Accounting software is a crucial part of running a small business as it helps them to manage their financial records and see where they stand financially. However, many businesses in Nigeria do not have access to such software and struggle with managing their finances.
As Nigeria’s economy continues to grow, there is an increased need for accounting software that can help businesses manage their finances. In this guide we have made a roundup of the best cloud accounting software for businesses in Nigeria.
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7 main reasons businesses use accounting software
Technology has progressed over the years and now, much like our smartphones, we also have personal computers and accounting software to help us manage our finances. But before we go ahead and install this software in our office, it’s important for us to understand the benefits that we can gain from it. This article will cover 10 of the most common ways that businesses use accounting software.
1. Helps to keep track of their financial data
Accounting software is a popular choice for companies to keep track of their financial data. With such software, they can easily monitor and manage their finances.
These days, the rapid development of technology has made it possible for Accounting tools to become more advanced and helpful in managing finances.
These tools help businesses save time and effort by doing the complex calculations that human accountants usually do. They also help with the preparation of financial reports.
2. It Increases productivity and efficiency
One of the most important benefits of using a business’s accounting software is that you can easily maintain your financial operations online.
This means you won’t have to spend time digging through piles of papers or spreadsheets in order to find what you need when it comes time for a meeting or gathering with colleagues.
3. Helps in automating simple accounting duties
Accounting software is growing in popularity due to the automation of simple accounting tasks. It is important for small businesses to use accounting software because it can save you time, money and stress. This software helps businesses keep track of their finances so they can stay on top of everything.
4. Simplifies tax filing
The best accounting software for small business owners is to simplify filing taxes. The software helps you with everything from initial tax filings, to return processing, and more – all from the comfort of your browser.
5. Avoid misrepresentation of information
Misrepresentation of information is a widespread problem. In the accounting software industry, there are many apps that make it easy for users to find and download their personal data or find new clients quickly. However, these applications are not always secure.
Accounting software has grown in popularity in recent years, with some accounting professionals adopting it for their companies.
Misrepresentation of information can lead to financial fraud and identity theft. With this in mind, it is important that you avoid misrepresentation of information when using any type of social media platform or app that collects your personal data or your contact list.
6. Helps to achieve accuracy of records for audit purpose
Accounting software is designed to help companies track and manage their finances. The software requires minimal human intervention, which helps companies save time and money. This helps them to maintain accurate records for auditing purposes.
7. It gives a running history for your business
This tool allows you to see your business’s progress, goals, milestones, expenses and sales. It is a perfect way to keep track of how your business is doing while saving time.
Account Software can help to manage your business with ease and also create a better understanding of what the market is doing in the digital age.
Best Cloud Account software
Cloud accounting software is the most popular choice for small businesses. The best cloud account software in Nigeria have several features that help your business save money. These features include free online billing, free payment processing, and discounts for monthly subscriptions or upfront payments.
Invex Simple Accounting Software is a free accounting software that can handle small businesses and freelance workers.
The software has the ability to connect to over 20 accounting and finance-related programs such as Quickbooks, Xero, and Freshbooks.
It is full featured, easy-to-use accounting software that can help non-accountants manage their business. It’s easy to use and provides information for both your personal and business accounts.
Invex Simple Accounting software is a user-friendly and affordable solution for small and midsize businesses. It offers a broad range of features and functions so you can organize your finances in minutes. With its easy-to-use interface, you can manage your business with the touch of a button.
Sage 50 (formerly Peachtree)
Sage 50 is the go-to solution for tax preparation and bookkeeping. The software package, Sage 50 (formerly Peachtree), is a complete accounting software. It has a wide range of features and tools that make it easy for users to prepare their financial reports.
The Sage 50 platform offers a host of features that make it easy for users to prepare their financial reports. The program is designed with novice and expert accountants in mind, giving them the same level of power while eliminating the need for redundant functions.
QuickBooks is an accounting software that can be used by small business owners. It has a variety of features that includes the ability to track all your financial information and streamlining processes.
Intuit is a software company that provides QuickBooks services to its users. Intuit also offers alternative services such as payroll, billing, and invoicing software.
As QuickBooks’ popularity increases, so does the number of options available for those who want to use it as their personal or business accounting tool. With these added options, it can be difficult for someone new to figure out where they should start with the software.
Zoho Books was developed to simplify the accounting process for small businesses. Its feature set includes a wide range of accounting functions, such as sales and purchases, sales tax, inventory, and payroll.
