Outsourced accounting is a valuable option for businesses as it provides specialized expertise without in-house hiring or training, ensures accurate financial management, reduces errors and compliance risks, and frees up resources for core activities and strategic initiatives.

With advanced technology and systems, outsourcing also provides technological benefits such as automated processes, real-time financial reporting, and enhanced data security. Businesses can leverage cutting-edge tools and software without the need for significant investments.

External accounting practices usually have the most updated and relevant technology stack, and no one knows the ins and outs of the software available more than those who use it daily. That’s why we’re providing insight into our Outsourced Accounting & Finance Services (OAFS) team’s technology stack.

Below we’ll explore three of our favorite accounting software options for growing businesses like yours:

1. Intuit Quickbooks Online

QuickBooks Online is an accounting software designed for small businesses, however, it can be used as you transition into a mid-sized market.

Here are a few benefits of using this tool:

  • Automates various bookkeeping tasks, such as transaction categorization and reconciliation. This helps to save time and reduce the risk of errors. You can easily track income and expenses, manage accounts payable and receivable, and maintain financial records.
  • Provides real-time visibility into financial performance through customizable dashboards and reports. Mid-sized businesses can monitor key metrics such as cash flow, profit and loss, and sales trends — empowering informed decision-making and strategic planning.
  • Creates professional invoices and sends them to clients electronically. The platform also supports online payment processing, allowing your clients to pay invoices conveniently.
  • Tracks and categorizes expenses. This is either through manual entry or automated bank feeds. QuickBooks ensures accurate expense records and simplifies the process of reimbursing employees or claiming tax deductions.
  • Integrates seamlessly with a wide range of third-party apps and services. From inventory management to payroll processing, businesses can extend the capabilities of QuickBooks Online to meet their specific requirements. This accounting software also has hundreds of apps and add-ons that can be integrated directly into your account like Amazon, Shopify, DocuSign, and ADP. These integrations can streamline your business's operations and reduce tedious manual entry.
  • Accesses accounting data anytime, anywhere, and from any device with an internet connection with this cloud-based accounting software. This facilitates collaboration among team members and allows for efficient remote work, increasing flexibility and productivity.

Overall, QuickBooks Online empowers businesses to streamline their accounting workflows, gain valuable insights into their financial performance, and make informed decisions to drive growth and success.

QuickBooks Online offers various subscription plans, allowing scalability.  See how PC Magazine rates QuickBooks Online.

2. BILL

BILL is a cloud-based software platform that helps businesses manage their finances and payments.

Some benefits of this business accounting tool include:

  • Automates the invoicing process, enabling small to mid-sized businesses to generate and send invoices to clients automatically based on predefined schedules or triggers. This reduces the time and effort required for manual invoicing tasks, ensuring timely payment collection.
  • Set up customizable billing cycles tailored to their specific needs. Whether billing clients monthly, quarterly, or on a different schedule, the platform allows for flexibility and customization to accommodate various billing arrangements.
  • Integrates seamlessly with payment gateways, allowing businesses to accept online payments directly through invoices. This simplifies the payment process for clients and accelerates cash flow for the business.
  • Offers comprehensive reporting capabilities, providing businesses with insights into their billing performance and trends. From revenue tracking to client payment history, the platform offers valuable data to inform decision-making and strategic planning.
  • Maintains transparent communication with clients regarding billing matters. The platform enables businesses to send automated payment reminders, notifications, and updates, improving client satisfaction and reducing the likelihood of late payments.
  • Prioritizes data security and compliance, offering robust encryption and adherence to industry regulations. Businesses can trust that their sensitive billing information is protected and compliant with relevant data privacy laws.

Overall, BILL empowers businesses to streamline their billing processes, improve cash flow, and enhance client relationships through its user-friendly interface and comprehensive features.

It integrates with popular accounting software and offers features such as fraud protection, automatic reconciliation, and customizable approval workflows to help businesses stay secure and compliant with financial regulations. Explore how Software Advice users rate BILL.

3. Dext Prepare

Dext Prepare is a receipt capture platform. This allows businesses and their employees to support their purchases while storing the data securely online for a minimum of 10 years.

This accounting software offers a range of benefits for mid-sized businesses seeking efficient receipt capture and expense management solutions, including the ability to:

  • Automate the receipt capture process. This allows users to easily snap photos of receipts using their mobile devices. This eliminates the need for manual data entry and ensures accurate record-keeping.
  • Categorize and organize expenses effortlessly. The platform automatically extracts key data from receipts, such as dates, amounts, and vendors, and categorizes them accordingly, saving time and reducing the risk of errors.
  • Provide real-time visibility into expenses, enabling businesses to track spending as it occurs. This proactive approach allows for better budget management and helps identify areas for cost savings or optimization.
  • Integrate seamlessly with accounting software like QuickBooks Online, facilitating easy reconciliation of expenses with bank transactions. This ensures accuracy and consistency in financial reporting, saving businesses valuable time during the reconciliation process.
  • Stay compliant with tax regulations and internal policies by providing a centralized repository for all receipts and expenses. This ensures that businesses have the necessary documentation readily available for audits or tax filings.

Overall, Dext Prepare empowers businesses to streamline their expense management processes, improve accuracy, and achieve greater efficiency in their accounting workflows. Discover what others have to say about Dext Prepare.

Learn More About Outsourcing Your Accounting & Finance Function

Using the right technology stack helps outsourced accounting providers deliver exceptional services and is paramount for small to mid-sized businesses to manage their financial operations effectively.  They offer streamlined solutions for various accounting tasks, ranging from bookkeeping to financial reporting, enabling businesses to maintain accurate records and make informed decisions.

Explore our robust list of Outsourced Accounting & Finance Services and let’s work together to grow your business for the near future.