Accounting is no longer a tedious process that involves poring through reams of documents and juggling account entries to save taxes. It is now a digital process and it can be computed using software which also files your business returns.
The advent of digital receipts has made accounting easier as the entire process can now be automated. Right from invoice generation to collection and accounting entries, the process is now digitized. We profile six different startups that offer small business accounting solutions below:
Clearmatics – www.clearmatics.com
Offers a distributed ledger which uses logic to automate business processes such as accounting. The company also offers settlement solutions for central banks that help in reducing collateral and capital required. Banking giants like Santander recently revealed that deploying Distributed Ledger Technology will deliver savings to the tune of US$ 15 billion a year in infrastructure costs. This is one technology to watch out for.
Adjoint – www.adjoint.io
Smart contracts are revolutionising how business is done, with a private distributed ledger built into the platform you can now exchange transactions securely between trusted networks. The platform also creates an Audit Trail that makes it easy to verify all transactions. To sign up for their product do ask them for a free demo.
Clear Books – www.clearbooks.co.uk
Helps small businesses balance their books so that they can focus on other important functions. This cloud solution for accounting provides a free 30 day trial that includes invoicing software, GST filing and bank account integration. The platform also supports more than 170 different currencies making it easy for small firms to service clients across the globe. The trial subscription starts at a low fee of pound 4 per month.
Fresh Books – www.freshbooks.com
Aimed at Small Businesses, FreshBooks is a complete accounting software that can be used manage all your invoices and ledger books in the cloud. It allows small firms to accept credit cards online which ensures they get paid faster. You can also easily generate reports to understand your company’s financial situation.
Quick Books – www.quickbooks.in
Helping you create GST invoices, Quick books can help you track input tax credit on your purchases and save money in the long run. More than 2.3 million business around the world are using Quick Books. Some of the additional features provided by Quick Books are:-
- View all your accounts in a single place.
- View cash flow in real time.
- Customise your TDS and GSTR-1.
- Export and store in Microsof
Hyper Ledger – www.hyperledger.org
You can use Hyper Ledger’s software to build block-chain applications. Hosted by the Linux Foundation you can build smart contracts on their platform that will be transparent and accountable. Hyper Ledger incubates and promotes a range of new technologies that will have a dramatic impact on accounting in the coming years.