Bookkeeping in the Cloud

The notion of having your head in the clouds has historically been associated with being a dreamer. However, today the term “in the cloud” refers to software that doesn’t reside on your computer, thus providing the advantage of being accessible via the Internet from any computer, anywhere, anytime. In the accounting world there are several cloud-based options from which to choose. This month, we’ll give you a brief overview of some common alternatives.

Outright offers free online bookkeeping software most suitable for US-based sole proprietors and single-member LLCs who file a Schedule C tax form. This fairly new player has an easy-to-use interface that is perfect for novices. The program provides a secure, versatile accounting solution for businesses that don’t have the funds or expertise to invest in a more costly full-featured program like QuickBooks. Outright gives you the capability to track income and expenses, pay estimated taxes, add custom categories, and file 1099s for contractors.  And when you’re ready to move into a more robust accounting software package, you can export your data in a comma-separated format that is easily read by any spreadsheet or text editing program.
 

Outright is not for larger companies, nor does it aim to compete in that field; however, for those currently using Microsoft Office or even pen and paper, it is a simple, cheap alternative. Outright works with FreshBooks, a time and invoice tracking tool; Shoeboxed.com, a site to take receipt from paper to computer; oDesk, a site that matches employers with contractors while tracking expenses; and eBay, enabling eBay sellers to automatically import sales, expenses and even PayPal fees.

Intacct is a provider of cloud-based accounting and financial management applications suitable for small to mid-sized companies that provides access to mid-market financial software to companies that cannot afford to purchase and service an in-house high-end software package.  Intacct provides companies with core accounting modules such as general ledgers, accounts payable, accounts receivable, employee expenses, inventory control, purchase order, order entry and payroll , for a low monthly fee based on the number of users. For an additional fee, they offer options such as multi-currency management, global consolidations, sales tax management, and revenue management.
 

Intacct is the perfect solution for companies that have outgrown other, more basic software packages because it allows for expansion as the company grows.  Intacct provides specialty products for professional CPAs, the wholesale industry, franchises, the hospitality industry, consulting companies, nonprofits, and more. Intacct also integrates with QuickBooks and Salesforce, the leading customer relationship management site, allowing for a complete quote to cash process.

 

QuickBooks, a family of accounting products offered by Intuit, has dominated the small business world as the accounting package of choice because it provides detailed functionality in an easy-to-navigate flow-chart layout. Along with the variety of software packages, Intuit offers QuickBooks Online, its own version of bookkeeping in the clouds. There are two versions of QuickBooks Online; QuickBooks Online Basic for just $9.95 per month, and the QuickBooks Online Plus for $34.95 per month. Both options are user-friendly; however, the Basic package does not allow data conversion from other QuickBooks software. So, if you have previously used QuickBooks and wish to transfer your data to the cloud, you must purchase Plus.
 

QuickBooks Online Basic is an easy-to-use single-user online version of QuickBooks that allows you and your accountant to track basic income and expenses, do payroll, invoice customers, and track sales tax. QuickBooks Online Plus is the full-service package with access for three users plus an accountant (additional users can be added for an additional charge), additional reports, and customization options.
 

There is an online bookkeeping option for just about every business. Check out each of these options because managing your books in the cloud may be a much more practical option for your business needs.