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Top 5 Cloud Based Accounting Tools for SMEs

Small to medium enterprises have started moving their data to the cloud as more and more web-based accounting tools become available. The options are endless and the competition in this industry fierce. There are definitely more than 5 solutions that stand out from the crowd. However, cloud based accounting tools that are worth mentioning are the following:

1. FreshBooks

FreshBooks is a simple cloud-based solution that helps business owners track their expenses, record their sales and invoice their customers. It’s a complete and robust accounting software. Above all, it’s a software that allows you to integrate it with popular third party addons that span from CRM software, inventory tracking software and many more.

It is a cloud-based accounting service that users can access through any mobile device or desktop computer. The financial data for companies is backed-up and is securely stored on the cloud. 

Users can create customized invoices, send payment reminders and manage multiple projects. FreshBooks is used by over 5 million small to medium enterprises worldwide. The interface is very easy to use and it focuses on the users.

2. QuickBooks

QuickBooks has long been a favorite accounting tool for many small businesses across the globe. While a number of companies use the self-hosted and standalone versions, QuickBooks Online is an excellent tool that can handle any SME’s accounting needs. Its competitive pricing is something that makes it very attractive.

It becomes a more attractive solution for the small business owner due to 30-day risk-free trial where users can get a feel of the accounting tool. It allows users to create invoices, download banking transactions, track sales, generate reports and so much more. This web-based program can also export data to Microsoft Excel for presentations and reports. QuickBooks also allows you to utilize addons such as project management addons, customer support addons, payment gateways and others.

3. Xero

Xero is an accounting software package that currently has over 200,000 users. It is available in the United States, United Kingdom, Australia and New Zealand (where the company is also listed). This cross-platform product is available at a very competitive price. It is very easy to use which is also the main reason that it became so popular for small to medium enterprises as well as freelancers.

It offers all the standard features users would expect of cloud-based accounting software such as easy invoice wizards, multiple currency support and bank reconciliations. This software also has the ability to pay bills on time and track company expenses. There are a set of financial tools available on the user dashboard that allow businesses to create documents with the help of step-by-step wizards. These financial reporting tools are available for users who are constantly on-the-go as they can access their documents on any smartphone, tablet or computer.

4. Crunch

The first great thing customers will notice about this accounting package is the tagline which is “love accounting”. Crunch lives up to this catch phrase as it makes accounting tasks very simple. It has a user-friendly interface that offers modern accounting solutions for small and medium enterprises.

The intuitive dashboard allows users to manage all their documents so that everything stays organized. This interface is perfect for freelancers, contract workers or small businesses who want to take advantage of the cloud. This package is available in a mobile iOS version and can be downloaded for a limited free trial. Please note that crunch is available only in the UK.

5. Kashoo

Kashoo is a cloud accounting service that is also very simple. Users can access their dashboard through any apple device or web browser. This accounting app is best for small businesses who do not have a lot of transactions to manage and want to limit the time they spend to record transactions on a daily basis. The features included in this app are professional invoice wizards, ability to connect to credit cards and online bank accounts, options to categorize cash flow and tax reporting.

Small businesses who want to use this app can share their business data with an accountant over the internet in a secure environment. Kashoo is known for top-notch transaction security. Users are required to pass a double-entry barrier in order to access documents such as financial statements and bank reconciliation. The attractive thing about this accounting package is that it comes at a very low price. 

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