Nearly 20% SME’s fail before they complete their second year according the US Bureau of Labor Statistics. The lack of effective money management and bookkeeping is one of the potential culprits for this widespread demise. A good accounting software can prevent businesses from falling into this trap.

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Bookkeeping is complex and one needs to devote some time for this. SME owners find it challenging to cover even the basics like paying bills and tracking incoming revenuelet alone answer critical questions such as: Is the business profitable? Why or why not? Do we invest in new equipment? Is there a need to explore financing? Can we achieve our budgeted estimates? Which expenses can we cut down on?

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A good payroll accounting software should be able to help answer these questions in seconds, based on the input provided. Once you have populated a tool with information about your financial accounts, customers and vendors and the products or services you sell, you will be able to use that data to create reports, which can provide critical insights.

Search tools and customizable reports assist to track down the smallest details and show an overview of how the business is performing. Apps for the tools give access to your finances wherever wireless connectivity is available.

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Some of the best accounting software's available in the market

• QuickBooks

• Zoho Books

• FreshBooks

• Xero

• Wave Financial

• NetSuite

• ProfitBooks

• Bill

• Clear Books