Best Cloud Accounting Software

In this article, we shall present a quick overview of what cuts for the best cloud-based accounting software, as well as some of the very best programs you can choose from in the market.

What to look for in the best cloud-based accounting software

You can use the criteria below to choose the right cloud based accounting system;

1. Ease of Use- User interface should be easy to navigate through (major functions conveniently placed on the dashboard). Secondary features should be self-explanatory.

2. Features-Ensure native support of primary feature like;

invoicing,

online payments

payroll

auto payments

reporting

bank balances

3. Compatibility-The software should integrate;

POS system (for brick and mortar stores)

e commerce system (for online stores)

Automatic data link/regular excel file upload and synchronization from auxiliary Preferred language,

Credit card/ACH transactions

4. Collaboration

All involved employees should be able to access, share and synergize on the same platform

5. Price

While pricing should not be a deciding factor when picking the right system, it’s crucial to consider per/transaction commission plans from various vendors to maintain desired margins as you grow.

6. Portability

Mobile app (iOS/android); to invoice clients and access your data from anywhere .

7. Security

Software must be 256-bit SSL encrypted

The best cloud-based accounting software by categories

The following categories have achieve have achieved the above factors as minimum;

A. FREE

Wave

Primary functions like; accounting, invoicing and scanning receipts are 100% free. However the following features are charged;

Payroll service( in US and Canada)-not specified but affordable

Credit card processing- 1% per transaction

ACH(Automatic Clearing House)/Electronic payments-2.9%+30cents/ transaction

B. PREMIUM

For your money, you get some of the following additional features;

Expense tracking

Time tracking

Multi-currency support

Double entry accounting

Recurring invoicing

Customizable invoice design

Reliable customer service

The most outstanding systems are;

Freshbooks

Quickbooks online

It might not be resourceful to partake in the unending debate on which one of the two is better largely because they are tailored to suite different clientele as follows;

a) Freelancers and small businesses( with few employees and clients) go for;

Freshbooks:

Based on ease of use and full-featured mobile app. The following premium plans include an extra $10/person for additional team members and $20/month for advanced payments;

I. Lite:$15/month- supports billing up to 5 clients

II. Plus:$25/month- supports billing up to 50 clients

III. Premium:$50/month-supports billing up to 500 clients

IV. Select: custom pricing- more than 500 clients, personal account manager, custom customer support and seamless migration from quickbooks

b) Small businesses( growing in revenue and higher number of employees) go for;

Quickbooks online:

Based on accommodation of more employees/administrators per plan at considerably less cost in comparison to freshbooks.

Features :

i. Simple start ($20), supports 1 user and 1 accountant, allows income/expenses management and paying employees. Suitable for service-exclusive solo online entrepreneurs.

ii. Essentials: $26.95-simple start feature plus accounts payable (owed) tracking

iii. Plus ($70) – essential features plus the ability to create purchase orders.

iv. Advance ($150) – plus features with unlimited reports/clients/users and comprehensive tax/accounts payable analysis.

Conclusion

Use of the free trial versions universally available order to discover your preference.