Online accounting software helps you get away from your desktop and out conducting the more enjoyable and advantageous parts of running your business. Using cloud-accounting services you can easily create professional invoices, manage client contact information and oversee projects from anywhere, even via your mobile device. For the most part, these are not “full-service” bookkeeping software such as QuickBooks Pro or Sage 50, but these applications can easily manage basic business functions that freelancers, contract workers and sole-proprietors require. However, if you are looking for full-service accounting software see our reviews for small-business accounting software.
There are many advantages to using an online solution over traditional software. The most attractive are added mobility, easy data backup features and time-saving tools. Since these solutions are browser-based, you can access your account from anywhere regardless of the platform used. Additionally, the service backs up your data so you don’t have to manage your own backup. Time-saving features include automated recurrent billing, tax calculations and reporting. Most services also work with credit card processing services.
To discover more about these accounting services, see our articles on online accounting software. If you are ready to start invoicing today, check out our top choice, Freshbooks which is affordably priced and simple to use. For more reporting options and comprehensive cloud accounting, see QuickBooks Online. On the other hand, if you are interested in a service that can track projects see Sage One.
The best accounting software for your company depends on the needs of your company. Do you need to manage employees or inventory? Do you work with other freelancers? Are you looking for mobile expense and time tracking? We compared the most popular and affordably priced online accounting solutions designed to help you invoice, bill and track projects from anywhere.
When comparing top accounting software, Top Ten Reviews considered the following:
Accounting & Business Features
We looked at the major business functions the online accounting service offers to help you run your small business. You will want an accounting solution that offers the tools your specific business requires. If you need to manage items, you will want to make sure the service you choose has that capability. All services should provide basic accounting tools to manage your estimates, invoices, billing, expenses and customer information. If you manage inventory, you will also want one that can manage vendors and purchase orders. We also looked at additional business services such as the ability to manage projects, back up data, process payroll and track time.
If the software cannot help you become more efficient and save you time, you may as well keep doing what you are doing. Online accounting services should provide numerous automated and convenient features to help you become more efficient. Features we looked for include the ability to import bank feeds, automated billing features, preconfigured reporting options and online time sheets. Some even provide online portals where customers can view their account information and pay bills, greatly decreasing the time required to manage simple customer requests.
Remote Access & Mobile
While all the reviewed products are browser-based and online, the extent of their mobile services vary. Most mobile accounting tools offer apps for iPads, Android phones and Android tablets. Some also provide apps for Windows-based mobile phones. The mobile tools provided also vary. Most online accounting services provide mobile tools for creating invoices and tracking expenses, but some provide more advanced tools such as electronic signature gathering, receipt capturing and basic customer relationship management (CRM) tools.
Additional Business Services
Other services exist that make your accounting solution more functional. Most require an additional fee or subscription. The most sought-after service is credit card processing so small-business owners can process credit and debit cards. Other popular services include integration with eCommerce sites, payroll processing (including subscriptions configuring tax deductions), access rights for their accountant or CPA, and inventory management. The most adaptive online accounting services provide integrations for a wide range of products so you can add to the business solution as your company evolves.
The best accounting software should help you become more efficient and less burdened with tedious tasks. Most small-business owners and freelancers report that these services reduce the amount of time they spend performing accounting tasks to just a few hours per month. More free time means that you can spend more time growing your business.