated accounting automation software.
With FreshBooks, you'll be able to simply drive your company's cash flow and see at a glance the health of your business and then make important decisions. On top of that, you can try FreshBooks for free without entering any credit cards.
Among the main and useful features for your business, we’ll find:
FreshBooks provides a free trial within 30 days. The paid plan starts from $4.5 for 5 users per month which is a good price for every business.
QuickBooks is an advanced accounting software allowing any company to save a considerable amount of time in the management of flows and accounting. Quickbooks is an easy-to-use and efficient management tool to see clearly in your finances. The other advantage of this accounting solution is the reactive support that allows you to be assisted quickly in case of a problem.
Strengths of QuickBooks:
Among the most used functionalities we find :
QuickBooks doesn't have a free version but you can try it for free within 30 days. It provides different paid plans with various features. The paid plan starts from $15 per month for most businesses, except the self-employed plan which costs only $7.5 per month.
Microsoft Dynamics GP is an accounting automation software and an ERP for small and medium-sized businesses. This comprehensive accounting automation software allows you to gain greater control over your finances, inventory, and operations.
This is a flexible solution that grows with your needs. Automated analytics and integrated business intelligence tools help you make better business decisions with unique insights from the data. Support for cash flow and banking helps you manage your finances more effectively. All-in-one features, such as payroll and sales management options, allow you to control all vital aspects of your business in one place.
More than an accounting automation software that answers to all your company's accounting needs, Microsoft Dynamics GP cares also about your inventory and project management. So your team can synchronize easily the work on the same platform.
Here are the great features of this software:
The price corresponds to a feature-rich software.
Oracle NetSuite is a cloud-based ERP, CRM, and accounting automation software. Acquired by Oracle in 2016, NetSuite is now a leading accounting software company in its market, claiming 22,000 customers in 160 countries.
NetSuite can be adapted to any size of company. Originally, NetSuite was targeted at growing small and medium-sized businesses, but today it is a leader in its market and also caters to small and medium-sized businesses and large accounts.
Unlike some accounting automation software, NetSuite can be used in any industry. However, it is particularly well suited to the retail and trade sector thanks to its point of sale, warehouse, and e-commerce site management functionalities.
Discover the different features of Oracle NetSuite:
Oracle NetSuite doesn't have a free version. The paid plan starts from $99 per user per month and you have to pay a monthly licensing fee ($999). The price comes with high-quality features so it's a good investment.
Plooto was designed for freelancers who have many things to manage themselves during their day, including accounting. Its idea? Demystify accounting, and offer a maximum of automated features to reduce the time spent on administrative tasks. You will finally be able to concentrate on your core business.
Strengths:
What are the features of Plooto? Here we are:
Ramp is a SaaS accounting automation software offering you all the necessary functionalities to carry out your pre-accounting. Thanks to its functionalities and artificial intelligence, its users automate their processes to a maximum, thus drastically dividing the time spent on accounting. All the accounting documents are cleverly centralized, classified, and accessible wherever you are.
Strengths:
Here is the list of features of Ramp:
Ramp doesn't publicize its price on the website. You have to make a quote to demand the price.
Sage is a world-renowned accounting management software publisher. It offers here a 100% online version of an accounting and billing management tool for entrepreneurs. Formerly called Sage One, or Sage One Devis Facture, it was recently renamed Sage Business Cloud Accounting & Invoicing.
The Sage Business Cloud Accounting & Billing software is designed for professionals who wish to manage their invoicing and accounting independently, whether they are self-employed, professionals or SMEs.
Worry about the manual tasks? Don't worry, Sage will help you finish it thanks to these features:
Estimates and invoices are customizable: logo, color, font, and text. We appreciate being able to transform an estimate into an invoice in one click. The Sage customer service is available by phone (toll-free number), by email, and by chat on their website. The advisors can guide you in your choice of software.
Sage doesn't provide a free version. The paid plan starts from $10 per user per month which is very affordable for small businesses.
Wave is one of the best free online accounting automation software that gives you unlimited options for invoicing. You can add some paid services like credit card processing, payroll system, and other advanced support options. Wave is a perfect solution if you have less than nine employees and do freelance or contract work.
Its invoicing feature allows you to easily filter and sort the invoices according to their status, paid, overdue, and sent. You can also scan and upload various receipts or send them directly to this software.
Here's a list of everything you get for free when you use Wave:
Is Wave a free software? Yes! Wave is a free accounting solution for entrepreneurs. There are no setup fees, hidden costs, or monthly fees.
Xero is SaaS software that offers the essential functionalities to prepare its accounting, by automating a maximum of its processes. It's easy to use the software thanks to a modern and intuitive interface. The solution facilitates the follow-up of its finances and accounting and allows for collaboration internally or with its accountant.
The administrative formalities are lightened, and yet the users better control their financial performance thanks to the tool, to make their company grow. Xero is particularly well adapted to the needs of VSEs and SMEs.
What are the powerful features of Xero? Here you are!
Xero has 3 plans:
Appvizer guides you through the criteria to consider when choosing the right accounting automation software for your needs. If you don't know where to start, you can ask your accountants for help if you use one. They will be able to advise you on the business aspects to keep in mind when making your choice.
Simply put, you have two main questions to ask yourself:
If we go into detail, here are some examples of questions to ask yourself to make sure you make the right choice:
In any case, don't forget that professional software often offers free trial versions. You can try the tool and confirm (or not) your choice before investing.
There isn't the best accounting automation software. The best software is the one that suits you the best. Nowadays, there is a wide range of accounting automation software on the market, including SaaS software.
The digital transformation of companies does not spare accounting and it gradually induces the evolution of the accounting profession. How is it changing? If locally installed accounting software has been assisting business managers and accountants for a long time, the novelty lies elsewhere. Online software or SaaS software allows :