Small business
owners don't need to purchase expensive business accounting software programs
or spend hours lost in complicated reports. Any accounting software will
provide the basic applications for accounting tasks, but packages designed for
small office owners and manager tend to simplify the process and provide
essentials that include a general ledger, the capability to create detailed
invoices or view business inventory and purchase history. Cloud accounting services-software
stored and accessed online-is an attractive option for small business owners.
When using cloud accounting software, IT tasks such as version upgrades and
data backup are managed by the application vendor. The main requirement is the
internet availability to access those applications.
FreshBooks features options for online payments, expense
tracking, time-tracking and accounting reports and taxes. Highlights include
customizing invoices, sending late payment reminders, automatic and
recurring-expense tracking, managing different rates for multiple projects and
profit/loss reports.
QuickBooks
is synonymous with small business accounting. While a number of standalone and
hosted versions are available, QuickBooks Online Simple Start is a good value
for small office accounting needs.
Kashoo features for the small business include
connecting to online bank accounts and credit cards, professional invoices,
simple dashboards and options to categorize income and expenses specifically
for tax reporting. In addition, you can easily share your business data with
your accountant online. Finally, Kashoo boasts secure, double-entry accounting
for bank reconciliation and financial statements.
Outright is an easy-to-use cloud accounting system that
lets small business ecommerce owners organize and keep track of sales and
finances in one place. At a glance, you can see where money is going, view
profit/loss statements and see who your customers are. You can link existing
accounts such as banks, credit cards, Paypal, eBay, your own Web store or
FreshBooks to Outright, and you can import your existing transaction history.
From then on, Outright downloads your new data each day. Another useful
feature: Outright organizes all of your data into IRS-approved tax categories,
potentially lowering the workload and headache level at tax time.