Cloud-Based Accounting Applications: Managing Finances The Right Way

Whether it is a small or medium-sized business, to compete with the bigger companies you need to process things in a faster, cheaper, and better way than the competitors. And in the field of accounting, there are a lot of prospects to draw the benefits with some of the revolutionary technologies. Cloud-based accounting applications are a thing of the present and the future, and the businesses that want to be part of that wave are replacing the outdated desktop applications with it.

The user interface of the cloud applications is tweaked to fit the user requirements which makes it easy to use so even the non-tech-savvy users can handle it efficiently. With cloud-based applications, things get simple and even fun for the accountants or whoever is handling the business. Let us look at some of the best cloud-based accounting applications to manage the finances in the right manner.

1. QuickBooks

For simplifying and automating the accounting operations for businesses QuickBooks gets ahead capably with its features. QuickBooks Hosting simply refers to the configuration and set up of the desktop version of the QuickBooks on cloud servers. The servers are hosted over the web. It allows users to securely and easily access the applications and files through RDP (Remote Desktop and Protocol) on any internet-enabled device.

Cloud-Based Apps for Receipt and Data Entry Issues

One of the big issues of small business owners is keeping records of transactions. There is always some trouble that adds up due to the holding on of receipts and physical bills. Most of the businesses put the record work on hold, and get into a rush at the end of every financial year.

It becomes easy for users to upload receipts and bills using a desktop, mobile phone, scanner, or email with the smart accounting technology. This tech gives access to the data whenever you need it from anywhere around the globe. With the software, the pictures get read, purchased data is transcribed, and then sent to the accounting application. These are some of the applications that can help you with the automation:

2. AutoEntry

AutoEntry is used for automating data entry with accuracy in capturing all the invoices, receipts, statements, expenses into your accounting solution.

3. Hubdoc

With Hubdoc, bookkeeping gets easy. From more than 700 banks and online vendors, the statements, bills, and receipts are automatically fetched. For seamless reconciliation and audit proofing, this application can easily be synced to QuickBooks Hosting.

4. Receipt Bank

With the technology of Receipt Bank, business receipts, invoices, bank statements, and bills can be captured, stored, and tracked. With this cloud application, you can pay less tax, expend more money, and save productive hours for your business.

Cloud-Based Apps for Efficient Payment Systems

There are applications that can get you paid faster as the good payment systems can double up the speed of paying bills. It is really an inexpensive way to sell as the point-of-sale applications turn a smartphone into a portable cash register. With this, the staff can go and serve the customers at their place, rather than creating chaos at the counter.

With the use of instant payment options like Stripe, credit card, online payment, or GoCardless the payments get settled faster, and you get rid of the invoices culture that got you paid late. Sometimes, the businesses receive the payment at twice the speed. These are some of the apps that can help you with that – online, direct debit, and offline:

5. Stripe

With Stripe, you can easily reconcile payments and get paid 14 days quicker. It is used for online debit and credit card payments. For repeat customers, with automatic payment, you have the option of setting recurring payments. The application also offers protection tools against fraud, powered by algorithms of advanced learning which helps in detecting and preventing fraud.

6. iZettle

In some of the countries, iZettle is the leading commerce platform for small businesses. It is used for retail and point of sale payments; enabling owners of small businesses to manage the inventory, sales, staff, take payments, and for easy access to growth capital.

7. GoCardless

For ensuring that your invoices get paid on time, GoCardless gives you control of the payments with the online bank debit. With the application, there is an improvement in your cash flow and a reduction in the number of admins as well.

Cloud-Based Apps for Expense Management

There are applications that can get you rid of the petty cash, shared credit cards, and tiresome expenses. With the cloud-based application, you can create prepaid credit cards for departments and employees with custom rules and spending limits for cost control. With just a snap of pictures of receipts, the mobile app can make the expense management easy.

8. Xero Expenses

With Xero Expenses, businesses can easily capture, track, and manage expense claims. The easy mobile application helps the employees in capturing and submitting expense claims on the spot. With this, there is no need to save the paper receipts. The reimbursement process speeds up with the application, and businesses get real-time visibility in a complete manner over their expense. This helps them in planning ahead and managing the cash flow.

Cloud-Based Apps for Business Operations Management

To get the real-time control of your business, the business operations management applications are used that are seamlessly linked directly to the cloud accounting package. This enables an increase in efficiency, productivity, and streamline workflows with complete connectivity in the office and the field.

9. simPRO

simPRO is an end-to-end operations management application that is a cloud-based business management platform for field service businesses managing project, service, and maintenance work. From quoting right through to seamless integration with different accounting software, the powerful software enables complete optimizing workflows, operational visibility which gives both financial and business control.

Wrapping Up

While there are plenty of cloud-based applications for accounting, but these are some of the most useful ones. With the use of these applications, you can take your business to the next level with an increase in productivity, and quality delivery on time. The whole functioning of the applications would make the return on investment go up for the business.