If you’ve ever wondered how to find accounting software for small businesses in Cyprus, this is the article for you. From inventory and sales analysis to reporting, invoicing and payroll, small business accounting software can help your business make sense of the numbers.
Are you looking for accounting software for small business Cyprus? if yes then you are in the right place. Our team tested all kind of software accounting softwares and come up with our list of best accounting software for small business Cyprus. Check below list and choose the best one as per your requirement.
cyprus accountants
Accounting task within a company is to summarise, analyse and report financial data and information about the company. Accounting software aims to record and process all the accounting transactions of the business within its functional modules. With accounting software, changes to financial statements can be easily done and prepared.
Some of accounting software’s are general ledger which means that it takes care of the company’s financial business, payable accounts and the company’s receivable accounts
There are many different types of accounting software that can be used by a company, organisation or corporation, directly depending on their needs and experiences.
1) Small business and personal accounting software. This type of accounting software is mainly intended for home use as the software is simple and inexpensive with simple functionality such as budget management.
2) Low end accounting software. Those softwares are suitable for small businesses that are able of serving the local market. Such software’s are characterised by ‘single entry’ products.
3) Mid market accounting software. Those are for companies with large businesses locally or possible international customers. Those softwares are suitable of multiple national accountancy standards and able to facilitate accounting in multiple currencies.
4) High end accounting software. Those softwares are more specialised with complex and expensive company accounting software that are also known as Enterprise Resource Planning or ERP software.
Before buying an accounting software, you must consider things like your company’s needs, the price of the software and the facilities that can offer, different features and it’s after sale support by the production company. Most of the accounting softwares are include all the vital accounting models, while some more dedicated softwares includes more expert models depending on their price.
Here is a top five accounting software lists that sits in every category.
Small business and personal accounting software:
1. ePeachtree. Best Software product;
2. MYOB Plus for Windows. MYOB Software product;
3. Peachtree Complete Accounting. Best Software product;
4. QuickBooks Online. Intuit product;
5. Small Business Manager. Microsoft product.
Low-End Accounting Software:
1. BusinessVision 32. Best Software product;
2. MAS 90 & MAS 200. Best Software product;
3. QuickBooks Pro 2003. Intuit product;
4. ACCPAC Pro Series. ACCPAC International product;
5. Vision Point 2000. Best Software product.
Middle-Market Accounting Software:
1. ACCPAC Advantage Series Corporate Edition. Best Software product;
2. Great Plains (Microsoft) MAS 90 & MAS 200. Best Software product;
3. Navision. Microsoft product;
4. SouthWare Excellence Series. SouthWare product;
5. SYSPRO. SysproUSA product.
High-end accounting ERP Market:
1. Axapta. Microsoft Software product;
2. e-Business Suite. Oracle development product;
3. MAS 500. Best Software product;
4. Solomon. Microsoft product
5. ACCPAC Advantage Series Enterprise Edition. Best Software product.
The above collection may not be wide-ranging and some individual or companies might choose to differ with it the stated list.
MoneyMinder
MoneyMinder is our top pick for volunteer-led organizations. It’s easy to use, so even if you have no bookkeeping experience, you can navigate the program and take advantage of its features to manage your organization’s finances.Pros
- Low annual fee
- Includes volunteer management tools
- Remote account access
Cons
- Add-ons, such as online stores, are an additional cost
- Does not have donor management tools
- Bank integration requires additional fees
MoneyMinder is powered by Nonprofit Central and was specifically created for volunteer-led nonprofit organizations who are often overwhelmed by complex accounting programs.
MoneyMinder is a simple and easy-to-use online program that you can access anywhere. If you’re the treasurer of an organization, you can use the program to manage budgets, handle bookkeeping duties, reconcile bank accounts, and generate detailed reports.
It includes volunteer management tools, allowing you to track volunteer hours and create reports by volunteer or event. Unfortunately, donor management tools are very limited with MoneyMinder.
The basic version of MoneyMinder is free, but MoneyMinder Pro is $159 per year and well worth the added cost. Unlike the free version, you can import PayPal transactions, print checks, and store documents.
MoneyMinder does offer additional services like bank integration and MyStore, which allows you to create an online store and accept online payments. However, these services have additional fees.
MoneyMinder has a 5-star rating on Capterra
Financial Edge by Blackbaud
For large organizations that want enterprise-level accounting, Financial Edge is the clear choice. It integrates with Raiser’s Edge, a program of choice for donor and constituent management, and allows you to track expenses and budget across fiscal years.Pros
- Cloud-based software that can be managed remotely
- Integrates with Raiser’s Edge donor management software
Cons
- Lack of pricing transparency on the site
Financial Edge is a product released by Blackbaud, a leading software company that caters to nonprofit organizations, educational institutions, and healthcare facilities. It serves millions of users in over a hundred countries worldwide.
