Are you wondering whether to move your accounts to the cloud? Confused about the many different options that there are available and which one would work best for you?
Here at Rely Financial Services, we specialise in providing cloud accounting solutions that work for your business so that you never have to worry about whether your accounts are in order or not.
What is cloud accounting software? Cloud-based accounting software means that you can access your software from any device with an internet connection. Instead of purchasing a programme and downloading it onto just one device, you pay a monthly subscription fee that provides access from multiple devices in any location, making it the perfect solution for busy business owners who need to check their accounts on the go.
Because you are paying a monthly subscription, software updates are included in this, so you never have the problem of support stopping or needing to buy a whole new package when the provider stops supporting an old version of their software. No upfront costs can also be beneficial, especially when your business is just starting out.
There are many different software providers out there, the most common are Xero, Quickbooks and Sage. There are also a range of cheaper or even free softwares out there that do not provide the same level of user experience, support, or versatility, but can be great when your business is just starting out.
Lets take a more in depth look at the most common cloud accounting packages out there, and the benefits that they can provide to your business:
Xero is a very versatile and user friendly platform, with an intuitive layout that once you understand the basics of entering transactions can make entering financial transactions quick and easy. Xero has a payroll module, can track inventory, projects, deal with time sheets and expense claims. It has the capability to directly import your bank, credit card and paypal data so that you don’t have to manually import bank transactions or upload statement files. Xero is fully compliant with MTD, and has developed their VAT software to comply. As a Xero certified adviser, we can offer discounts on your subscription, and manage the entry of your accounts from entering all day to day transactions, to just logging in and checking what you have done and pulling the reports to create your financial accounts. Contact us today to discuss how we can help make Xero work for you.
Quickbooks has many different options for both the sole trader/freelancer and business clients. It has the capability to run payroll, manage VAT, and keep track of inventory and projects. Like Xero, Quickbooks also allows you to connect your bank, card and paypal accounts to import the transactions, and set rules for recurring monthly transactions. Quickbooks do not provide quite as many updates or as good of a user experience as Xero, however it does come in at a lower price bracket and has more versatility if you are a sole trader. Contact us today to discuss how Quickbooks could work for you and your business!
Not to be left behind by the newer emerging cloud software, Sage has developed a cloud based package as well.It is far pricier than Quickbooks and Xero, and has a rather clunky, old looking interface, which makes it less of an attractive option. It does however, just like the others provide a platform for you to manage payroll, invoicing, banking etc. Contact us today to discuss how Sage could work for you and your business.