Modernize your financial visibility with cloud accounting

In this article, we list the 20 best cloud accounting software solutions that are great for businesses of all sizes. With Xero, you can also track your projects, from providing estimates to invoicing. The contact management feature allows you to manage your contacts and accounting processes in one platform.

  • Connect with apps you already use to power your business like Shopify, eBay, OpenCart, Synder, and more.
  • While automated invoices save your time, auto-charging saves your customer’s time and also helps you get paid faster.
  • That’s why all the platforms we’ve picked automatically log all your transactions and reconcile them with the bank.
  • The platform is generally well-regarded for its user-friendly interface, powerful features, and scalability.
  • Those that had price increases that were reasonable fared better in our ratings.

In addition to accounting software, Zoho offers more than 40 enterprise-level online applications to grow sales, market your business, communicate with teammates, provide customer service and more. Businesses that need an integrated business ecosystem will have a hard time finding a more robust business suite. Another big advantage of cloud-based accounting software is that it’s accessible from anywhere.

Easy maintenance and security

This comes with unlimited users, quotes, estimates, cash flow forecasts, purchase invoice management and automatically snap and post receipts for free for the first three months. Cloud accounting solutions can take your business to the next level so that you and your employees can become more efficient by being more mobile and organized. For example, cloud-based accounting allows an employee to invoice a customer on the road, perhaps just after a service has been performed.

  • FreshBooks easily integrates with over 100 apps, which means that you can easily connect the platform with your other applications.
  • QuickBooks securely stores your data and keeps it up-to-date across all your devices.
  • You can integrate Xero with various payment gateways to facilitate faster payments.

Suited for small- and medium-sized businesses (SMBs), Xero is an affordable cloud-based accounting software system that streamlines these processes with plans starting at $13 per month. Shifting to cloud accounting software is an easy and straightforward process. It has features that organizations have come to expect from an accounting solution as well. With it, they can send invoices and receive online payments, record and track expenses, and handle payroll. One of the consistent trends in cloud-based accounting software is the use of artificial intelligence.

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Lagging indicators and manual software also fail to provide insights into moment-to-moment customer behavior and emerging trends. That’s a serious setback when it comes to crafting winning strategies in a dynamic market. You would never do that, and you shouldn’t try to manage your company’s finances with legacy tech, either. This means that in addition to KPI visibility, you also need a large degree of flexibility in your SaaS metrics utilization.

These features make Zoho Books a reliable accounting software for small business to consider. FreshBooks streamlines client invoicing and time-tracking processes and what is net income and how does it affect your bottom line offers a powerful set of features for growing businesses. Even freelancing professionals that do not have an accounting background can easily deploy the software.

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Here are 5 points to look for in your search for the perfect accounting practice management solution. The features and benefits of cloud accounting software that we’ll be covering enhance different kinds of financial visibility, and they do so in different ways. Enterprise resource planning (ERP) software includes all the features of accounting software, plus additional features such as CRM, inventory management and project management. ERP software is typically used by larger businesses while accounting software is more suited for small businesses. Its Sage Accounting plan normally costs $25 per month, but it offers 70% off your first six months, so you end up paying $7.50 per month.

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Besides its primary plans, it also offers a custom plan with custom pricing for businesses with complex needs. Cloud accounting software has transformed financial and accounting management by driving efficiency. Accounting reports can now be generated instantly from any device, invoicing and expense management are automated, and even your accountants can access and check your books anytime.

Tax calculations, a typically complex endeavor, are made simple with ZarMoney. The software takes the lead by automatically determining the right taxes but also offers businesses the flexibility to manually adjust, ensuring absolute control. The dynamic statements feature allows businesses to craft balance sheets, cash flow statements and custom earnings reports that mirror their unique financial health. NetSuite’s accounting software is all about automation, which can be a huge time-saver (and stress-reducer) for businesses. Automation features include things such as creating journal entries and statement reconciliation.

What are the costs associated with cloud accounting?

While upgrading traditional accounting software is expensive, difficult, and time-consuming, cloud accounting software requires nothing you need to install or update. You might think that moving to cloud-based accounting software is a hassle. Making this simple switch offers plenty of benefits to help with your business needs. You’ll have total control over how much financial information other people—from your employees to your accountant to an outsourced team—will be able to see by customizing their access. For instance, if you have an employee processing your payroll, you can give that employee access to the payroll portion of the software without letting them have access to your bank accounts.

There’s a ton of traditional software available that lets you do the heavy work of accounting. You can download them to your computer/laptop and carry out the calculations. The good thing about this type of accounting is you don’t necessarily need an active internet connection to use the software and access your data. Not to mention, analyzing your reports and creating invoices is just a breeze.

Because of that, it is possible to maintain a good financial position without deep accounting knowledge. And if need be, proprietors can share transaction data with bookkeepers or accountants. And if ever employees are paying out of their pockets, they can record expenses for reimbursements. This would make the process less strenuous so that they receive their payments as soon as possible. This is possible because it has limited access rights to external authorized personnel to offer them the visibility they need. Plus, all invoices and pertinent information are within the solution to remove the pains from audits.

Xero is an affordable cloud-based accounting software system that is highly rated among small businesses. Its simple solution for tracking income and expenses makes it easy to use for those without accounting skills. Top features for every plan include the ability to create and send invoices, track time and project profitability, claim expenses, bulk reconcile transactions and accept multiple currencies.