Managing the business finances is considered to be one of the most crucial activities for any small and medium business. Easy-to-use accounting tools are always been in demand among the entrepreneurs and employers so that they can hassle free manage the business accounting, budgeting and invoice generation.
Rise of cloud technology has offered an added advantage to businesses towards the successful management of their accounting steps by providing several cloud-based accounting tools. These tools are getting popular day-by-day among the SMBs due to their robust operation and potential of handling the business accounting and budgeting activities with perfection. Top five tools among them are discussed here that have the capability to provide an extra edge to the accountants over complex business accounting structure.
Presently, QuickBooks is counted among one of the most famous accounting tools due to its large user base across the world. This widely accepted accounting tool has been developed by Intuit Incorporation. SMBs can use QuickBooks online or via cloud hosting. Online QuickBooks comes with limited functionality in comparison to hosted QuickBooks on cloud servers. That is why most of the users prefer hosted QuickBooks. QuickBooks offer a comprehensive way of managing the accounts, payroll and inventory. Easy operation of hosted QuickBooks without any extensive training makes it popular among the users.
FreshBooks is an inclusive cloud-based accounting tool especially developed for small and medium business owners. It was developed by Mike McDerment and Joe Sawada in the year 2003 in Canada. Users can use FreshBooks from anywhere, anytime due to the virtue of cloud technology. To implement FreshBooks into business accounting users don’t need to be an expert in accounting. A device connected to the internet is enough to let members operate FreshBooks. With the help of FreshBooks, users can generate invoices and can send them via e-mail. Tracking the exact status of invoices, expenses and reports also gets facilitated by this cloud-based accounting tool.
Sage 50 or Peachtree Accounting
This cloud-based accounting software was published in 1978 for the first time by Ben Dyer, Ron Roberts, Steve Mann, and John Hayes. Since then it has been known as Peachtree Accounting, but after 2013 edition, it is renamed as Sage 50. Sage Group acquired the Peachtree in 1988. Initially this accounting tool was being sold primarily in the USA and Canada, but after the opening of cloud technology it is available worldwide through cloud-servers. Sage 50 users can easily track the inventories and reports. With the potential of this tool, users can analyze the reports and can get details of customer contacts and transaction histories. Aptly, it makes easy for SMBs to manage the cash flows, customer payments and plan purchases.
It would be a prudent investment decision for SMBs to purchase this cloud-based accounting software tool, as it could help them to cope well with their complex financial steps. Xero could be a great option to manage the business transactions. It is provided with self generated bank account feeds, invoicing and business reporting which helps in better management of business accounting. Xero can be effortlessly accessed via cloud servers with the help of an internet connection. Users also get several useful add-ons along with this accounting tool.
SMBs looking for cloud-based accounting tools to manage their entire financial activity can opt for Outright. Entrepreneurs and employers of small businesses can keep the track record of income and expenses with the help of Outright accounting tool. Users can also get their tax reports from anywhere in the world just after getting connected to the internet.
About the Author: Renuka Rana, Editor at MyRealData spends considerable part of her time in writing about technology including cloud hosting, Hosted PBX and cloud hosting. When not writing, she loves to dig deeper into knowing the best and the latest technology in industry.