Over the next few years online accounting for businesses of any size, is going to be the new norm. As more of accounting software becomes cloud based, online accounting can reduce overall costs because it reduces or eliminates the need for in house IT resources.
That means reduced capital costs for more traditional desktop hardware and reduced up front software costs for accounting solutions. Importantly, for small businesses, cloud accounting software offers cost effective accounting solutions. This marketplace is rapidly evolving often with many software providers rolling out weekly updates and changes.
There are 3 categories of cloud based accounting solutions along with individual solutions listed below.
If you want to explore this further and don’t know where to turn, drop us a line. We have experience with most of these listed below and have an opinion as to where they are best applied.
Invoicing & Time Tracking
FreshBooks – Toronto based company providing accounts receivable invoicing, time tracking and more. With over 1.2 million users, their mision is to take the pain out of invoicing and help you get paid faster. Integrates with a variety of other cloud based accounting applications and payment gateways. Other alternatives that we have seen are Harvest, Billing Boss, and Blink Sale.
Bean Services – Vancouver based company providing automated accounts payable processing coupled with a powerful web based workflow routing and approval solution. They have solutions for both small and large businesses that integrate with accounting applications such as QuickBooks.
Kashoo (formerly Clarity Accounting) – Local Vancouver firm providing an inexpensive small business accounting solution that provides some collaboration features for bookkeepers and their clients. Kashoo integrates with FreshBooks. However, this is not a complete replacement for the likes of QuickBooks or Simply Accounting as many of the features these desktop applications have developed are absent. It does remain a simple solution for a lot of small businesses and has a growing user base.
Xero – A New Zealand based firm much like clarity but more mature. As a result, they have more add-on’s than Kashoo. Examples would be Payroll (US based), CRM and Inventory management among others. Again, this is not a complete replacement for the likes of QuickBooks or Simply accounting as many of the features these desktop applications have developed are still absent. It does remain a simple solution for a lot of small businesses and has a growing user base.
ObjAcct – US based enterprise accounting solution. This is a powerful, customizable accounting software platform. The application is designed for integration with other web applications and customization. This is a very powerful solution that is worth looking at should you have a client that is balking at the cost of moving from QuickBooks or Simply to a more enterprise accounting application.