The role of accounting in Management

It is highly advisable to use an bookkeeping or accounting software for record keeping. Several simple-to-use options for small businesses and entrepreneurs are available at a low cost. You can click on the links in the text to open the websites for each of the described software options.

The most well-known is probably QuickBooks, which has many advantages but is on the expensive side among the low-cost solutions. It's use is also not particularly intuitive and beginners should attend an introductory course to get aquainted with its features. QuickBooks also offers an online app version. It's strength is in its tax categorization feature, which can be important for companies that depend on taxt write-offs.

Another software that functions as a digital petty cash system is Expensify, which is also one of the cheapest options available. It's strength is in its receipt scanning and capturing feature. It can be integrated with other accounting software.

A similar software is Zoho Expense, which also allows for receipt-scanning, is integratable and has a budgeting tool. It is the ideal choice for companies that deal with different currencies. It is also one of the cheapest alternatives available.

Another low-cost option is FreshBooks, which has a well-developed invoicing tool, to which scanned receipts can be attached. It also has the advantage of no user limit.

Xero is not a receipt scanning app like the ones above, but has some financial reporting features integrated, like P&L cash flow statements, balance sheets, etc. and also allows for payroll management.

A similar software that is competatively priced is Wave. It offers a free version for businesses that do not need the payroll feature. It's features however may be limited once a business grows and has more advanced accountingneeds.

A more sophisticated but user-friendly solution with scalable features is Sage. But it is slightly on the pricier side and might therefore not be the first choice for start-ups.

MarginEdge is an accounting software that is gearded towards restaurant start-ups. Its strength is in providing real-time information to identify areas of inefficiency, but like QuickBooks, it needs some learning how to use it properly.

Kashoo offers two different version, one that offers double-entry accounting and another one that just helps start-ups stay on track with their bookkeeping. It is one of the more intuitive and user-friendly softwares, but has limitations on the integration and compatibility with other systems.

It is advisable to check out several systems that offer free trials to see if they fit your bookkeeping or accounting needs and usability, before deciding on subscribing to a plan.