Great question, insight inmind!
What software have you checked out? Are you leaning towards a particular one? We have had a great discussion going on about the different types of accounting software at What's the best accounting software? Cloud vrs non cloud?
Does anyone else have any thoughts they can share?
I have signed up for a 30 day free trial on Kashoo and FreshBooks. Just curious to see if others had tried any cloud based accounting software and what their thoughts are. Would love to see the pros and cons.
Hi Lisa & Berta:
I apologies for chiming in this conversation VERY late. And Lisa, I tried to give you a call as well.
In any case, if you are still looking for a cloud base accounting software, you will need to keep several things in mind.
How functional is the accounting/bookkeeping software. Majority of the time, anything that goes on a cloud is a "dimmed down" version of the complete software. This can cause astronomical amounts of issues if your accountant ever needs to make adjustments, correct error, or make projections.
Another issue software like Kashoo & Freshbooks have is that they are incompatible with accounting software that other professional uses. This makes it costly when it comes time to prepare taxes and can easily jump your filing fee from $150 to $600 because more manual process is needed.
The highest risk of going on a cloud is long-term usage. If you were to replace your current accountant (or possibly hire a bookkeeper) -- would they understand your software to keep it running correctly and with little variances.
The next greatest threat is growing with the software. While it is simplistic and easy to use right now -- would growing it be possible later on. I believe Freshbook & Kashoo are incompatible with other accounting software such as Sage, Quickbooks, and on a larger scale SAP.
I would personally recommend staying with one of the big boys and use a cloud hosting service. At my firm, I use Insynq -- it comes equipped with a full version of quickbook desktop, integrates into any tax software out there, and is a lot more secure.
Thanks for sharing such great info, Tran!
"Best" is a loaded term, the small business market is vast and the needs are hugely different. A freelance writer is a "small business" while a 500 employee manufacturing company is classified as small business too.
There are a ton of small business accounting apps, I'd recommend trying a few.
Thanks for sharing your suggestions, Allan!