Disclaimer: Please note this article is not financial advice. The purpose of our blog is purely educational, so please consult a professional accountant or financial advisor before making any financial decision.
Ledgers and columnar are very helpful, but if you make a mistake, the error has to be found manually, and editing several parts of the computation is necessary. Worse, if you committed the error from the very beginning, you have to start all over again, which means you need to spend several hours correcting the error.
Fortunately, things have changed in the business world with the rise of computer technology, which led to the development of various accounting applications that were proven helpful to financial experts and business owners. Who doesn't know about Microsoft Excel?
With MS Excel, you can have an offline accounting system where you can record your numbers and insert mathematical formulas that can provide you with accurate financial information. Also, with virtual spreadsheets, you can edit wrong records, and changes are also applied in the cells where the corrected record is linked. Then the internet came, which took the business world to a whole new level.
Today, it's important to have your records uploaded in the cloud so you can access them all remotely wherever you are, as long as you have an internet connection. Do you want to know the cloud-based accounting software for your business? Continue reading below.
Cloud-Based Accounting Tools That Can Help Your Business Grow
Whether you have a physical or online business, it is very important to keep track of your income and expenses. This process is possible with bookkeeping, and an expert bookkeeper can give you all the financial information you need about your endeavors so you can plan what's best for your business.
Unloop is a bookkeeping service provider that helps eCommerce and inventory businesses in the United States and Canada. To effectively serve their clients, Unloop is using the best accounting software.
Our Recommended: QuickBooks Online (QBO)
QuickBooks was developed by Intuit Inc.— an American software company that also created other widely used financial tools such as TurboTax and Mint. QuickBooks was launched in 2002 for medium-sized businesses, and just after three years in the business, it became a popular accounting software in the United States with a 74% market share. In 2013, an upgraded QBO was unveiled and allowed users to upload financial records online from the desktop record for faster and remote accessibility. QBO was reported to enjoy 4.5 million subscribers worldwide in 2019.
QBO delivers guaranteed scalability, functionality, and flexibility. You can customize this application to better suit your accounting needs. Double-entry accounting is possible with QBO that allows you to enjoy sophisticated record-keeping and comprehensive report generation.
There are hundreds of third-party applications compatible with QBO for integration which makes information sharing faster and easier. Many professionals in finance and accounting are familiar with QuickBooks, which means you can consult with lots of experts if ever you need help. You can make purchases, create invoices, and send bills easier with QuickBooks.
At $25 per month, you can enjoy QBO and upgrade your subscription any time you want and depending on your needs. You have nothing to worry about getting started with QBO because it is user-friendly, but it is recommended that you spend an ample amount of time familiarizing yourself with the software and its functionality.
Xero is one of the fastest-growing software companies in the market. It is a New Zealand-based company and a popular cloud-based accounting software for small businesses holding 2.7 million uses worldwide. It’s recognized by Forbes as "World's Most Innovative Growth Company" twice.
Xero aims to simplify accounting for startup businesses and allow business owners to spend more time growing their businesses. This accounting for cloud-based software allows you to create invoices and pay bills by simply clicking a few command buttons.
The good thing about Xero is that it allows you to enjoy unlimited users in all of its packages and its inventory management. The software is intuitive, and there are available instructions on its website if you want to learn the software's full potential.
A2X is a third-party application that allows cloud-based accounting software like QBO and Xero to be integrated with online marketplaces such as Amazon, Shopify, Etsy, eBay, or Walmart. A2X was structured according to the rules and processes of leading eCommerce financial experts.
This third-party software offers accuracy, and its creators believe that every business should enjoy stress-free accounting. A2X caters to small retailers, major market players, and anyone who deals with accounting.
Sage has over 3 million users and is very popular, just like QBO and Xero. The software lets you manage finance, accounting, payroll, and other business aspects. Because it is cloud-based, you can access all of its features from any device and manipulate records within the cloud solution.
An award-winning software because of its commitment to its customers, FreshBooks is a fantastic all-in-one accounting software. It allows you to automate many tasks that include payment collection and invoice reminders. With Freshbooks, you can scan detailed financial reports, conduct various online transactions, connect with your team for a collaborative workflow, and access it using your mobile phone.
Zoho Books allows business owners, accountants, and bookkeepers to manage a business' finances. You can automate workflows with Zoho Books, and this software assists its end-users in working collectively in different departments to stay in control of payables and receivables. This software has many features, including inventory management, import and match bank feeds automatically, and compilation of real-time tracking of projects for invoicing.
