The Benefits of Cloud and Paperless Accounting for Your Company

Accounting is an essential aspect that business owners often underestimate, especially during their startup phase. But now, more and more company leaders are turning to cloud accounting as a smart way to keep their finances in check. 

In the initial stages of business growth, it's only natural to keep a firm grip on all aspects of your operations. However, when it comes to financial management, lacking expertise can lead to complications. Fortunately, accounting software solutions can help you in managing your finances while keeping your numbers accurate and up-to-date. 

To take these benefits further, you can move your financial data to cloud-based accounting software.  

Benefits of Cloud Accounting 

Here are some of the benefits of using cloud accounting software:  

Ease of access 

First and foremost, cloud accounting allows every user to reach their company's financial information at any time and from anywhere, as long as there is an internet connection available. With just one device, you can view your cash flow in real-time and manage your accounting records with just a few clicks. 

Flexibility  

You can customize the software according to your current needs. Cloud accounting providers today offer a wide array of pricing plans, integrations and add-ons to make your experience a seamless and suitable one. 
 

Operational efficiency 

By utilizing cloud accounting effectively in your services, you can enhance operational efficiency and elevate your service quality. In addition, with access to real-time data, you can ensure that your records are securely stored in the cloud, leading to improved service levels. 

Cloud accounting integrations and tools 

Now that you know the advantages, we now go to other useful functionalities, including the integrations and add-ons of cloud accounting software.   

CRM Integrations 

When CRM (Customer Relationship Management) solutions are integrated with a cloud accounting platform, invoicing and billing processes are streamlined. Doing this gives you a more holistic view of where and how revenue and specific sales activities align as well.  

Analytics solutions 

If you want a deeper understanding of your financial health, make sure to go with accounting software that provides financial insights into your business’ performance.   

Read: Role of Cloud Accounting in Strategic Business Financial Management   

Payroll management 

For companies with employees, a salary management tool is an essential ally that can help you especially during payroll. The primary functions of this system are the calculation of wages, computation of taxes, and deduction of necessary fees, among others. 

Inventory management 

With cloud accounting, e-commerce business owners can seamlessly run reports, monitor sales and purchases across their preferred sales channels, and maintain real-time tracking of their inventory levels.  
 

Best online cloud accounting software for your business 

Having a hard time choosing the cloud accounting platform for your business? Here's a snapshot of some top choices to help streamline your financial management. 

1. Xero 

Xero is a user-friendly tool that scales with your business. It's also known for its rich feature set, including the addition of advanced analytics capabilities through the Analytics Plus offer, aimed at enhancing your business insights and decision-making processes.  

In addition, Xero also cater to the needs of both small startups and larger enterprises. For more details on pricing and plan inclusions, you may check out this article.  

2. QuickBooks 

QuickBooks is known for its all-around financial management capabilities, from tracking sales to managing payroll.  

With its ability to organize finances in one place, this software simplifies accounting tasks, which means you can focus more on running your business and less on number-crunching. 

To know more about the pricing and inclusion on its plan, you may check out their site. 

Read Next: 7 Key Difference of Traditional Accounting and Cloud Accounting 

3. FreshBooks 

FreshBooks is an excellent choice for those seeking ease of use and superior support to simplify their accounting process. FreshBooks also excels in offering time-saving features such as invoicing, expense tracking, and financial reporting, designed to automate and simplify the day-to-day accounting tasks.

For more details on the pricing and plan inclusion, check their pricing plan here.  

4. Sage 50 

Sage 50 caters specifically to those managing more complex finances and offers specialized solutions based on your business needs. To know more details on its pricing and the benefits included in the plans, check out their site. 

The Bottom Line 

As your business grows, your tools should grow too. Choosing the right cloud accounting software means you’ll be better at managing your finances, keeping up with taxes, and controlling your stock.  

The right software can also give you important insights into how your business is doing financially. Each of these options has its own benefits, depending on what your business needs, ensuring you can keep up with your finances as your business gets bigger. 

Looking for a trusted cloud accounting partner? 

Consider D&V Philippines. Our team of experienced certified public accountants (CPA) is equipped with broad accounting expertise and proficiency in advanced cloud software. 

Schedule a free consultation with us today and take the first step toward smarter financial management. 

You can also download our whitepaper Outsourcing: How to Make it Work today and see how we can help you transition to a paperless office.

This article was first published on 05 August 2014 and updated on 21 May 2024. Edited by: Angelica Garcia