Cloud solutions for small business

Top 5 Accounting Cloud Solutions for Small Business

August 16, 2017

We’ve heard a lot lately about how 2017 is the year for even the most stoic and traditional businesses to finally move to cloud computing. That’s because cloud solutions for small businesses provide a lower-cost and more flexible way to use software that is housed off-site to run and market a company.

Accounting firms are not immune to this trend and have begun migrating on-premise data servers into the cloud, in addition to using software-as-a-service models. This article looks more closely at the kinds of cloud solutions for small business that accounting firms are merging into their daily functions.

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Five Cloud Software Platforms for Accountants

Accounting firms are moving to the cloud for basic business functions in the areas of accounting, audit, billing, practice management, and more. The cloud offers compliance and security, along with the ability to scale up and a lower priced monthly subscription model. The ability to access information from any digital device is part of the phenomenon called “cloud convenience,” and it is a staple requirement in today’s business world.

A big benefit of cloud computing is the fact that these models are updated continuously in the cloud; you no longer have to wait for an IT on-call to come into your office to install the latest upgrade.

Online accounting software is more scalable and accessible than on-premise. Here are five popular cloud software platforms that accountants are using today:

  1. QuickBooks Online
    QuickBooks Online remains a category leader for the small to mid-size organization. The online version has begun outpacing traditional onsite installs. Today the website tells us there are more than two million users.
  2. Freshbooks
    Freshbooks falls just behind QuickBooks Online as a leader in the category. It allows multiple subscription options so you can easily scale up as you grow. The software offers invoicing, reporting, API, tax management, and payment processing.  It has one of the best interfaces for smartphones on the market today. They also offer excellent customer support.
  3. Zoho Books
    This software has some of the best basic accounting tools on the market today. There are automatic bank and payment notifications, online customer collaboration, invoice tracking, reconciliation, time tracking, inventory management, and the ability to automate your workflows. We also like the customizable templates – which Freshbooks does not have.
  4. Wave
    Wave is a free app. It was the editor’s choice by PC Magazine. Wave has all the basic accounting functions down pat, including balance sheets and P&L. It also handles invoicing, and receipts tracking. Keep in mind we called this “basic” – if your transactions get more complicated, you may need to switch. But for the solo practitioner or new accountant, this app deserves a look.
  5. Xero
    Xero is actually more robust than QuickBooks online. (Sorry, QuickBooks.)  It has an API for Macs that allows it to intuitively connect to a Mac UI. It offers a nice clean dashboard where you can access balance sheets, payroll, expenses, financial reporting, invoicing, and inventory. The software does not natively connect to U.S. banks, which is a drawback.

These are just some of your choices for cloud solutions for small business in 2017. TOSS can play a key role in helping your firm move forward with cloud computing.

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