Through the years, cloud technology revolutionized the way we crunch our numbers, alongside automating our once manual bookkeeping duties. However, as we start 2021, what cloud accounting software features should we expect?
By now, you have probably discovered that most cloud accounting platforms offer bank reconciliation and invoicing features. But if you think that is all there is to shifting your accounting systems to the cloud, you might want to rethink that. In fact, there are certain cloud accounting features that you have probably overlooked. Here are some of them:
Advanced payroll systems
While startups merely require basic payroll functions, it's a different case altogether for growing businesses. As it is, businesses with growing revenues usually require more people to keep the business running smoothly. The more employees they have under their wing, the more complex the company's payroll processes become. And this is where advanced payroll systems come in.
If your business is looking for advanced payroll features, you can count on Xero to step in and give a hand. This feature even includes tax and leave calculators for easier and more accurate computations.
Related: The Basics Of Paying Payroll Tax
Smart and seamless reports
One of the plus sides of using cloud accounting for small business is the easy generation of reports.
Through the cloud, you can easily take a look at your financial statements. But did you know that you can access these reports in real time? This means you won't have to wait for the end of the month to see your actual numbers.
Imagine a situation where you need to verify your net worth for expansion or investment opportunities. Wouldn't it be more convenient to make such critical business decisions with actual figures at hand?
Depending on your chosen cloud platform, you have a plethora of third-party applications that further makes your experience tailor fit to your requirements.
If you’re doing your cloud accounting with QuickBooks, you have access to over 590 integrations, including 25 different payment processing options. Its Online advanced plan also comes with a built-in Fathom integration.
Staying connected to your business comes as a necessity today. One of cloud accounting’s promises is its flexibility and convenience, which leads us to Xero’s mobile usability.
Among Xero’s cloud accounting features, its accessibility stretches your power to oversee your finances even when you’re on the go. Using the mobile app, you can keep your business running wherever you are.
A lot of businesses nowadays take great pride in their company branding, to the extent that even the invoices they send out need to identify with their brand.
With Xero and QuickBooks, you won’t have a problem with this. They both offer an option where you can either use your professional invoice templates or design your own customised logo- if you don't have one. This way, you can bill your clients on time while establishing your brand identity.
View here: QuickBooks Vs. Xero
Cloud based tech comes with a promising price. That’s why maximising cloud accounting software features is a good practice to get your money’s worth. In addition, you also help your firm keep up with the new solutions in the market.