22 Best Cloud-Based Accounting Software in 2024

Just like QuickBooks Online, FreshBooks also allows you to invite your bookkeeper as an accountant user through email. Once set up, they can work on reports, expenses, journal entries, and more. Meanwhile, for smoother transactions with your customers, they can create free client accounts that allow them to save, view, and comment on irs releases draft version of form 1065 instructions their invoices, estimates, and proposals. Small businesses favor QuickBooks Online for its ease of use, cloud-based access, and ability to integrate with over 750 apps like Gusto, Shopify, Expensify, and Salesforce. It makes it easy to share data with accountants, as many are already familiar with the platform. Automatic updates, data backups, and over 100 customizable reports further streamline accounting tasks for small teams.

1. I could use such templates to set up bank deposits or estimate reminders, schedule and send reports at a chosen frequency, send bills to multiple approvers based on conditions I’ve specified or notify customers about payments received.
2. Neat is a good choice for self-employed entrepreneurs who need an easy-to-use accounting software to organize their financial documents.
3. Features include full-service payroll, time and attendance tracking, and simplified accounting processes.
4. To choose the best cloud accounting software, we consulted user reviews and product documentation.
5. Payment processing tools, payroll service, and other accounting software add-ons can simplify the process of accepting invoice payments online and paying your employees.

Why We Chose Wave

The software simplifies financial management, making it accessible even for those with limited accounting knowledge. When selecting cloud-based accounting software, it is essential to evaluate functionality and specific use cases tailored to business needs. This includes core financial management features, standout functionalities, and overall user experience.

The Growing plan is the platform’s most popular and is recommended for growing businesses while the Established plan is recommended for established businesses. Each plan includes an unlimited number of users for free, which is extremely helpful for companies with several team members or a large accounting department. A major disadvantage of the Early plan is the fact it limits users to 20 quotes and invoices per month and only five bills a month. Companies that want to link payroll to their accounting software must integrate with Gusto at $40 per month. Xero includes extensive features that make it suitable to handle complex accounting processes for small- and medium-sized businesses as well as larger chamber of commerce quotes ones. The software makes it easy to pay bills, claim expenses, accept payments, track projects, manage contracts, store files and more.

I could navigate to the “invoices” menu item, then to the “sales” submenu item to view a list of all existing invoices. Alternatively, from any screen, I could simply click the “+” button at the top of the screen, then “invoices” to add a new invoice with two clicks. With single access, desktop-based accounting programs, you end up spending a lot of time compiling and creating financial reports for your accountant to review. In addition to protecting your data, cloud computing offers numerous perks that will help you boost your productivity and your business’ bottom line. Here are seven different benefits that prove it’s well worth making the switch to a SaaS (Service as a Software) accounting solution. QuickBooks’ small business accounting software allows your bookkeeper, accountant, or colleagues to log in simultaneously and work directly with your data online.

How can I learn how to use accounting software?

This may include encryption, firewalls, intrusion detection, and regular data backups. Also, cloud accounting software is more secure compared to desktop software because your data passive v non passive income lives online on secure servers—as opposed to your hard drive, which is more vulnerable to hackers. However, you should still take precautions, such as using strong passwords and enabling two-factor authentication (2FA). Also, FreshBooks has a mobile that lets you create and send invoices and accept payments, making it a great choice for businesses and freelancers who often work on the go. Furthermore, it’s also secure as it uses advanced SSL encryption technology to keep data safe from hackers. Cash management in NetSuite is another feature that caught our attention.

Advantages of Cloud Accounting Software

Now you need to invest hours tracking down different spreadsheets and manual data entry to get a grasp on how your business is performing. You’re looking through your bookkeeping records, getting an idea of your business’ financial standing for this quarter. Then you realize that this report is outdated and missing several important pieces of data, meaning it isn’t at all accurate. Access your books, anytime, anywhere, so you’re always on top of your business’s financials. You want to be able to give your accountant access to relevant data within the system or easily email all necessary data and files to them.

This tool allowed me to start a timer and allocate the time to a client or project and even specify the tasks worked on during the logged time. At the top of this time tracking screen was a “generate invoice” button that allowed me to bill for logged time by quickly finalizing an invoice that was already almost completely pre-populated with necessary information. Intuit QuickBooks has a 4.3-star rating and a 4.4-star rating on Capterra and G2, respectively, with over 6,700 reviews on the two platforms. Users say the software is comprehensive in its accounting features and easy to use. However, they say that solving an issue can be time-consuming and frustrating. Love ‘em or hate ‘em, you know that you can’t monitor your business growth or prepare financial reports without tracking them.

The software will always keep you in line with the latest tax rules, ranging from compliance requirements to EU-VAT complications, along with encrypting all your activity with PCI Level 1 certification. Use our comparison chart to review and evaluate software specs side-by-side. If you didn’t receive an email don’t forgot to check your spam folder, otherwise contact support. Sign up to receive more well-researched small business articles and topics in your inbox, personalized for you.