The rise of cloud computing has revolutionised the way accounting firms manage their data. Cloud accounting software allows you to access all of your data – anytime and from anywhere. This convenience and flexibility has made it increasingly popular among accounting firms of all sizes.
In this article, we will explore the top five cloud accounting software options currently on the market, examining the key features and benefits of each one.
Xero
Xero is cloud accounting software designed to streamline accounting processes for small to medium-sized businesses. One of Xero’s standout features is its user-friendly interface. The software is easy to navigate and offers a range of helpful tutorials and resources for new users.
Xero offers multi-currency support, which is beneficial for international accounting firms. This feature allows businesses to invoice and receive payments in over 160 currencies, making it a great option for firms that work with clients or vendors from around the world.
The multi-currency support can also be helpful for firms that have employees or contractors who are based in different countries and need to be paid in their local currency. With Xero, firms can easily manage their finances in multiple currencies, and the software will automatically convert amounts based on current exchange rates. This can save firms time and reduce the risk of errors.
QuickBooks
Tailored to small businesses, QuickBooks is a cloud-based software that offers a broad range of accounting features. One of QuickBooks’ standout features is its automation capabilities. The software automates many time-consuming tasks such as data entry and bank reconciliation, enabling you to focus on more strategic work.
QuickBooks is highly beneficial for accounting firms due to its ability to generate custom financial reports. With QuickBooks, firms can create reports that meet their specific needs, including balance sheets, profit and loss statements, and cash flow statements.
Zoho Books
Zoho Books is a cloud-based accounting software designed to meet the needs of small businesses. One of its standout features is its scalability, as it can be customised to cater to businesses of various sizes, ranging from freelancers to large corporations.
Zoho Books provides a project management tool that could be beneficial for accounting firms. In addition to typical accounting features like invoicing and expense tracking, Zoho Books also includes tools for time tracking and project management. This can be particularly useful for firms that charge clients based on hourly rates or need to manage project budgets.
With Zoho Books, firms can create tasks, assign them to team members, and track their progress all from within the software. This can help firms stay organised and on top of their client projects, improving their overall efficiency and profitability.
FreshBooks
FreshBooks is a cloud-based accounting software that is specifically designed to meet the needs of small businesses. One of the standout features of FreshBooks is its user-friendly mobile app. The app allows you to manage your accounting on-the-go, making it easy to stay on top of your finances from anywhere.
One interesting feature of FreshBooks that could be useful for an accounting firm is its time tracking functionality. FreshBooks allows users to track time spent on different tasks and projects, making it easier to accurately bill clients and manage projects. This feature can help accounting firms to improve their billing accuracy and better allocate their resources.
Sage Business Cloud Accounting
As a cloud-based accounting software designed for medium-sized businesses, Sage Business Cloud Accounting stands out for its customisable invoicing and payment processing capabilities. The software allows businesses to create professional-looking invoices, track payments, and set up automated reminders for overdue payments.
Sage Business Cloud Accounting offers an interesting bank feed functionality for accounting firms. This feature automatically imports bank and credit card transactions into the software, saving time and reducing the risk of errors that can occur when manually entering data. The bank feed feature also enables users to quickly reconcile accounts and keep track of their business finances in real-time.
Learn more about accounting trends with INAA
Cloud accounting software has become a critical tool for accounting firms of all sizes. The convenience and flexibility of cloud-based accounting software allows accounting firms to manage their data from anywhere, at any time.
If you’re interested in finding out more about the current trends within the accounting industry, be sure to take a look at what the INAA can do for you. You can discover the benefits of INAA membership here, or apply for your membership on our join us page.