Cloud Based Accounting Software: Comparison Of Best Bookeeping B2B Tools

Category: Accounting Software

qnaMany businesses are moving almost all aspects of their enterprise of the cloud, accounting included. Accounting is a complex process most people don’t get but a very vital element for many business ventures regardless of size and the entry of cloud based accounting software to the fray significantly made accounting a lot easier, especially for those who love to crunch numbers.

A lot of people, like Arthur, ask me why they should move their accounting to the cloud. Arthur just launched his carpet cleaning business and has three staff members to help him out. He believes that the sudden rise of cloud based accounting software is just a fad that will soon die a slow, but eventual death.

“Nothing will ever substitute manual accounting. I believe that trusting computers to do everything for us has some advantages. However, placing the fate of my business to software is something I don’t dream every happening. Still, I want you to humor me and tell me why I should trust that cloud thing you are preaching.” – Arthur

So, why should you switch to cloud based accounting software?

Well, for one, cloud based accounting software is truly the future of accounting. Thanks to cloud,  the best cloud accounting software is now available to small businesses. This is a fact waiting to materialize, especially in this very modern world where anything and almost everything is connected to the World Wide Web. Whether you are an old-school businessman who relies on manually jotting down the numbers and closing the books, or a young small business entrepreneur ready to brave the uncertain world of business and commerce, accounting, will soon become a cloud based process. There is just no stopping it.

But before you, specifically old-timers, groan out and wail about how messed up accounting is going to be, you might want to ask yourself, what are the benefits of cloud based accounting and how does this differ from manual accounting and/or desktop accounting? Now, if you find yourself searching for the answers, then just read on and be enlightened, or you can get a side-by-side comparison of the best accounting software for small businesses available today.

Benefit #1: Cost Reduction

Whether you own a large company or a small startup enterprise, you will find that the costs of installing accounting software to your systems, and hiring professional accountants to do accounting and bookkeeping work for your business represent a huge bulk of your company’s expenses.  By going cloud-based computing, you virtually eliminate a huge portion of your accounting expenses, such as paying for hardware and desktop-based accounting software, maintenance, version upgrades, and system administration.

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Benefit #2: Power failures and glitches become non-issues.

Because all of your accounting data are stored in the cloud, there is no need for you to worry about them being lost due to power failures and technical glitches that many companies experiences with the conventional desktop accounting.

Benefit #3: Topnotch security and easy access to accounting data.

As mentioned earlier, cloud lets you access top small business accounting software. Likewise, information stored in cloud databases are highly protected with advanced encryptions and algorithms. The same cannot be said with traditional accounting, where information is usually stored to a computer’s hard drive and can be shared via Bluetooth, USB drives, and wireless transfers.  These common sharing processes can be manipulated by outside parties, rendering security mechanisms obsolete.

Also, with cloud based accounting, you are given the power to access your files from virtually everywhere, whether if you work from home, on a bus, or on a holiday.

Benefit #4: Allows you to manage multiple accounts.

If you are a professional accountant tasked to manage and monitor the books of various organizations, then you know that your job is quite difficult. But with cloud-based accounting, several aspects of your work are eliminated and you are left with system that allows you to become in total control of your assignments. Simply put, it makes everything easy.

Benefit #5: Enhanced business performance.

Because accounting is a huge element in making business decisions, having an improved accounting system in place allows you and your partners to a better view of how your enterprise is doing , which areas are doing well and which areas are needing close management. Excellent accounting enables you to manage your funds well, allocate your resources appropriately, make wise investments, or even tells you when to call it quits.

It is quite understandable that many business owners, accountants, and even the common man may have some reservations about cloud-based accounting. But this is the next level, a fact many can’t deny for long and many should take a look into.

This page can provide helpful tips on what to look for in accounting software and how to find one that best suits your needs.

Whether you’re entertaining doubts over a cloud-based accounting solution or are seriously considering one, this article from Forbes, “Are Cloud Based Accounting Apps Ready For Prime Time? 5 Things You Should Know,” should help you make up your mind.

If you’re ready to buy one now, check these cloud accounting software reviews.

By Louie Andre

B2B & SaaS market analyst and senior writer for FinancesOnline. He is most interested in project management solutions, believing all businesses are a work in progress. No stranger to small business hiccups and drama, having been involved in a few internet startups. Prior to his for-profit ventures, he has had managed corporate communications for a Kansas City-based Children International unit.

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