Cloud Accounting: A New Way To Streamline Financial Operations

Accountants have a ton of work to do, but much of it can be replaced with digital intelligence. Cloud accounting isn’t something new, but it certainly has been catching on lately. If your business is in its ripest beginnings, it’s also possible that you’re doing all of the accounting yourself. This is a burden even if you’re someone who understands taxes thoroughly.

Well, there are ways to streamline this in such a manner that you can just relax and look at a broad picture of all your finances. There are even services that connect to your bank account to automate everything for you, making the task simple and less time consuming. What would you do for an extra seven hours a week?

The best accounting software is one that you can use on any device, on any location, and with the most flexible features. So, we’ve compiled a list of a couple of services that work best for small business environments:

  • Wave Accounting – This is one of those solutions that will make you start wondering what you’ve been doing without it all along. Along with the fact it’s free, it also is a good piece of software that fully analyzes its input and presents statements, ledgers, graphs, and balance sheets that you can use even when filing your taxes. Wave Accounting puts all of your data into the cloud, ensuring that you don’t have to deal with damage control when an in-house crisis emerges. As for pricing, we already said it’s free, or as Wave puts it: ‘You can choose to pay $0 or three easy payments of $0’.
  • FreshBooks – Now referring to itself as a cloud accounting service, FreshBooks lets very small enterprises get their feet wet on invoicing and accounting in a way that’s much more feasible than using QuickBooks. It allows you to track your expenses, profits, losses, and sales taxes. The service is free for the first three clients you input into the system. After that, you have to pay $19.95 per month for up to 25 clients or $29.95 for an unlimited number.
  • Kashoo – We just spoke about FreshBooks, so it’s natural to talk about Kashoo, an application that works well for freelancers and established businesses alike. Kashoo lets you integrate payroll data and deal with different currencies. Kashoo kind of completes FreshBooks and allows you to integrate its data for easier invoicing, although you could create your own invoices from Kashoo itself. It starts out at $10 per month  for a freelance account and goes on to $20 per month for a small business account that lets you input payroll data and use the multi-currency features.

You don’t have to settle for filing your own paperwork and going through droves of data just to keep up with the angry tax man. If you adopt one of these cloud solutions, you’ll have much more transparency in how you operate your accounting operations.

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Miguel Leiva-Gomez is the owner of The Tech Guy, a blog that presents futuristic and current news about technology with a light touch of humor, catering to the average consumer and prospective investor. Miguel has been working with computers and gadgets for more than a decade, working together with people to help them solve their problems and breaking down complex concepts into simple bite-sized pieces that the average Joe can chew.

2 thoughts on “Cloud Accounting: A New Way To Streamline Financial Operations

  1. Michael Towle

    “The best accounting software is one that you can use on any device, on any location, and with the most flexible features.” Nope, I don’t think so. Do you want to be doing your accounts while on the bus? On the plane? While sat in the pub? What about while on holiday? Yes there is the odd occasion, but really, the usefulness of having access to your accounts anywhere doesn’t justify the cost or the risk.

    I know, the cloud is really trendy at the moment. But consider this: exactly where is your data being stored? Who has access to it? Will it still be there next time you want to use it? Servers can crash, get hacked, and the companies running those servers can go under. Also, should you want to move to a different accounting solution, whether it’s cloud or PC based, your data could (and often does) get held to ransom. The service provider will often want a monthly or annual fee just to allow you access to your own data.

    Is it just me that’s worried about these things?


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