Comparing Two of Today’s Top Cloud Accounting Software for Small Business

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2750890246_c4eb32e3e7Until recently, accounting software has been relatively boring. You could manage your financials using Excel spreadsheets, or use Quickbooks, as many businesses have used over the years.

But in recent years, more software developers have realized the need for modern-day accounting software that can help business owners go to the next level. Long gone are the days of stagnant software that only lives at the office. New cloud-based accounting applications make it easy — and yes, fun — to manage your business’ finances.

These XX apps are the future of accounting software and can help take your business to the next level.

Xero

Xero offers three different pricing models ranging from $9 per month to $70 per month for the premium model.

Xero links with bank and credit card accounts and automatically downloads transactions as the happen. Its reconciliation process is one of the best on the market because of its efficiency and the way it’s presented in the interface. When reconciliation takes place, it’s in a window with two columns — one for downloaded transaction and the other with the matching transaction. If it doesn’t match, you can make manual changes — but that’s pretty rare because Xero’s technology is pretty smart.

Xero’s super-cool dashboard provides 26 different types of reports, from balances to invoices, to budget variance reports. The dashboard can be completely customizable depending on your needs.

One of the best arguments for Xero is its unlimited user policy. Most accounting software on the market today requires additional licenses, which are expensive, if you want to add more users. Xero doesn’t believe in that concept. Whether your business has three people or 300 people, everyone can have a look at the company’s financials.

QuickBooks Online

QuickBooks is a little late to the cloud-computing game, but because its legacy software has been so proven, its new online-based software can’t be ignored.

It costs $13 to $40 per month depending on the plan and the number of users. Unlike Xero, it charges you more per month for more users.

QuickBooks is jam-packed with custom options, including design themes to make your financials a little more pleasing on the eye. Reports are clear and easy-to-read and consume.

QuickBooks Online provides great access to credit card and bank accounts, automatically downloading your business’ financial data to your servers.

One issue that some may find with QuickBooks Online is its constant advertising and pushing of other Intuit products. If you’re going to pay more than $40 a month for a service, you’d hope it would be commercial-free, but that just isn’t the case.

Image Credit: Alan Cleaver

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