Zoho Books is cloud-based accounting software that is used by over 40,000 companies all over the world. It offers an online interface that can be accessed from any device – including smartphones – and offers multiple ways to connect with customers through social media or email marketing.
Zoho Books has also partnered with Bank of America to offer a new competitive lease financing plan that helps small business owners save up to 30% on their monthly office supplies costs. The plan allows customers to purchase Zoho Books at a low cost upfront with no interest or other fees. They simply pay off the full balance in three monthly payments.
MetroPOS software is a software that helps businesses in managing their cash registers. It helps in tracking purchases and inventory, with a multi-store option for a day’s work.
This software not only provides real-time purchase data but also allows businesses to keep track of what happened that day or week by recording daily transactions and produce reports.
MetroPOS has changed the way metro retail stores manage their inventory across multiple locations.
AccountEdge is an accounting software for small businesses. It is designed to help manage all of the key areas of business, including financial accounting, invoicing, point-of-sale systems, and inventory management.
The Accounting software is an intuitive and easy to use software that saves you time and money. Unlike other similar pieces of software, it does not require you to learn complex procedures or tradeoffs in order to be effective.
AccountEdge is used by medium-sized businesses to manage their general ledger. It also helps businesses track expenses like mileage logging, purchase orders, and shipping charges.
AccuFund is a nonprofit and government accounting software that helps organizations manage transactions. It was founded in 2012 and has been growing ever since.
AccuFund is an accounting software designed for nonprofits, government entities, and businesses with diverse needs. The software offers billing and invoicing tools for nonprofits and government agencies, along with management and reporting features for businesses.
This company aims to ease the process of managing finances for nonprofit organizations by streamlining their accounting procedures with an easy-to-use online system that can be accessed from anywhere, at anytime.
Freshbooks is a popular accounting software that provides a range of tools, such as invoicing and time tracking, to their users.
Freshbooks is a startup with a mission to make small businesses run more efficiently. Their goal is to help small businesses get from idea to launch in just minutes.
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Xero is the world’s leading cloud-based accounting software. It is designed to be easy to use and highly adaptable, giving you control over your business finances.
Xero provides small companies with the flexibility to adapt their accounting practices as they grow or change their business model.
Accounteer Nigeria is one of the fast-budding accounting software providers in Nigeria, providing help and support to other Nigerian-owned businesses.
Businesses that use Accounteer as accounting software for their business can keep track of transactions made, fix mistakes, errors, and more. You can also create invoices easily and process recurring billing reports.
The software can be integrated with other apps like HR, CRM, etc.
Sap is a very popular ERP software with its flexible and customizable features. This makes it suitable for many different business types, including manufacturing, healthcare, finance, or hospitality.
Sap ERP is an accounting software that’s used by more than 500,000 companies in 140 countries. It’s known for its features that are easy to use and can be managed by anyone who has basic accounting knowledge.
Sap ERP is a great tool for many business types due to its flexibility and customization options. Its user-friendly interface makes it easy to learn how to use the software while still providing advanced features for more complex tasks.
Wave is a software that lets its users access, view, and edit their accounting data in the cloud. Its free plan is limited to three free users and doesn’t allow for customizations or upgrades.
Wave is partially free, which makes it an attractive option for small businesses that need to track their spending but don’t have the funds for full-version software. The company has rich features that range from invoicing to time tracking. It also supports multiple currencies and the ability to share data with other apps like Google Drive
The Wave platform offers a powerful solution to small business owners who are looking for an intuitive digital tool with rich features without having to pay high costs.
Wave is not available to businesses in Nigeria that offer services to Nigeria at the time of making this roundup.
Tally is cloud-based accounting software that allows small businesses to create invoices, track expenses, and generate reports in a simple and intuitive way. It has an easy-to-navigate interface and is designed with speed in mind so you can spend more time on your business.
Tally is a popular and widely used invoicing software that helps businesses calculate, create and manage invoices.
With Tally, you can finally save money and time! Track and manage your invoices and get paid instantly.
Invoice.ng is a software that helps small businesses and freelancers to generate professional invoices at scale. It is a mobile-friendly platform that makes the process of invoicing seamless and hassle-free.
The software has seen tremendous growth in the last few years. The company has reached more than 40,000 users in just two years since its launch, with most of them being freelancers or small businesses.
Invoice.ng is an invoice software that helps small businesses and freelancers to generate professional invoices at scale on their mobile platform with minimal effort required from their side.