Cloud software allows you to access all of your data anywhere, anytime. With easy to understand interfaces, automated payment systems, and fluidity between accounts, organizing your startup’s money has never been easier. This post will introduce you to some of the more popular cloud accounting solutions and help you determine which is best for you.
There are many different software options to choose from, and the solution you pick depends on the nature of your startup and your basic understanding of accounting concepts.
Here is a list of some popular Cloud accounting software which make the complicated process of managing finances simple. Some are all-access, fully integrated accounting, whereas others are perfect for organizing your money and invoicing.
Xero
Xero is at the forefront of cloud accounting software. It allows you to access your accounts from any device whether you’re on the go or in the office. The dashboard is simple, clean, and provides good visualizations as to how your company is doing at the moment.
The many facets of Xero include bank reconciliation, payroll, reporting, and paying. You can also manage purchase orders and inventory to help you track the profitability of items you sell. Your account is not limited to one user, so partners, employees, and financial advisors can see your reports or complete tasks while you’re off running your business.
Xero’s online invoicing allows you to connect with your customers, use customizable invoice templates, repeat invoices, and schedule bill payments. You can track your payments, credits, and returns easily and automatically.
A big plus with Xero is most of their features are offered in their standard plan.
QuickBooks Online
Xero’s top competitor is QucikBooks Online (QBO). This cloud software allows you to invoice, track sales, report expenses, receive payments online, and review your transactions.
The automated bank feed allows you to see your expenses in real time and deposits money automatically for you. You can create custom financial reports and receive payments from clients. Payroll features are offered at a premium, and the number of users allowed access to your account depends on the plan you purchase.
QuickBooks is available on the desktop and any mobile device so you can check your finances on the go. The software also offers some external features, such as check printing and exporting to Microsoft Excel.
Wave Accounting
Wave is another software that has a unique advantage over the others — It’s free! Wave is targeted for businesses with 10 employees or less. It’s very simple and easy to use.
The service connects to your bank, credit card, and even your PayPal account to make sure you don’t miss any transaction. It offers automatic billing and invoicing, and syncs your data so you don’t have to do it manually. You can generate reports, scan and upload receipts, and reconcile your accounts.
Wave offers credit card processing and payroll on a “pay as you go” basis. There is no mobile version for the full system, however there are apps for invoicing, receipts, and payroll.
This rapidly growing tool is great for those who are looking for a straightforward and simple accounting tool. You can also allow an unlimited number of users access to your account.
FreshBooks
This cloud application offers powerful invoicing solutions and high convenience. Some of the key features include online payments, automated financial reports, time tracking, invoicing, bank reconciliation, and expense tracking.
This software is not designed to be a full-blown accounting tool, but it still has amazing features if you’re someone who bills based on time. The time tracking tool prevents you from under billing and allows multiple team members to log their time spent on projects.
FreshBooks is very user friendly and has a Step-By-Step Wizard when you access any part of the system for the first time. These features help guide you through all parts of the software so you can spend less time learning and more time focusing on your business.
Kashoo
This is another simple cloud accounting software, which gives you access to your data from multiple devices. A unique thing about Kashoo is they have an iPad application.
Kashoo allows you to create custom invoices and easily categorize your income and expenses. The dashboard gives you a real-time snapshot of how your business is doing financially. You can create all the standard financial reports to make smart decisions and plan for taxes.
Kashoo is best for small business owners struggling with tracking their spending. Kashoo is a great app for getting organized and viewing your accounting needs, and it prides itself on cyber security.
Conclusion
While Xero may be the most commonly used solution, you might find that Kashoo fits your needs better. As you can see, each of these cloud accounting solutions have different strengths and weaknesses and is better for different kinds of companies.
Learn more about cloud accounting and how to in our free ebook: The Ultimate Guide to Accounting For Startups.
