Cloud accounting is the practice of keeping your accounting software accessible within the cloud so that data can be easily updated synced between numerous apps, devices, and users. This approach differs from the traditional offline form of accounting in that it allows for easier expansion and mobility since the record-keeping and reporting processes are web-based. Furthermore, today's top cloud accounting platforms can easily interface with a plethora of existing third-party apps to accommodate a company's existing process map. If you're ready to make the switch to cloud accounting, start by checking out the top four providers in the industry:
As you probably already knew due to word of mouth and common knowledge, Quickbooks is the leading accounting software platform for businesses and its cloud accounting service follows that trend as the leader in this growing niche. Its long-standing reputation as the unofficial gold standard allows it to keep the majority of the market share, but if you read this blog post, you will spot that PieSync's comparison between Quickbooks and Xero shows why some of the other options on this list are still worth considering.
Xero has been competing with Quickbooks since 2006 and has managed to attract a decent share of the market by providing most of the same features along with an extensive host of integrations, including compatibility with more than 700+ third-party software and services. Xero's reporting abilities also make it a top choice for advanced power users that want to go beyond what the average Quickbooks user will do.
Freshbooks is quickly emerging as one of the top Quickbooks alternatives, with a sleek interface and user-friendly design that has been the focus of many positive reviews. Many users claim that it provides better customization features for file management, alerts, labeling, and custom rates. Another advantage of Freshbooks is that they have cheaper plans available, with some starting as low as $15/month for shared cloud access between five clients.
4. Sage 50Cloud
Sage 50Cloud is less popular than the previously mentioned options, but it's still worth a mention because it provides all the basic features that a small business would need and is available with a free trial. The relatively new service is already loaded with plenty of add-ons that can be used to expand and customize the functionality to suit your accounting needs.
Cloud Accounting is the Future of Corporate Financial Management
While financial data security is always a concern, today's top cloud accounting services make use of the latest encryption technology to give companies the confidence needed to keep all of their accounting backed up and synced. Operating in the cloud simplifies the process of business expansion through the streamlined management of multiple locations or franchises. It also helps to move projects along smoother because multiple parties can participate in updating the accounting records remotely. These features make cloud accounting the preferred method of bookkeeping for the most progressive businesses and will most likely solidify it as the status quo within the next two decades.