As small business accountants in Cincinnati, one of the questions we’re most commonly asked by business owners is what accounting software they should be using. Our answer to that question is to use accounting software that’s based in the cloud. The reason that cloud-based accounting software is the best option for businesses is it’s a proven way to save time and money.
By moving to the cloud, businesses can simplify the process of keeping all their accounting information up to date. While everyone who needs access to this information can get it, the data will be protected from everyone else. Cloud accounting software also takes care of syncing and backing up data. So even if a business experiences a major computer problem, they won’t have to worry about losing important financial records.
Our Top 2 Recommendations for Small Business Cloud-Based Accounting
We recommend that small businesses either use Xero or QuickBooks. Both options offers all the benefits of quality cloud software. While each option has its own specific strengths and weaknesses, either option will get the job done well for a small business. If you have specific questions about Xero or QuickBooks, contact us and we’ll be able to provide a recommendation based on the exact needs of your business.
5 Ways Cloud-Based Accounting Software Will Benefit Your Business
With both Xero and QuickBooks, your business will benefit in numerous ways. The first benefit of committing to using either type of cloud accounting software is you’ll be able to keep track of your cash flow. Since cash flow is absolutely critical for small businesses, being able to keep this information up to date and accessible at all times is a big benefit.
The second way that both Xero and QuickBooks help small businesses is by making it easy to identify unpaid bills from vendors. The same is true for easily identifying receivables that are past due. Third, cloud accounting software gives you a clear view into your profit and loss statement, as well as your overall balance sheet. This information can be compared against previous months or years.
The fourth way that cloud accounting software will help your business is by making it easier to keep up with quarterly payroll payments. This ties directly into another key benefit of cloud accounting software, which is that it makes it very easy to collaborate with a bookkeeper and accountant. Being able to easily bring experienced professionals into the loop whenever needed is a big win for small businesses.
Whether you need help with software that your business is already using or you’re interested in getting set up with a cloud-based system, don’t hesitate to contact us to discuss how we can help your business with all of its key accounting needs.