Small businesses and entrepreneurs don’t need to spend precious hours of their time buried neck-deep in financial reports, yet at the same time, they don’t need to spend hundreds of dollars for business accounting software either. Cloud-based accounting tools are made for the small business owner. Cloud accounting technology allows small businesses to make accounting quick, easy, and accessible for a fraction of the price of corporate accounting software. For those looking to take the pain out of their finances, these top three cloud accounting tools provide the best utility for the price.
QuickBooks has become synonymous with small businesses – and for good reason. While Quickbooks offers a number of different versions, QuickBook Online provides the best value for the accounting needs of a small business and is the fastest growing product for Intuit. At only $12.95 per month, the software makes it easy to track sales, create invoices, and access business data online or from a mobile device. With added benefits like automatic download of bank transactions, processing payroll, and receiving online payments from your customers, Quickbooks Online makes accounting easy. What also sets Quickbooks Online apart is the App ecosystem where hundreds of cloud-based applications have been created and synced to work with Quickbooks.
Xero is the competing alternative to QuickBooks Online for small businesses. While both Xero and QuickBooks have evenly matched utility with basic accounting features all organized in an easy-to-use interface, it is the small differences that have made Xero a growing favorite. One handy feature is the automatic categorization of expenses/imported bank transactions. With Xero, users can set up rules that allow transactions to be automatically routed into certain categories (like bills, insurance, income, ect.) based on different factors like dollar amounts, keywords, or vendor names. At a starting price of $9 per month, the more intuitive sorting and organization as well as its specifically designed online and mobile interface makes Xero a growing favorite among small businesses.
The biggest pain of doing bookkeeping by hand is sorting through, or rather, keeping track of all the receipts that accrue in your business over just a few days. Receipt Bank removes the burden of collating and inputting receipts by hand with its software that utilizes Optical Character Recognition (OCR) technology. OCR reads receipts and can automatically input them into other cloud accounting software like Xero or QuickBooks Online with just a click of a button. Starting at $15 per month, small businesses can take on new clients without any fuss or having to worry about what happened to a thousand little slips of paper. Receipt Bank is a key part of the bookkeeping process for Reconciled It and saves a significant amount of bookkeeping time. Reconciled It is proud to partner with Receipt Bank.
While cloud-based accounting technology helps ease the strain of small business accounting, keeping track of all your finances can still be a challenge. Need more help with your accounting? Contact us! Reconciled It takes the headaches out of accounting with its online bookkeeping service so owners can focus on what is important to them – their business.