Which cloud accounting software to use?
There is an array of software options to choose from. Broadly speaking, the following are some key criteria to consider when selecting cloud accounting software.
Does the software meet your requirements? For example, FreshBooks is a popular software designed specifically for small business owners. Sage 50 has been a favourite with charities for many years. Charities are likely to require gift aid processing and reporting, which SMEs may not need at all.
How well does the cloud accounting software integrate with other third-party apps? Any organisation is likely to be using an array of apps, or cloud-based services, like PayPal, MailChimp, WordPress, etc. It is important to know how easily the accounting software integrates with other cloud-based services. For example, Xero can integrate with Stripe, PayPal and other payment apps. Quickbooks favours integration with PayPal.
The monthly cost per user to access the cloud accounting software is clearly an important factor. Prices can range from under £10 to over £50 per month, with additional charges for payroll functionality. Some banks offer free cloud accounting solutions as long as you bank with them. Therefore, it is important to do research into the best offers available.
Also, remember with could accounting software, switching from one provide to another it not as onerous as it would have been for locally installed software on desktop PCs and laptops. Talk to your accountants as they will be able to help you switch to a cost-effective cloud-based solution.
However, take care to ensure your accountant is not tied to a rewards program with one the many cloud accounting software providers. Ensure you get independent advice.
Beyond the standard
Cloud accounting is a standard service which any accountancy firm will be offering. The key is to ensure that your accountant offers cost-effective value add insights for cloud accounting, from making the most of real-time dashboards to functionality integration with other third-party cloud-based apps to help you run your organisation as efficiently as possible. Such digital transformation undertaken with the right corporate culture and attitude will yield significant returns.