For large nonprofit organizations that have significant accounting needs as well as employees and a large donor-base, Financial Edge can be an excellent fit and it’s our top choice for large organizations.
Financial Edge is a cloud-based program, so you can use it from any laptop. You can use Financial Edge to create budgets, track expenses, manage cash flow, and handle the general ledger. It has expanded budgeting capabilities, so you can forecast different scenarios and budget across fiscal years.
Financial Edge also integrates with Blackbaud’s Raiser’s Edge, the gold-standard program for donor management and fundraising, so you can make sure your organization’s efforts are cohesive.
The pricing for Financial Edge was not readily available on the website, but Financial Edge has a 4.2-star rating on Capterra.
Sumac by Silent Partner
For nonprofit organizations that need customizable donation tracking and donor management tools, Sumac is our top choice in our review. With affordable pricing, free training sessions, and built-in email marketing, Sumac is a powerful fundraising tool.Pros
- Affordable pricing and different packages available
- Staff and volunteers can access databases simultaneously from anywhere
- Customizable donor profiles
Cons
- Does not include general accounting capabilities
- Implementation services and data migration may be an additional cost
- Additional training costs $150 per hour
Many small and midsize nonprofit organizations have excellent accounting software and keep their financials in good order, but need help when it comes to donor management and donation tracking. If you’re relying on multiple spreadsheets or outdated databases, Sumac can be an affordable upgrade that can streamline how you work with your constituents.
Sumac was launched in 2003 and supports thousands of nonprofit professionals around the world. In 2018, Sumac became part of Silent Partner Software Inc and is offered alongside other products like PartnerHR.
With Sumac’s fundraising program, staff can access critical data from anywhere, and they can view databases at the same time, so they always have the most up-to-date information. The program allows you to create customizable donor profiles so you can adjust fields to meet your organization’s needs.
Within Sumac, you can see each donor’s history with your organization, including past donations and communications. You can also create reminders to follow up with key donors.
Donation details can be converted into ledger entries and reports for your bookkeeper or accountant, and you can craft summarized annual giving reports.
The price for Sumac ranges from $35 per month to $250 and up per month, depending on your organization’s needs and number of records. Other services, like online donation acceptance, website management, and course registration require additional fees. With your fee, you get free training. If you need additional training, you’ll have to pay $150 per hour.
Sumac has a 4.3-star rating on Capterra
Araize FastFund Accounting
For organizations that want total remote access, Araize FastFund Accounting is our pick for the best cloud-based solution. It offers comprehensive accounting, fundraising, and payroll services and can be accessed from anywhere in the world.Pros
- You can choose one service or bundle all three
- Monthly training webinars and online video training included
- Can cancel anytime
Cons
- One-on-one training costs extra
- May not be intuitive if you don’t have an accounting background
- Reports not as customizable as they are on other programs
Araize has over 30 years of experience delivering software solutions to nonprofit organizations. With Araize FastFund Accounting, you can get access to a complete cloud-based system. Because FastFund Accounting runs on the cloud, you can access it from any web browser on any device, including Mac, PC, or tablets. You can get your software up and running within a day, and multiple users can use the software at once, making it an ideal cloud-based program.
With the FastFund Accounting platform, you can handle bank reconciliations, generate accounting reports, create budgets for each department and grant, and generate all the data you need to complete the IRS Form 990. The FastFund Accounting program is available for as little as $42 per month, and there is no setup fee. Also, you don’t have to commit to a contract; you can cancel at any time.
Araize offers two other programs you can purchase separately or bundle with the accounting program. With FastFund Fundraising, you can create detailed donor profiles, track cash, pledges, and in-kind gifts, and create customized donor receipts. When bundled with FastFund Accounting, FastFund Fundraising is available for as little as $20 per month, or $42 per month as a standalone product.
With FastFund Payroll, you can also manage your organization’s payroll. You can pay employees through direct deposit or check, allocate money for taxes, and file quarterly payroll taxes. FastFund Payroll starts at $66 per month.
While your fee includes monthly training webinars and online video training, one-on-one training sessions are an additional cost.
In reviews of Araize, many people say the program is robust and powerful. However, if you’re used to pricier programs like Financial Edge, you may find that the reports aren’t as customizable.
Araize has a 4.5-star rating on Capterra
Conclusion:
It’s on your mind. You want to find an accounting and payroll software that is perfect for you. But you don’t know where to start. Learning what businesses actually need, and which features will help you get more clients and save money, might be difficult.