One prevalent way to adapt to today’s technology is to use small business cloud accounting. Cloud-based programs are practical investments for your firm which prove to be indispensable in the long run.
Cloud Accounting Software for Small Business
For this reason, small businesses must look into cloud-based accounting software; otherwise, data gathering and processing can be tedious. Small business accounting software that’s not on the cloud can also take up a lot of time and effort, thus not adding value to your business.
There is a massive difference in terms of data accessibility between traditional and digital accounting. Unlike the latter, cloud-based software provides a more convenient approach to your numbers even outside the office corners. Small business cloud accounting is the ideal platform to make your business data and information available to anyone, anywhere, and from any device.
During tough times such as the Coronavirus pandemic, a digitalized process can keep your operations going even at a remote setup. While making sure your team is safe at home, your business is going as usual, with fewer disruptions.
A small business does not need expensive software to manage its ledger. Let’s take a look at the most cost-effective cloud services for small businesses.
This is a simple accounting app for small businesses that is accessible on your web browser or on your mobile device. Its features include live bank feeds, professional invoices, a manageable dashboard, and the choice to categorize income and expenses or not. It is also secure and highlights a double-entry accounting for bank processing and financial statements.
It lets the user share access to the latest data and checks cash flow in real-time. It boasts a simple dashboard where you can easily view your bank balances, bills, invoices, and expenses. Xero also features an interactive graph to illustrate cash flow; you can also monitor specific data accounts from the dashboard.
Perhaps what makes it a top-of-the-line software is its capability to let your employees collaborate online to work on your financials and give on-time advice that you need. Here are some good tips on how to become a certified Xero Advisor.
This software makes invoices, tracks sales and expenses, downloads banking transactions, and gives you access to business data on any mobile device. It also includes check printing and exporting data to Microsoft Excel.
Check out more details about QuickBooks and Xero’s suite of services for small businesses in our infographic.
Formerly known as Outright, GoDaddy acquired the software in 2012 and ventured as GoDaddy Bookkeeping. The software performs the basic bookkeeping tasks, and streamlines your numbers even without prior accounting experience.
GoDaddy’s edge is its integrations with online sales channels such as Amazon, eBay and Etsy. The software simplifies your year-end tax filing and automatically imports sales data from the sales platforms in an easier manner.
FreshBooks is accessible on your mobile device and desktop. It links all tools that small business owners need to send invoices, manage expenses and track it anytime, anywhere. Users can import their expenses from their bank account or credit card. It also features an easy and intuitive interface, data encryption, and automatic data backups to various data hubs for storage.
AccountEdge Pro includes key cloud accounting features essential for small businesses such as invoicing and quotes, banking, purchase orders, time billing, payroll, inventory and e-commerce. Users can create quotes, orders and invoices for services, time and items sold.
Aside from the live bank feeds, AccountEdge Pro also allows users to sell items online through Shopify. They can sync their item inventory and download online orders to AccountEdge.
It has the basic accounting features that a small business needs such as payroll integration; you can also connect it with your Paypal account. The good thing about Wave is that it is free; however, you will see advertisements from Amex, Dell, and Staples.
It speedily records and categorizes income and expenses, links your bank and credit card accounts, generates accounting reports, and automatically applies payments against your invoices. Another feature that Sage One offers is that it sends invoices to customers, tracks invoices and email payment reminders, and accepts credit card payments through PayPal. It can also generate and manage tasks, and provide cloud-based collaboration for the team and its clients.
NetSuite ERP is a recommended cloud accounting software for your small business if you’re anticipating rapid growth. It performs complex accounting tasks, expense management, revenue management and provides accurate insights of the company’s financial standing.
NetSuite ERP also integrates with NetSuite business solutions such as order management, inventory, customer relationship management and e-commerce functions.
It tracks money coming in by generating invoices and money going out by following your expenses and vendor balances. Small business owners can also connect their credit card accounts, and the administrator can invite other users and integrate the software to Google Apps, PayPal, and other Zoho tools like Zoho CRM and Zoho Projects.
With so many choices in the market, it may be a daunting task to pick the one that will work best with your business. If you have any questions on which small business cloud accounting program you should use, we'd be happy to help in any way we can. We work with such programs every day to help our clients organize and analyze their financial data.
Maximize your use of cloud-based accounting software by scheduling a consultation or downloading our white paper Cloud Solutions for Business Owners to know how cloud accounting can drive your firm’s growth.
First published on 2014 August 11; Last updated on 2020 May 18