Cloud Accounting Software Features


Main features of cloud based accounting software

Financial statements are reasonable and fair representations of the business condition and its operations. Business owners need to keep their finances in check. Small business owners don’t need to buy expensive accounting software systems with many features and tools and spend many hours creating detailed reports. Accounting software packages designed for small businesses simplify the accounting process and provide accounting essentials. In the last year, wide popularity among small business owners has received the cloud-based accounting software that stores and accesses financial statements and reports online.

Cloud accounting software is a solution that allows small business owners to have their finances in check, save a lot of time, and work from anywhere. In addition, IT tasks like data backup and upgrades are managed by the software provider. Therefore, small business owners look for cloud accounting software that meets their business needs and budgets.

Basic features provided by cloud accounting software:

  • Tracking income, expenses, and cash flow.
  • Flexible, scalable, and visual general ledger.
  • Creating customized invoices and automatically sending them directly to customers.
  • Bills are managed on a monthly, quarterly, semi-annual, and annual basis.
  • Tracking expenses by department, project, client, and more.
  • Recognizing revenue in monthly profit and loss statements.
  • Reconciling bank accounts.
  • Managing all banking transactions: deposits, withdrawals, cheques, credit cards, transferring funds, and more.
  • Storing debit and credit card accounts.
  • Automatic data backups.
  • Robust, flexible, and customizable reporting options: dynamic dashboards, summary balances, spreadsheets, financial reports, and others.
  • Customized templates to ensure applying the company's brand to all documents: invoices, statements, job requests, quotes, reports, and others.
  • Powerful security: a combination of document encryption, servers with firewall protection, user authentication, and authorization, and customized permission levels for personnel.
  • Fully connecting with other critical applications needed to run the business.

This list includes features used by all companies, even the smallest ones and individual entrepreneurs. However, the more business activities a company fulfills, the more complex an accounting system it needs to account for, control, and report its results. Therefore, growing businesses prefer to start working with cloud accounting software vendors that offer more powerful systems with additional features such as:

  • Multi-currency and multilingual. 
  • Tracking purchases and processing sales: creating sales orders, projects, and others. 
  • Processing the contract data: creating recurring billing contracts. Maintaining, updating, and amending contracts. 
  • Managing vendor and customer engagements. 
  • Managing work orders: tracking the work time, costing labor expenses, and more. 
  • Managing multiple warehouses and inventory. 
  • Automatically converting to the base currency the foreign currency transactions. 
  • Upload attachments in a variety of formats to any financial transaction. 
  • Running payroll and online payments. 
  • Recording outstanding expenses and income.
cloud accounting software system main features

Indeed, cloud accounting systems can differ widely; however, any of them enables easy organization and management of the company's banking records in one place. For example, with cloud accounting software, it is possible to see the bank transactions instantly and accounts balances, bills, and invoices, to easily add new bank transactions, email invoices, and monitor accounts, income, and expenses.

Some providers such as SAP, Sage, QuickBooks, and Microsoft Dynamics, offer the more advanced functionality of their cloud accounting software systems.

The possibility of integrating with third-party software solutions gives any web-based accounting software system an advantage over other rivals.



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