Many business owners are moving their business to cloud accounting software. The way we run our business is very different especially with cloud accounting offering so many benefits that includes:
- Saving time
- Saving money
- Peace of mind
- Better decision making as information is in real time
- Creating happier employees with online access to information
In todays fast past technology boom, there are many tools that can make running a business easier and less stressful.
What cloud accounting options are out there?
Over the years, technology and industry demands as resulted in a number of cloud-based accounting products entering the market. These include:
- Xero
- QuickBooks Online
- MYOB Online
- Freshbooks
- Reckon One
Cloud accounting software is there to help streamline and make running a business easier. Making the right choice for your business is important especially as there is so much on offer.
How to choose the right software
In Australia, Xero, Quickbooks Online and MYOB Online offer cloud based account ting solutions.. These companies offer great support and are continuously innovating to keep up with the changing environment.
The three key areas that will help make choosing the right cloud accounting software.
- Functionality – Most of these products have great functionality and perform similar tasks well. Some of the functionality includes invoicing and quoting on the go; dashboard summaries; automated bank feeds, online timesheets and auto superannuation. These all assist with balancing the books quicker. Each product offers a slightly different user experience and knowing how the various functionality works with your business will make the transition easier.
- Add on Product Features – The add-on products offer greater opportunity for businesses to improve systems, save time and money plus reduce the amount of stress within their business. Not all add on products are applicable for every business .It’s about choosing the right ones that will enhance your business, streamline your processes and save you time. There are over 400 different add-on products in the market. Not all add-on products are compatible with all the cloud accounting options.
- Reporting – the output of information and the reporting of your financial data is vital for a business. When moving to a cloud accounting software you must analyse the reporting functionality to ensure it meets your needs. The reporting can be assessed for the variety of standard reports, the types of tax reporting, the ability to customize reports and the ability to export information to other software. This analysis will help in maximizing the benefit of your new cloud system.
It is not a matter of choosing a product that is popular. Each business operates differently and has specific requirements. Matching these requirements with the right product and a package for your business can be overwhelming. The only way to make the right choice is to go to an expert in cloud accounting software. Their role is to review your business and its needs and provide recommendations for the best products and add-ons to best assist you and your needs. Many cloud bookkeeping businesses are now offering this service. Simply asking a bookkeeper who has had little or no expertise with cloud accounting software may not be the best option.
Moving to Cloud
If you are not using cloud accounting software and interested to understand more about why you should move to the cloud, it would be opportune to speak to an expert who can assist you navigate through the many and varied options.
At Cornerstone Bookkeeping we know cloud accounting and the add-on marketplace. We can assess your business needs and work with you on the best solutions. We can also get you up and running in the cloud once you decide on the products that are right for your business. Our staffs are trained across a variety of these products and have expert knowledge with add-ons. We can train you and your staff in using these products to gain maximum benefit.
Let Cornerstone Bookkeeping help you navigate through the choices of cloud software and recommend applications that will make running your business easier and save you time and money.