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What are the must-have features in small business cloud accounting software?

Are there any features that you would highly recommend when choosing a cloud accounting software for a new small business?

Top voted answer
Stuart Reynolds

Stuart Reynolds, Partner at

One of the biggest benefits of cloud accounting software is the ability to automate time-consuming tasks. Look for the ability to automate the following:

  • Invoicing - automatically generate and deliver invoices. When invoicing integrates with online payment services, this is even better. 
  • Accounting - you want customisable reports allowing you to view profit and loss accounts, accounts receivable and bank statements.  
  • Payroll - automatically calculate superannuation and employee benefits, as part of automating your payroll.
  • Accessibility - access your data from any device. 
  • Third-party app integration - streamline data collection from point of sale systems and eCommerce platforms, making the whole system more seamless.
  • Reporting - it goes without saying that you want to generate and review reports relating to your accounts. You should be able to export in a variety of formats, for the various uses you’ll have for those reports (eg tax time, investment campaigns etc).

Other things to look for:
  • Real-time view - view your results in real-time, as they happen. 
  • Data security - large-scale platforms are often better equipped than small businesses can be as individual entities. Ensure your cloud accounting software places a priority on protecting your data and security. 

Cloud accounting can be a cost-effective way to manage finances, for small businesses. There are lots of options available - before you start looking, consider your key criteria.

Tom Valcanis

Tom Valcanis, Copywriter at

Top 10% Marketing

I'd say some "non-number" scorecard at a glance. What's coming in, what's set to go out, and a graph to track it all.

Stephanie Mellick

Stephanie Mellick, Accountant, Consultant & Strategist at

The ability to sync with other systems in use in the business, such as point of sales systems, cash flow forecasting software or inventory systems.