What’s The Right Accounting Software For Your Small Business? • Expert Accounting Services

Cloud Based software

This is the newest advance in accounting methods.  Xero was the first main cloud accounting software (CAS) provider first launching in 2006.  QuickBooks started offering cloud accounting software in the early 2000s and Sage offered an online version in the mid 2010s.  There are other cloud accounting software providers like  Zoho, Wave, Freshbooks, Odoo to name a few but Xero and QuickBooks are the most popular.

Best for – Businesses who want to work in the cloud and be location independent. It is easy to share the software with team members and accountants.  Various apps are available to extend the functionality of the software and reduce the amount of manual data entry.  Backups and updates are managed by the software provider.  The software can be used in any location and isn’t tied to a specific computer.

Drawbacks – each company is setup individually so there can be more cost for the accounting software. There is no control to how often changes are made or features updated, and this can be frustrating to the person using the software.  An internet connection is mandatory to be able to use cloud accounting software.