Accounting is an integral part of every business, big or small. Without a proper accounting system in place, accounts might get paid late or not paid at all, which can lead to more problems. A business can see product delivery halt, utilities turned off, insurance coverages dropped, and other catastrophic outcomes.
Accounting is very important as it keeps a systematic record of the financial information of organizations. Updated records help users compare current financial data to historical information. With full, consistent, and accurate records, it lets users evaluate a company's performance over a particular period of time.
To overcome these challenges and bring more success to your business, you need the right tools. Therefore, we present Akounto. Here is our 2022 review of Akounto. Read on to understand better why this is the perfect tool that can simplify your business' accounting today.
Streamline Your Business' Accounting Today: Overview Of Akounto
Akounto is a cloud-based accounting and bookkeeping software that is designed to help various businesses manage and streamline their financial information.
With simple features and capabilities like bank account linking, real-time profit tracking, and invoicing, users of Akounto can enjoy seamless management of all their transaction data, ensuring tax readiness for all your books.
Additionally, Akounto is your complete device-agnostic and free-to-use software that helps individuals stay on top of their books even while on the go, and make informed choices for your business.
Why Akounto In A Big Trend In The Industry: Get To Know The Features Of This Platform
There are three main features that Akounto offers -- invoicing, financial reporting, and tracking your expenses.
1. Invoicing
With the use of Akounto, you can create the most professional invoices, send automatic payment reminders and notifications, and manage your account receivable. These are all possible with Akounto's online invoice generator.
- Create professional invoices - Akounto lets you send professional invoices, create custom invoices and select from attractive invoice templates, send unlimited invoices, and add features to represent your brand better.
- Bid goodbye to follow-ups - This tool also lets you send automatic payment reminders to your clients and monitor recurring payments. You can use Akounto to choose the frequency of reminders, remind clients of due dates, and track payments and communications.
- Go global while staying local - With Akounto, business owners can already send invoices to worldwide clients in various currencies by using the tool's invoice generator. You can invoice customers in their respective currencies, receive real-time updates on currency rates, and stay on top of foreign exchange gains and losses.
- Automate recurring invoices - Akounto is also an invoicing software that allows you to automate sending repetitive invoices to your returning clients. You can add the payable amount and due date, schedule recurring invoices, and receive instant updates and notifications.
- Manage invoicing on-the-go - Use Akounto to create, view and approve multiple invoices, and track payments from your mobile, anytime and anywhere. You can use the Akounto app that is available on both Android and iOS.
- Optimize your cash flow system - With Akounto, you can accept payments, track expenses, and stay on top of your cash flow. Use this tool to customize and automate your reports, stay on top of your outstanding invoices, and perform real-time expense tracking.
2. Financial Reporting
Akounto also helps track your business performance with comprehensive financial reports, and real-time and updated financial information.
- Analyze your financial statements - Keep track of your business goals and evaluate your business' strategy in real-time. With Akounto, you can generate an annual report that comprises balance sheets, profit and loss statements, and cash flow statements.
- Monitor your expenses - This software has a Smartview Dashboard that provides an overview of relevant details like top business spending, summary of your recent spending, and overall business health.
- Be tax season ready - Generate financial and accounting reports with accurate data sources, retrieve reports according to your convenience, and get summaries of your taxes.
- Check up on financial vulnerabilities - With Akounto, you can make your finances easier to understand. Know the reasons why your reports are showing red. Create custom reports in just a few clicks, generate income statements and balance sheets easily, and skip time-consuming record keeping with this financial reporting software.
- Manage your cash flow statements - Obtain insights into your cash flow statements and keep a check on every penny coming into your account. Plus, with Akounto, you are updated on the financial health of your business, you can get instant notifications on your mobile, and you can receive automatic payment reminders.
- Streamline your business operations with Akounto's business reporting tools - With Akounto's business reporting tools, such as the project profit feature, you are able to predict future business performance. You will also be able to analyze key financial statements 24/7 across various devices.
