Several businesses have difficulties managing their accounts with outdated software and endless paperwork. This was reduced significantly when SMEs migrated their accounting systems to apps.
Cloud accounting solutions provide businesses with several benefits such as accessing your data from any devices anywhere, streamline accounting, integrate the accounting software with other third-party cloud applications, creating a backup facility and enhanced security features among other features.
In order to get the best out of their accounting practices and revise their business decisions based on real-time updates, businesses are now looking to app accounting solutions. Here are five of the best cloud accounting software services to streamline accounting:
- Bill Minder: With this app, you can sync your bills and know the total amount that you are due. The Bill Minder app will back up all your financial details on a secure server and you will be notified about bills that need to be paid. This app also works without the internet and adjustments can be made to the monthly bill list. The app supports multiple currencies, has an in-built calculator and can be exported as a CSV file.
- Cash Book Expense Tracker: This app helps in streamline accounting by providing a clean, smooth and easy-to-use interface. You can track all your cash book expenses and make reports based on the time duration. Export reports as CSV, Quicken or HTML files and share them via email or through cloud sharing services. The app allows you to generate charts and diagrams and supports an in-built calculator.
- Accounting dictionary: This app has a repository of over 4,300 accountancy terms, abbreviations, and definitions. You can review related entries, search for popular terms and continually update and expand on terms. The app has both offline and online modes. You can switch between the online and offline modes at any time. The online mode is usually used to check the live database. At regular intervals, you can update the app’s database and continue to use it offline.
- QuickBooks Online: The best small business cloud accounting solution that can be accessed from any location from your smartphone or tablet. Send faster invoices, conduct business in multiple currencies using the latest exchange rates and review overdue invoice notifications. With the QB Online app, you can also manage expenses, check your accounts, reconcile bank transactions and view your Profit & Loss and Balance Sheet reports.
- Happay: If you need an end-to-end accounting software app, then Happay allows you to review and monitor your expenses at real-time and control over business spending. With the Happay Visa Cards, you can disburse and approve transactions through the card to allow your employees to load or withdraw money and you can manage all expense reports and submit the final expenditure report in less than four minutes.
There are several reasons why cloud-based apps are preferred over traditional accounting apps. Traditional apps are expensive and require well managed technical hardware. There is also the difficulty of integrating different departments, communicating between departments and sharing data. There is no software that fits all the requirements.
There are always favorites for a few businesses and this depends on the scale and amount of transactions that happen in the process. There are a few free apps but they would not provide you with all the features which you can gain access by paying a subscription fee. If you are a small business and you find it difficult to manage your business accounts then you should upgrade your accounting software to cloud accounting software services.