What Is The Best Cloud Accounting Software?
Traditional accounting software is executed on the computer’s hard drive, whereas Cloud Accounting software is executed using the software hosted online. Moreover, accounting is the only area where automation and Cloud computing applies to 29% as compared to other sectors.
In Cloud Accounting software, the functions are performed off-site and not on the desktop. Seamless connectivity with the software sitting anywhere helps the companies. By accessing the accounting information and data from anywhere, the accountants can create the reports and share them with the respective departments.
Why Use Cloud Accounting Software?
Let’s see a few reasons why to use Cloud Accounting software in companies and what all benefits it will provide to businesses irrespective of their size.
- Saves time with automatic accounting workflow
- Comes with GST-complied software
- Owners can access data sitting anywhere globally
- Helps track inventory, expenses, and sales
- Access to real-time data through Cloud software
- Easy collaboration among various departments
- Owners can impart part access to accounting portion
- No error, provision of accurate information
- It’s an online system with no installation required
- No manual work and increased employee productivity
How to Choose Cloud Accounting Software
Data integrity, accuracy, automation, etc. are a few features that are best suited while choosing Cloud-based accounting software. But, before choosing cloud accounting software, you need to look out for a few advantages too. Let’s dig in more into them:
- Provide Easy and Secured Sharing
The cloud accounting software offers ease of sharing. The business owners must choose the software that helps in sharing the data with many departments, accountants, and bookkeepers.
The owners can just back up the data to a USB stick as you do not have to email the selected reports anymore. Moreover, business owners can get reports conveniently from multiple departments.
Traditional accounting software is little on the expensive side as it requires installation and maintenance. But, there is nothing of this sort in Cloud accounting software. There is no installation or maintenance required.
The software gets updated without the user’s intervention, and reports get saved seamlessly. It helps the businesses to save the installation and maintenance cost. Moreover, you can focus on your core business activities too.
- Integration with Mobile App
It is excellent to opt for Cloud accounting software but buy the one that provides real-time integration with the mobile app too. It will help you to access relevant information on the move. Another great thing will be no more keeping the hard copies. The files can be saved in Smartphone or tablets and accessed from anywhere.
- Look Out for Accounting Add-On Features
Choose Cloud accounting software that provides tracking inventory, invoicing, e-commerce, etc. Even go for the one that seamlessly adds all the third-party features into one. This will lessen out the workload also.
Various accounting software provides additional features for different industries. When you choose your preferred accounting software, seek these add-ons to retrieve benefits for your business.
- Multi-User Access and Business Support
Go for the cloud accounting software that renders multi-user and multi-business support to your business. Like, you can invite other partners or employees to check or control a different part of the accounting software. As the HR team can be given control of the payroll of employees, and employees can check out their working hours and wages.
Even multi-business support helps in integrating the accounts of your different businesses under one header. You can manage each of your franchises under one header. This way, business owners do not have to pay extra costs for different entities.
- Serves Invoicing and Taxation Needs
Better to choose the accounting software that can automatically send the recurring invoices. It will save the massive time upon accounts receivables. Even shares estimates or quotes with your end-users in just one-click. In case you want to manage and order your inventory, then look out for the software that fulfills these needs too.
You must also lookout for an automatic tax calculation feature as it will ease your and accountants’ work. Just make sure that the software comes with updated tax compliances. Check out the features like tax calculation, tax reporting, the addition of multiple tax rates, etc. See if you can give part access to your accountant to scroll through the tax calculation feature too. These features will ease out your invoicing and taxation work manifold.
- Ask Questions to Vendors
Before purchasing any Cloud Accounting software, ask a few industry-related questions to your vendors. It will help in easily deciding upon choosing and buying the right software. A few questions that you can ask are:
- Do you offer customized accounting software?
- Is this software the right fit for my business?
- Do you charge for the Cloud Accounting software setup?
- How many employees can use this software?
- How can I backup my accounting data?
- Are there any hidden charges?
- How many clients can this software accommodate?
- Does it support taxation and financial regulations?
- Do you offer emergency customer support?
These are a few essential questions that you can raise to the vendor. It will assist you in choosing the right software. Moreover, if you have to spend a little extra to acquire some additional features, then it a fair deal.
With various accounting software available for businesses, it becomes challenging to find the right one. However, you can choose the software that offers the benefits mentioned above. Furthermore, you can ask your accountant to review the various software available. Every business has different needs. Hence, he or she is in the best position to guide you. Moreover, see the advanced features and add-ons that your Accounting software offers.
So, choose the software that automates the whole task and renders accurate information too. It will make your work easy and accessible. Even you can concentrate on your core business activities after acquiring the best Cloud Accounting software.