7 Bookkeeping And Accounting Tools For Businesses Of Any Size

Running a business involves managing and keeping track of multiple ever-changing factors, making regular accounting tasks often hard to stay on top of. Thankfully, advances in technology have led to digital solutions such as the ones included here, which help automate and speed up workflow processes to assist businesses with a full range of bookkeeping demands. This video was made with Ezvid Wikimaker.

7 Digital Solutions For Business Management

Name What It Does
TaxJar Helps eCommerce sellers manage sales tax
Botkeeper Provides accounting firms and businesses with high-quality bookkeeping using human-assisted AI, advanced automation, and skilled accountants
Fyle Scalable expense management tool that uses intelligent software to extract data from receipts automatically, and check for policies even before submitting
Kashoo A double-entry accounting system serving small businesses, it automatically sorts, categorizes, and reconciles data entries
Xendoo Cloud-based service focused on small business owners, offering on-time and accurate monthly balance sheets, profit and loss statements, and a dedicated bookkeeping team
Veryfi Extracts data from receipts, bills, and invoices at scale, with a speed and accuracy that surpasses human labor
Timesheet Mobile Helps businesses eliminate paper timesheets, set up employee jobs, assign tasks, and manage employee schedules and locations with GPS geofencing technology

About TaxJar

5 Tips for New Business Owners

  1. Always be on the lookout for ways to enhance productivity
  2. Stay on top of your finances before tax day comes around
  3. Learn how to use hashtags and other social media tools
  4. Have a nice-looking, high-quality logo for your company
  5. Keep all of your files well organized

Fyle's Travel and Expense Policy Automation

In Depth

Many businesses wind up expending a significant amount of time and money on simply keeping track of time and money. However, the rise of digital technology is creating new opportunities to streamline tasks like recording travel expenses, filing taxes, and tracking employee work hours. In no particular order, here are some modern solutions for workforce and finance management.

Leading us off at #1 is TaxJar, a tool that automates sales tax calculations for e-commerce vendors, developers, and in-house accountants. This software handles tasks like filing annual returns, or tracking a company's approach to the sales tax transaction threshold for each state. The platform also features integrations with leading online commerce solutions like eBay and Magento.

TaxJar features award-winning customer support, an API designed for rapid real-time rate calculations, and an artificial intelligence for accurately categorizing transactions. The company offers a partner program for businesses and tax advisors, and provides informational resources such as client case studies and articles explaining the nuances of taxation for online sellers.

The company offers a partner program for businesses and tax advisors, and provides informational resources such as client case studies and articles explaining the nuances of taxation for online sellers.

Next on the list at #2 is Botkeeper, a program using artificial intelligence to automate time-consuming bookkeeping tasks. Originally conceived to help emerging enterprises scale up, the company also offers a partner program for accounting firms, as well as solutions for industries from manufacturing to entertainment. A skilled accounting team deploys the software, trains it on a client company's specific needs, and provides ongoing support.

The Botkeeper platform offers customizable dashboards and detailed data visualizations, and the software continually improves its transaction categorization ability through machine learning. Its automated integration tools enable quick connections with existing client systems, to draw insights from both financial and non-financial data sources. The company shares client case studies, as well as informational materials like free calculator tools and video webinars.

At #3 we have Fyle, a unified software solution for corporate expense management. The mobile app simplifies expenditure reporting from employees, with features including receipt scanning, GPS-based mileage tracking, and integrations with popular tools like G Suite and WhatsApp. For managers and finance teams, the platform offers options such as corporate credit card management, pre-spend expense approvals, and ACH payments for rapid reimbursement.

For managers and finance teams, the platform offers options such as corporate credit card management, pre-spend expense approvals, and ACH payments for rapid reimbursement.

Fyle offers real-time employee expense data and detailed analytics, as well as the ability to automate approval workflows. It can easily integrate with existing accounting software, with a one-click reporting option for QuickBooks online. Fyle provides guides on making effective use of its platform, as well as resources including free templates and articles outlining program features.

#4 in our rundown is Kashoo, a cloud accounting app designed for small businesses. The platform adapts through machine learning capability to better categorize expenses, invoices, and bank feeds over time. Kashoo's Dashboard tool provides at-a-glance overviews of financial data, and its Smart Inbox streamlines the management of accounting tasks.

Kashoo provides easily readable financial reports and automated payment management, as well as the ability to quickly generate customer statements and credit card invoices; its mobile app also enables users to access the software in the field. Kashoo's service team provides prompt, free customer support, and the company shares small business tips, news about platform updates, and introductions to basic accounting concepts.

Kashoo provides easily readable financial reports and automated payment management, as well as the ability to quickly generate customer statements and credit card invoices; its mobile app also enables users to access the software in the field.

#5 on the list is Xendoo, an online bookkeeping and accounting service that combines technology with human expertise. Client financials are stored in the cloud, and accessible anywhere via mobile device, with profit and loss statements available by the fifth business day of the following month. Xendoo provides each client with a dedicated team of finance professionals to handle bookkeeping and offer support.

Xendoo offers sales tax preparation and annual return filing, as well as personalized advising on how to maximize tax savings; its services include access to the accounting program Xero, as well as eligibility for discounts on several other business software platforms. The Xendoo U Learning Center provides educational resources on finance topics, and the firm's blog shares advice on business accounting.

Entry #6 is Veryfi, a tool for automated extraction and management of business data. Its character recognition API rapidly captures and categorizes information from receipts and invoices, while its Jobsite Intelligence Time Tracker automatically logs work hours for billing and payroll. Other capabilities include workflow automation, report generation, and account linking for easy sharing of documents.

Its character recognition API rapidly captures and categorizes information from receipts and invoices, while its Jobsite Intelligence Time Tracker automatically logs work hours for billing and payroll.

Veryfi's features for accountants include simplified billing, a secure vault for managing client bookkeeping, and a listing in the Trusted Advisor Circle. The company also offers the Veryfi Logbook app, providing automated mobile-based mileage tracking for business trips. Users can access detailed guides to program features like the My Team collaboration tool, as well as tips on reducing costs as an entrepreneur.

We'll conclude with #7, Timesheet Mobile, a location-based workforce management app that enables businesses to track work hours for remote employees. The system uses cell phone GPS to verify proximity to a customer, or to a geofenced work site, at the time a team member punches in or out. To preserve privacy, the app confirms entry and exit rather than reporting exact locations.

Along with time tracking, Timesheet Mobile includes a scheduling function, and its Project+ tool offers workforce messaging and task management functionality. The app also enables Electronic Visit Verification for providers of in-home care, and can automatically prompt employees to clock out after leaving a job site. The company shares detailed user guides and articles on effective management strategies.