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