There are a number of options to look at when considering cloud accounting software.
A Google search doesn’t leave you much wiser about what they do, or if they are suitable for your business.
At Spectrum Accountancy Solutions we focus on a couple of specific systems but can support many more.
The biggest advantage of cloud accounting is collaboration.
Easy accessibility means that both accountant and business owner can access the same set of records in real time from the cloud.
This reduces mistakes and processing time.
So, what are the options?
The current favourite for many accountants who describe it as the ‘handiest asset for managing financial activities’.
Users with a limited accounting background find it easy to manage. The accounting function is one of the areas that Xero simplifies and makes the process user friendly.
At Spectrum we wanted to provide a genuinely hands-on accountancy package for our clients.
We have found Xero to be the most effective in usability.
PC Mag’s review said “Xero excels as a small business accounting site. It was built for the web from the ground up, and it supports every major financial element you expect in a double-entry accounting solution.”
Dext (formerly Receipt Bank)
Dext is an expense tracking software package.
It helps particularly smaller businesses move beyond the envelope full of receipts, combined with a spreadsheet-style report and provides an easy to sue overview of where your money is going.
It integrates easily with cloud accounting systems and can be an ideal solution for accounting on the move, especially for tradespeople and the self-employed.
Another System Spectrum has extensive experience of and like because of its ability to help businesses control the losses from unclaimed expenses, such as misplaced receipts.
Sage has been the market leader in accounting software for many years.
Its cloud accounting package has come under pressure from others in the field recently, notably Xero.
Some users have criticised the user interface, but its status as the industry standard makes it worth consideration. Particularly if you use other Sage software.
The recent PC Mag review of the latest version said “Sage One Accounting offers small businesses basic income- and expense-tracking as well as some features that its competition doesn’t.
But it suffers from an outdated user interface and clunky navigation tools.”
Spectrum have supported clients using the Sage platform for many years.
These are the major players in a market that has become increasingly crowded recently. Kashflow, FreeAgent, Capium and Wave, all have competing systems that are claimed to be compliant with the requirements of Making Tax Digital. The main benefits of cloud accounting software, integration with bank feeds, invoicing and payroll, and accessibility from a desktop, tablet or smartphone are common to all solutions. Spectrum Accountancy Solutions offer a free initial consultation to help you select and sign up for a cloud accounting package. Get in touch to learn more.
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This post was written by Daisy Vowles