As we know, technology is changing at a rapid pace, and the auditing and accounting could no longer be immune to this. New technologies are mimicking human activities, performing repetitive tasks quickly and accurately than humans. Automation is transforming how the accounting industry operates, meanwhile creating demands for candidates with excellent analytical skills. Now the modern accountants are expected to do more than looking at the balance sheets and provide strategic business insights.
Cloud-based technology is replacing many transactional accounting functions, and robots are taking the lead on audit roles at global firms. There has been a debate that automation is creating risks for accountants and accounting executives but as per experts, its creating more opportunities for candidates with sharp business judgements.
Cloud accounting is a new way of accessing accounting software via the internet without actually installing them, and it is also known as online accounting.
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What are the benefits of Cloud Accounting?
The cloud accounting software encompasses many solutions that are designed to serve numerous bookkeeping/accounting functions. E.g. Expensify id s cloud-based solution that helps in managing employees expenses whereas, Xero is cloud-based accounting software.
Ability to automate multiple bookkeeping and manual accounting processes.
These capabilities enable, bookkeepers/accountants and their customers to save time, improve efficiency so that they can spend more time on growing business.
Ability to access data regardless of device or location
It enables anytime communication and remote services that will help in building stronger relationships between accountants and their clients.
Enabling data to be updated in real-time
It allows the accountants to access information and financial data quickly in real-time, which will empower businesses to take quick actions.
Scalability for meeting the needs of the growing business
If your business makes 100-200 transactions per month but experienced rapid growth, which may cause this to jump to 10,000+ transactions per month. Your cloud accounting software should be prepared for your business’s future needs.
Elimination of paperwork
Since all the transactions would be taking place virtually, it will not be required to manage and store paper documents. This will not only reduce costs but also save time.
Reduction of Costs
You don’t require installation of systems for cloud-based software, that will; reduce the cost that was spent on traditional software installations like maintenance, system administration and upgrades.
Popular Accounting Integrations
Xero is an online bookkeeping/accounting software, and it is one of the most popular accounting software, which is exclusively designed for small to medium-sized businesses or individuals. It makes managing the finances of your business more transparent, straightforward and easy.
- Managing Inventory
- Processing Invoices & Quotes
- Importing & Categorizing recent credit card, banking and
- PayPal transactions
- Managing Bills & Invoices
- Generating and emailing custom purchase orders and copying to bills for making payments
- Running unlimited payrolls across multiple states and automate filings
Freshbooks is web-based accounting software, which caters to small businesses and individuals for legal services, marketing, trades, IT and business consulting. It makes financial record keeping fast and secure, error-free and accurate.
- Invoicing clients
- Recording and tracking expenses
- Tracking time
- Managing projects
- Making client estimates
- Recording payments
- Utilizing double-entry accounting
- Producing Reports
- Inviting team members with My Team
E – conomic is a flexible and easy to use cloud-based accounting software consisting of each feature you require for keeping track of your business. It is a suitable option for small smart ups, and medium sized established enterprises or large scale businesses. The program is intuitive and works online, and you can access it anywhere at any time.
- Managing time and mileage entries
- Scanning, attaching files to entries and sales documents.
- Managing subscriptions and subscribers.
- Setting accruals on lines and entries.
- Keeping track of inventory counts
- Managing departments and splitting entries and sales across departments.
- Managing budget figures and their accounts.
Quickbooks is also a cloud-based accounting software for small businesses, which is used for managing sales and expenses, keeping track of regular transactions etc. It can also be used for invoicing customers, paying bills, generating reports, tax filing and more. It also offers a dedicated accounting package, Quickbooks Accountant that has specialized features for accountants. It simplifies workflows and communication between accountants and multiple clients.
- Bank reconciliations
- Calculating Sales tax
- Expense tracking
- Managing and paying bills
- Scanning receipts
- Creating custom business reports
- Creating estimates and quotes
- Creating invoices
- Progressing invoicing
- Accounting software
- Managing Projects