Accounts can be daunting as there are so many ways that mistakes can be made.
However, with modern cloud accounting software applications, doing your accounts is a lot less overwhelming.
To make the most of the available software you need to identify what features you need for your business.
Xero and Quickbooks
The two most popular cloud accounting apps are Xero and Quickbooks.
Both are web-based applications, meaning you can access your accounts anywhere in the world as long as you have an internet connection.
They generally offer similar features such as enabling you to provide invoices, quotes and bills as well as accepting online payments for your services and processing VAT.
- With Xero, you are also able to raise and process purchase orders and the app reconciles all of your accounts with your bank.
- Quickbooks has the addition of receipt capture and organisation, basic reporting and income and expense tracking.
In addition to this, the apps also provide contact lists, inventory tracking and inventory management meaning you can keep on top of your products.
Benefits of Cloud Accounting
Cloud accounting apps save you time.
You are able to automate time-consuming activities such as raising invoices, reminders, payslips and HMRC documentation.
Being internet-based is convenient as you can access it anywhere in the world, and you are guaranteed up-to-date information on your finances and bank accounts.
You can spread the cost with monthly subscription payments and can have as many users registered as needed. You can also easily collaborate with your accountant who can be given access throughout the year meaning discrepancies and concerns can be dealt with before they arise.
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