By Lyssa Kemper, CPA, Senior Manager
It can be overwhelming to find the right software and applications for your business. Technology is changing quickly, and keeping up with the changes can be challenging while running a successful business. Here are a few software highlights for Summer 2024. MichaelSilver uses these products for many clients as each solves the pain points most companies encounter.
BILL
This three-part online software facilitates accounts receivable and accounts payable management and provides an alternative option for business credit card management.
Key Features:
- Adds additional internal controls to your A/P process with approval requirements
- Sends customers automatic past-due invoice reminders
- Sends invoices or makes payments electronically with an option to mail paper checks and invoices
- Provides a unique way of controlling employees’ credit card spending with many flexible settings controlling where an employee can spend, what they can spend on, etc.
- Syncs with most accounting software so your accounting software has the most up-to-date accounts payable and receivable details
HUBDOC
At its basic level, this software is an electronic file cabinet that allows you to upload documents wherever you are and automatically files every document in a searchable file cabinet.
Key Features:
- Allows you to search your file cabinet by customer/vendor name, date, and amount, including an option to add tags to any document for additional search features
- Can connect to your accounting software to push your document details as expense and revenue entries
- Allows you to add an accountant to view file cabinet documents, alleviating the need to email documents back and forth when completing month-end close
GUSTO
A web-based option for full-service payroll and human resources (HR) management
Key Features:
- Team management tools, including employee surveys, performance reviews, paid time off management, etc.
- Contractor payments, including international contractors
- HR portal to stay on top of changing rules and regulations, especially if you have employees in multiple states
- Project tracking with costing reports
XERO
An online accounting software — a QuickBooks alternative
Key Features:
- Highly customizable reporting allowing you to create reports that best suit your needs
- A more cost-effective accounting solution without the loss of quality
- High level of support and “how-tos”
- More accurate bank feeds
CONSIDERATIONS
Anytime you want to solve a pain point with new software, it’s important to do your due diligence in reviewing alternatives and weighing your options. Consider your business size, industry-specific needs, budget, and desired features. Take advantage of free trials that allow you to test the software before you commit and be sure to have buy-in from all stakeholders, so your new software is used to its fullest capability.
MichaelSilver works with many clients using a multitude of software and applications, giving us a unique view of the technology landscape. We often work with clients through our advisory services focused on helping them build out a unique accounting tech stack. Consider consulting with your MichaelSilver trusted advisor as we can provide valuable insights tailored to your specific circumstances. Contact the MichaelSilver Client Accounting/Advisory Services (CAS) Group leader, Lyssa Kemper, CPA – Senior Manager ([email protected]), Harry Steindler, CPA – Partner ([email protected]), or talk with your MichaelSilver trusted advisor at 847.982.0333.