The Best Cloud-Based Accounting Solutions for CPAsAdam Greene

Having the proper tools to run your business is extremely important, especially when you are dealing with finances. Whether you have the help of a business partner or are going completely solo, efficiency and functionality will be vital to the success of your business. Cloud-based solutions for the CPA startup simplify task management and increase productivity and profitability.

Using cloud-based solutions can also help you avoid the pitfalls of data loss from hardware problems, reduce energy costs, and provide greater flexibility across devices. In addition, cloud platforms can save you money. Because they only require a computer with an Internet connection, cloud platforms have zero upfront capital costs and eliminate the need for you to run your own servers, which can be costly both from a financial and a human capital perspective. In addition, cloud-based platforms are much easier to scale than traditional software if your business grows or expands.

The applications listed here are powerful tools that include all of the traditional accounting functions that CPAs need to do their jobs, but in a more feature-rich, easy-to-use interface.

QuickBooks OnlineQuickBooks has been around since 1992 and remains the most popular software for both professional and personal financial management. Powered by Intuit, QuickBooks Online is a cloud-based solution modeled after the trusted desktop version and is currently being used by over 1 million subscribers.

The best features of QuickBooks Online include invoicing capabilities, tax management functions, and the ability to accept online payments, while QuickBooks with Payroll offers the ability to pay your employees. QuickBooks Online is a great tool to have in your arsenal, thanks to its real-time functionality and automatic updates. For those who are used to the desktop version, QuickBooks Online will be a breath of fresh air, because it offers more features for less. You can also take advantage of the free 30-day trial to see if QuickBooks Online works out for your business. After your trial, you can choose from one of three monthly subscription plans.

XeroXero is another great solution, especially for the sole proprietor, and is becoming more widely used in the field. If you’re a user of QuickBooks, Xero makes it easy to migrate existing data to their platform by offering free QuickBooks conversions for new users.

In terms of features, Xero is designed to be user friendly with a minimal learning curve. All updates occur in real-time, and all data is cloud-based, enabling you to access data anywhere, anytime. Much like QuickBooks Online, Xero links directly to your financial institutions, making it quick and easy to reconcile bank transactions and keep track of invoices.

Unlike QuickBooks Online, however, Xero allows an unlimited number of users to be added at no additional cost—an important consideration to note for the growing startup. Furthermore, the platform’s built-in compatibility with hundreds of third-party apps assists small business owners in keeping the tools they’re accustomed to using. Xero also offers live support 24/7 to answer any questions; troubleshooting and online training are additionally provided to assist in making a full transition to the platform. Xero offers a free 30-Day trial and monthly subscriptions thereafter. One caveat is that Xero’s currently advertised monthly plans are based on promotional pricing that increases after the first six months. This may be something to consider when choosing a cloud solution for your business.

Financial ForceIf you use SalesForce for customer relationship management, FinancialForce may be a great tool to power your accounting operations. FinancialForce bills itself as the “top native cloud accounting app on the SalesForce platform.” It is fully integrated with SalesForce, operating off the same data.

FinancialForce includes features for financial management, human capital management, supply chain management, and professional services automation. Each function can be effortlessly integrated into your existing workflow on SalesForce, which drastically reduces the learning curve associated with navigating new software. Free online product demonstrations give business owners the opportunity to preview features and determine if FinancialForce is the right fit.

Invoicing, customer quotes, and payment for services are conveniently located in one place. Just like SalesForce, FinancialForce can be accessed from various mobile devices and is backed by dedicated cloud servers to ensure your data and your client’s data are always secure. As your company grows, it may be worthwhile to consider a solution like FinancialForce, as it has the capacity to handle processes often used by larger companies.

Whether you are a sole proprietor or you manage a team of professionals, implementing cloud-based applications will help increase productivity, reduce costs, and let your clients know you outpace the competition with the most current technology. Although bookkeeping and accounting have been around for centuries, it’s important to stay abreast of new technologies in the field, and learn how they can help propel your business to greater heights.