3. Track Your Expenses
With Akounto, there is no need to get stressed out. Sit back and relax as the software manages all your expenses with utmost ease.
- Mobile expense tracking - Away from your desk and forgot your laptop? Akounto has a mobile app where you can quickly check up on your business' health, upload bills and invoices, and more. The app works on both iOS and Android devices.
- Catch up on your top expenses - Akounto offers an expense tracking solution that offers a Smartview Dashboard that helps business owners assess their expenses. Use Akounto to check up on your major expense heads, acquire a summary of your receipts, and align spending with your expense policies.
- Expense variance reports - The ever-powerful expense tracking software of Akounto lets you view expenses, vendor-wise and category-wise, for better decision-making. Get access to automated expense reports, expense categorization, and filters for better results.
- Easier billing to customers Using Akounto, billing your customers will not be a hectic task anymore. Billing is now like child's play. You can send payment reminders, customize invoices, and so much more.
- Guarantee financial accuracy - Akounto is your planning agent that can help in managing your expenses through showing information in infographics, giving you a heads-up. Use its Budget function for advance planning, compare the end result for improvement, and manage expenses with complete accuracy.
- Track your expenditures and manage your money like a pro - Up your business game by improvising your decision-making using Akounto's powerful and real-time financial tracking tools and report generations. Plus, with its Exclusive Reporting Tool & Financial Tracking, decision-making is easier than ever before.
Akounto Pricing
You can either choose to purchase Akounto and pay monthly or yearly. For the monthly option, you can start using it for free, or enjoy more features by availing of either the Startup option at $10 per month, the Growth option at $20 per month, or the Expansion option at $30 per month.
There is also the free tier under the yearly option, plus the Startup at $90 per year, the Growth at $180 per year, and the Expansion at $270 per year.
Benefits Of Using An Accounting Software
1. Automates The Processes
Nowadays, automation is literally everything. Using accounting software like Akounto, you can automate a wide range of processes, and stop wasting time doing things manually. Some of the processes you can automate with the right accounting software include invoicing, payment reminders, credit card payments, importing data, and many more.
2. Generates Reports For You
When it comes to managing the books of your business, you need an easy way to create financial reports. This is where accounting software like Akounto comes in handy.
The right accounting software makes it only a snap to gather financial reports and other related data for your business. Do you need to see your accounts receivable? You can generate a report for this. Do you want to see your account trial balances? You can generate a report for this, too.
Compiling information for a spreadsheet manually can take up so many hours. With accounting software, you can use up the time you will save for other more important tasks or errands.
3. Streamlines Filing Of Taxes
Tax deadlines can be stressful. And, throwing in more work, like compiling reports and financial data, can make it more of a burden. Use accounting software like Akounto to streamline your tax filing.
These accounting software lets you store receipts, invoices, and income statements in just one platform, making them a lifesaver for the tax season. Instead of scrambling to gather everything for your tax filing, you can conveniently access things in only one spot with the right accounting software.
4. Organizes Your Financial Records And More
The last thing you want to happen as a business owner is to encounter sloppy books. To help keep your accounting books organized, use accounting software like Akounto.
These accounting software make it easier to organize your accounts, invoices, receipts, and other records. That way, you do not have to scramble and stress yourself out only to find the particular information or records you are looking for.
5. Saves Your Time And Money
With accounting software like Akounto, you can get back more time for yourself, and of course, cut costs.
Why? Accounting software like Akounto allows you to streamline your accounting processes, thereby saving you time. Their features, like invoice payment reminders and the ability to receive credit card payments, can automate tasks, putting more time back into your day.
Plus, depending on the software you choose, you can cut accounting costs and ditch the pricey software solutions. Now talk about a win-win solution.
6. Reduces Errors
In accounting, mistakes often happen. Let's face it, especially if you are dealing with so many numbers and all the confusing rules. However, with an accounting software, you can help your business reduce these errors, and headaches, too.
Some of the most common accounting mistakes that these types of software can correct include making transposition errors, reversing entries, making omission errors, and not reconciling your books, among many others more.
