As with many industries, the essential tools required by most accountants vary depending on the needs of their clients. This makes having computer software versatile enough to fit the needs of both small businesses as well as larger corporations crucial for any certified public accountant.

1. Tracking Expenses with Modern Technology
Adam Greene, CPA

2. Tracking Expenses With Modern Technology
As with many industries, the essential tools required by most accountants vary
depending on the needs of their clients. This makes having computer software
versatile enough to fit the needs of both small businesses as well as larger
corporations crucial for any certified public accountant. A number of CPAs also
take advantage of helpful financial calculators, email, and other communication
methods for quick response. They may even use updated legislation materials
for educating their clients on changes in the law and items that demand their
immediate attention. Meanwhile, for those clients who may not be quite so
tech-savvy, letter communication might be necessary.

3. Using the Tools of the Trade
Business owners may need convincing that paper-based documents are out of
date and are extremely difficult to maintain within the business. Using cost
analysis tools, such as a hidden cost calculator or other financial presentation,
a CPA can show the client how paper documents cost more than electronic
records when managing accounts receivable and other business records.
Upfront capital, such as maintaining an internal network and website
administration, may give the client enough incentive to let a CPA exercise his
expertise and manage the financial system.

4. Using the Tools of the Trade
Tracking expenditures requires record keeping using a software system best
suited for the business. Some systems are more appropriate for smaller
businesses, while others may be expandable to larger companies. Choosing a
suitable software system for the type of business and the transactions it
performs helps maintain financial records while creating a realistic
representation of the overall financial health of the business. Avoid the
frustration of making the transition by hiring a CPA who can choose the best
option for the business and be able to explain the financial outlook using the
various tools available.

5. When business owners attempt to navigate financial data management
systems on their own, they often lack the expertise needed to accurately adjust
items such as payroll systems to meet current tax rates for state and federal
deductions. They may also struggle with or forget to budget for potential fees
assessed by the IRS. A seasoned CPA can advise clients on these types of
financial operations, providing information and guidance on how to comply
with any necessary regulations, thereby curbing the risk of unexpected
penalties down the line.
Using the Tools of the Trade

6. Popular and Inexpensive Software Systems
Using a software system for accurate financial documentation isn't always as
easy as one imagines. Owners may need a CPA to integrate the software
system into normal business operations. A CPA provides accounting expertise,
but may also help save time and money associated with purchasing monthly
access to the financial records, at least until the system is fully integrated into
the business. By using innovative cloud-based platforms, a CPA can also
eliminate the need for internal administration and upfront capital costs.

7. Popular and Inexpensive Software Systems
Among the most popular financial software systems listed in 2015 are some
long-time favorites such as QuickBooks Online, introduced in 1992. Providing
both traditional and new technology features, such as real-time data and
mobile app technology, QuickBooks allows users to access various platforms.
With invoicing capabilities, real-time capabilities, and tax management features,
QuickBooks provides all of the expected features and offers new cloud-based
storage. At $12.95 per month, users can take advantage of a 30-day free trial to
help with integrating the software.

8. Popular and Inexpensive Software Systems
Xero, a financial software system with a monthly fee of $9, offers access to an
unlimited number of users, which is a plus for those budgeting for access
license fees. However, the monthly fee changes after the promotional period of
six months ends. This system also offers a 30-day free trial for new users. If
transitioning from QuickBooks, Xero extends data conversion from QuickBooks
for new users. Updates also occur in real time, and the software links directly to
the financial data through a cloud-based platform. Xero works well for small
businesses.

9. Popular and Inexpensive Software Systems
Another low-cost financial software is Sage One Online, at $9 per month. This
software is ideal for businesses run by only one person. The $9 fee provides
invoicing services and online payment access, but if other accounting services
are requested, the fee rises to $14 per month. The added cost allows access to
project management tools, including projections, time tracking, and expense
reports. Sage One caters to small businesses.

10. Popular and Inexpensive Software Systems
For comprehensive customer relationship management, consider using
FinancialForce, which is fully compatible and potentially integrated with
Salesforce software. Mobile access, human capital management, supply chain
management, professional services automation, and financial management are
all features of this software. Expandable to larger companies, Financial Force
provides free online demonstrations for business owners to assess the product
instead of investing without knowing whether it is a proper fit for the business.

11. Popular and Inexpensive Software Systems
At the end of the day, seasoned CPAs possess the know-how needed to easily
recognize what's best not only for thriving businesses, but startups too.
Trusting both their experience and the time-tested tools at their disposal
eliminates having to guess whether cheaper options are falling short for your
business.