Posted by admin - February 16, 2016 3:01 pm Cloud accounting

In a world where most people check their digital profile in a morning before looking in the mirror it is perhaps not surprising that cloud based accounting solutions are becoming increasingly popular.

But what is a cloud based accounting solution?

Most simply put it is online accounting and is a shift away from the traditional form of recording your transactions.

This enables you to access your data in any place at any time as long as you are connected to the internet.

You can check and update your financial position in real time and send invoices to customers whilst on the move.

Cloud accounting packages also allow you to utilise a number of modules within the system and external apps to help collect accounting data more efficiently, these include:

  • Automatic bank feeds – the upload of data from your online banking facility directly in to your accounts.
  • Expenses – take pictures of receipts whilst on the go to ensure thy are all captured in your accounting system.
  • E- Commerce – Integration with your own website streamlining the recording of sales and receipts

You can effectively tailor your accounting solution to your individual business needs and because your data can be accessed by multiple users in different locations your accountant can give you real time advice and assistance using live accounting data.

Which solution is right for you?

There is a growing number of cloud accounting solutions on the market and so choosing the correct one for your business can be daunting. To assist our clients in making this selection we have conducted a review of 10 leading Cloud Accounting Solutions. We compared their functionality, cost and user experience and have concluded that t two packages currently stand out from the crowd.

KashFlow Accounting Software

KashFlow is an award winning online accounting software system created in 2005 and acquired by IRIS in 2013, KashFlow has established itself as a market leader and aims aims to simplify bookkeeping. KashFlow has been specifically designed for small businesses with staff little to no accounting or bookkeeping knowledge.

KashFlow allows a smooth integration between MFW and their clients whilst also giving you the chance to change and edit your own accounts; this can enable you to save time, keep better track of your accounts and achieve a better insight into your financial position.

By choosing KashFlow you will have access to a professional system, with all the features you need to process and complete you accounts easily. Its main features include:

  • Quick and easy invoicing and customisation
  • Multiple bank accounts with optional bank feeds
  • Unlimited creation of quotes and estimates
  • Fully functioning CIS features
  • Automatic credit control of your finances
  • Multiple data reporting
  • Effective account and settings control
  • Award winning support

Xero Accounting Software

Created in 2006 Xero is the fastest growing software globally; and is now trusted by over 540,000 subscribers and growing. They aim to target the smaller businesses whilst providing accounting software to meet all your accounting needs.

All your businesses accounts and data can be visible in one place wherever you are. Just log in online anytime, anywhere on your Mac, PC, tablet or phone and get instant real-time views of your accounts.

By choosing Xero you will get all the features and tools you need to help your business thrive including:

  • Fast and easy bank reconciliation
  • Multi-currency bank capabilities (Premium account)
  • Easy invoicing and customisation
  • Manage and pay your bills
  • Vast range of reporting
  • Unlimited data entry
  • Unlimited amount of users
  • App for both mobile and tablet devices

For assistance in selecting the correct cloud based accounting solution for you please contact your local MFW office.