Using accounting software like Akounto, you can avoid these mistakes. Thus, you can keep your books organized and accurate.
7. Makes It Easier To Share Financial Information
Are you employing an accounting who helps you with certain aspects of your business' books? If so, let them use an accounting software so sharing financial information with your accountant will be a breeze.
With accounting software like Akounto, you are on top of your books, all the time. This makes it easier for you to gather reports and other details for your accountant. And depending on your accounting software, you may even be able to provide your accountant direct access to your books. How cool is that?
Now That You Have Learned About The Technology That Helps You Streamline Your Accounting And Finance Tasks, Let's Answer Some Quora Questions Abou The Topic
You have learned about the software in earlier's discussion. This time, we are going to answer some Quora questions about the topic.
What Is The Best Accounting Software For Small Businesses?
If you are looking for the best accounting software for small businesses, get your hands on Akounto. Touted as a leader in the industry in the next 12 months, and in the years 2022, 2023, and beyond, Akounto can streamline your business' accounting processes. It has features for invoicing, financial reporting, and tracking expenses.
What Is The Best Accounting Software For Restaurants?
Are you managing a restaurant? One of the things you need is proper accounting. You need to have a way of accounting for the salaries paid to your employees, recording transactions, reporting total sales, and analyzing your restaurant's operations, overall. Without an efficient accounting system, your business' administrative tasks will be mismanaged and efficient. Try this amazing accounting software: Akounto.
What Is The Best Free Accounting Software?
We understand your dilemma, and we are here to solve it. We understand that you are looking for the best free accounting software, because, let us admit it, acquiring a software has become a costly investment nowadays. If you are in search of a good free accounting software, you can try to get your hands on Akounto.
Their free option lets you use five invoices for unlimited customers, send five estimates and credit notes, and automate your recurring invoices, among many others. However, features under the free option are limited, and if you want to enjoy more features, you must invest in the paid plans.
Akounto has a Monthly plan that ranges from $10 to $30 per month, and a Yearly plan ranging from $90 to $270 a year.
The Verdict: Akounto Is One Of The Best Software For Accounting Firms And Those In The Accounting Profession For 2022, 2023, And Beyond
Are you a CPA, a talent in this industry, or in this career in your firm? Right now, you may ask yourself, "Is accounting hard?" Well, despite the importance that accounting offers for the growth of your firm, you should also expect that there are challenges with regard to properly carrying out the tasks in this field.
You can read today's 2022 news, latest releases, announces, podcast, and other resources about, and these accounting news tell you about both the successes and challenges encountered in this field. Some of the biggest challenges in the world of accounting include cash flow, financial reporting, hiring and retaining talent, and so much more.
But despite these challenges, there are solutions, nonetheless. Many of those who are in the leadership in the field, those who are high ranking officers, those in the management, or those that hold principal titles look far and wide just to resolve these challenges. To increase their understanding of this industry, they lead, host, and sponsor events such as a conference that talks about this field. They also consult with advisors to improve their understanding of the industry, while some even pay millions to individuals who can shed more light on this, and bring further growth to their firm's endeavors. Others are devoting their time acquiring practice management tools for this goal of theirs.
However, not all of these solutions are created equal. Some may work, while others cannot. Perhaps one of the simplest and most cost-effective ways to resolve these challenges and bring further growth to your firm is to invest in accounting tools and software. One of the the most well-loved by public accounting professions and other people in this industry is Akounto.
Streamline your business' accounting today with Akounto. No doubt that this is one of the best programs for your company or private equity firm in 2022, 2023, and beyond. This software is your partner when you want to bring change to how you handle your revenue, audit, payroll, training, analysis, and more.
Many public accountants, industry leaders, and firms that have used Akounto are praising what this digital tool and tech can do for them, especially when they want to grow and make an impact in their market and in the community.
Fill in the gaps, conquer the challenges over the next 12 months and so in 2022 and beyond, and bring change to the development of your firm with Akounto. It is our advice that you try this software today.