The better way to make, move and manage your money is by using Wave applications for your financial success. Waveapps is an award-winning financial software designed for entrepreneurs, and it helps them in so many ways, such as income and expenses management, free invoice creation, improved payment processing, and a simplified payroll experience.
SlickPie is an accounting software that can be utilized by small businesses to manage their sales, expenses, and cash flows. It comes with the simplest user interface, so you don't need any prior technical knowledge or training to use it. In addition, this tool doesn't require any additional hardware as it works on all types of devices.
Providing their customers with healthy and confident financial lives is Quicken's primary mission. Quicken has been in the business for over 30 years, and they claimed to have satisfied more than 17 million clients. Today, Quicken also ventured into personal finance software, and it is one of the best-selling accounting software in the market. Quicken's accounting software provides:
- Comprehensive financial tools.
- Premium experience with an ad-free application.
- Fully customizable set-up.
- State-of-the-art security with robust 256-bit encryption and firewall-protected servers.
A cloud-based accounting solution, Kashoo lets entrepreneurs enjoy automated bookkeeping processes. With machine learning, the software sorts and combines expenses for credit cards and bank transactions that can provide real-time reports.
Kashoo also offers receipt-matching and OCR functionalities. On top of that, you can also maximize its invoicing and permission features. It has a built-in inbox where users view and sort items with pending reconciliation reviews.
LessAccounting is an easy-to-use cloud-based accounting application that promises more accurate, up-to-date books and expense tracking. This bookkeeping software has dedicated and certified bookkeepers who take care of your accounting system as you focus on other business areas.
FreeAgent believes to be the next generation of enterprise software because it is highly customizable and infinitely scalable. Those features fit your business, and FreeAgent will let you stand out from the rest of your competitors. This cloud-based CRM and accounting software gives you a hundred percent visibility, eliminating the need for sales consultants. With the software, you can generate reports and action plans that would improve your business.
If you need a cloud-based accounting tool that is designed to go beyond billing and gives you the freedom to experiment with strategies, Chargebee is the perfect solution to your business. It offers order-to-revenue lifecycle automation, alignment of billing workflow with GTM strategy, generation of 360° revenue reports, scalable revenue stack for each growth stage, and secured subscription experiences.
Things You Need To Consider in Selecting the Right Cloud-Based Software for Your Business
There are tons of cloud-based accounting applications where you can choose from. However, not all of them are good for your business, and there are things you have to consider the right one for your business.
Here are the things you need to keep in mind when looking for the right cloud-based software for your business:
- Observe your business landscape and be an all-knowing eye.
- Consider the devices you have. Always remember that every software has a unique set up and you have to evaluate if it is the best cloud-based accounting software for MAC OS or Windows. Lucky you because most of the cloud-based accounting applications in our list are user-friendly and customizable. To get the most out of the software you choose, contact the customer support team and let them help you acquire all the processes you desire for automation.
- Create a shortlist. You will amass a great deal of information after you interview other professionals and internet research. From that information, make a shortlist of software and validate each one. You have to know the compatibility, price, and positive testimonials. This shortlist will make it easier for you to assess the software you plan to invest in.
- Finalize and make a decision. After rounding up your potential software, it is time to finalize and make a decision. It is recommended to try a trial version of the software first before you select a package that best works for your business. Always remember that if you are not satisfied with your decision, you have your list to consult and try the next software on the list. Just don't forget to keep that list for your reference.
It is very important to know the processes you have in your business. From there, identify the departments that need improvement and upgrade. Upon reviewing the processes, you may also find out what is lacking for your business' consistent growth. It is also a good move to talk to your fellow business owners and ask them about the useful and trendy tools that help their business grow.
The web is always accessible. All you need is to use the internet and conduct intensive research about business applications that are in demand in the market. Once you find tools that will help you and your business, you need to set a timeline of its training and implementation as well as the budget allocation.
Be Brave to Invest
Being a risk-taker is one quality that all successful entrepreneurs have in common. Do not be afraid to pay for services that will help your business grow and allow you to focus on other matters. Like a cloud-based accounting software, it comes in handy and would greatly help you with the complex accounting process of your business.
There are accounting applications that will also help you with your tax preparation, invoicing, and payroll. See, it seems like you are hiring a whole business department but you save a lot of money with a single software.
Don't forget to consult a certified accountant or a professional bookkeeping service like Unloop from time to time to validate the accuracy of the reports generated by the cloud-based accounting application of your choice.