CLOUD ACCOUNTING TOOL: Cloud accounting is the same as traditional accounting, and bookkeeping procedures are done on accounting software. The cloud accounting tool is hosted on remote servers, similar to the SaaS (Software as a Service) business model. Data is sent to the server into a ‘cloud,’ processed, and returned to the user.
All application functions are done off-site, into the cloud, not on the desktop. The accounting functions are done online and not on desktop software. Internet or other network is used for the process. The users access the cloud accounting tool through a cloud application service provider.
The software has not been installed on a computer. It can be accessed from any place globally, provided the cloud application service provider is present.
Innovative management and organization from everywhere:
Cloud accounting tools have got multi-user access. Having access to accounting and bookkeeping data anywhere and anytime in the world. You can spend time in other activities related to business operations or spend your quality time with family.
You can go online to access cloud accounting software while sitting at home and keep yourself updated with your business’s accounting and bookkeeping functions. An up-to-date view of the business’s financial status to make the right decisions at the right time. All team members can access required information whenever and wherever needed.
A better relationship is built with the accountant. You can access accounting data online and then give quality time to your accountant for discussion related to business bookkeeping.
Relationship with vendors improved:
For small business owners, vendors are essential. They play a vital role in the success of a small business. A small business owner wants to have a friendly relationship with vendors and suppliers.
Relationships with the supplier are often disturbed by late payments. A Cloud-accounting tool prevents this situation. A business owner can easily search the status of the bill and can advise for quick payments.
Go paperless in accounting and bookkeeping. This step is eco-friendly too. Paperwork takes a lot of time for the accountant and business owners. Small business owners do need time to interpret accounting information.
Accounting software makes it easy to interpret accounting information. Cloud accounting tool reduces upfront business costs. You do not face regular maintenance and upgrading of the system.
A Few Cloud Accounting Tools and their benefits
Here are five cloud-based accounting tools with reasonable prices for small business owners.FreshBooks
You can access it from the desktop computer and mobile phone. It makes it easy to track expenses, make online payments, generate customized invoices, generate reminders of late payments, purchase history with time-tracking, client records, and manage different projects with different rates.
QuickBooks is used to:
- Generate invoices with the logo of your company and with all details required by the customers.
- Processing payrolls according to HR policies
- Managing all business transactions, including bills from suppliers and vendors
- Inventory management
- Tracking expenses.
- Creating professional invoices
- Categorization of income and costs
- Connectivity with online credit cards and bank accounts.
- Online Sharing of data with an accountant
Outright is an online cloud accounting tool for small business owners and is used for tracking expenses, profit, sales, and customers. Bank accounts and others like PayPal, eBay, FreshBooks, and web stores can be connected to outright, and data can be easily exported from one to another app.Xero:
- A dashboard with bank balances, expenses, and invoices.
- Tracking cash flow in real-time.
- Data can be shared and accessible to accountants and others
- Scheduling of Payments and returns
Apple, Blackberry, and Android applications are available. Many add-ons like CRM, invoicing, inventory management packages are also available on demand.
Cloud Accounting tools make bookkeeping and accounting operations easy and less time-consuming. A Cloud accounting tool provides small business owners great feasibility in accounting and bookkeeping at reasonable costs.
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