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Effective budgeting refers to the best allocation of resources to run the functions of an office.  Bookkeeping refers to the record-keeping of all transactions which take place in the workplace. The two can be related in a simultaneous order. Budgeting requires the allocation of resources, while bookkeeping requires the record-keeping of the transactions which take place from the allocation of funds-from scratch to the finishing line. Both terms belong to the genre of accounting, where auditing comes under the perspective of bookkeeping. It helps in carrying out effective budgeting tasks and aids in identifying the weaknesses, strengths, limitations, and savings of a business. Following are certain wonders of effective budgeting: Check out America's Best Bookkeepers

  • Utmost Expenses of a Business can be Planned through Effective Budgeting:

As stated by James LeMay-the, director of Daigle and Associates with an accounting firm in Boston,” This helps you to be honest about what is coming so you can plan for it beforehand.” Budgeting plays a significant role while planning the transactions, which are most likely going to take place in an enterprise to plan about the expenses of the company in a systematic manner. However, the technique is beneficial as it allows the allotment of resources while keeping the budget in mind as well as the estimated expenses. Check out America's Best Bookkeepers

  • Enlists Accurate Documentation of the Deposits made in a Business:

The technique can be applied through accounting software, which can be easily downloaded through online accounting websites present such as GnuCash or QuickBooks. This software help accountants in recording all transactions easily. Keep in mind that wrong entries can lead to incorrect results, ultimately affecting the whole scenario of accounts in a business. This allows the keeping of accurate records of a business to avoid any inaccuracy in budgeting performed.

  • Ensures the Welfare of an Office:

Optimal budgeting and proper allocation of all resources and funds available in a particular business ensure the well-being of a workplace so that management can say that their resources are being used for the proper welfare of their own business. Moreover, budgeting helps in reviewing a business’s profits, where it can be explored through the resources left out of the ones allotted for the running of a business. These resources usually come from the profits earned by a business association. Check out America's Best Bookkeepers

  • Helps in Increasing Efficiency of Employees:

A certain amount of budget available can be appointed for the employees with high productivity.  This drives them to accomplish a company’s targets on time. A highly qualified and experienced team of accountants must be appointed to perform budgeting tasks to enhance the effective working of a business corporation. Its employees must be treated with great care in terms of high bonuses for those that have proven their work.

Final Note

With the advancement of technology since the industrial revolution, people have moved towards the making of tools to make their lives easier in all aspects. The field of Accounting & Finance has also progressed to make businesses run efficiently. Budgeting and bookkeeping are two important terminologies that can be used to maintain the order of balance in a company’s accounting department. The two terms are interrelated and useful in the cloud of accounting & finance.  Budgeting proves to be a wonderful aid in the promotion of smooth and successful business.

Check out America's Best Bookkeepers About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity. Check out America's Best Bookkeepers

CLOUD ACCOUNTING TOOL: Cloud accounting is the same as traditional accounting and bookkeeping procedures done on an accounting software. The cloud accounting tool is hosted on remote servers, similar to the SaaS (Software as a Service) business model. Data is sent to the server into a ‘cloud’, where it is processed and sent back to the user. All application functions are done off-site, into the cloud, not on the desktop. The accounting functions are done online and not on the desktop software. Internet or other network is used for the process. The users access the cloud accounting tool through a cloud application service provider. The software has not been installed on a computer. It can be accessed from any place in the world, provided the cloud application service provider is present.

Smart management and organization from everywhere:

Cloud accounting tools have got multi-user access. Having access to accounting and bookkeeping data anywhere and anytime in the world. You can spend time in other activities related to business operations or spend your quality time with family. You can go online to access cloud accounting software while sitting at home and keep yourself updated with the accounting and bookkeeping functions in your business. An up to date view of the financial status of the business to make the right decisions at the right time. All team members can access required information whenever and wherever needed. A better relationship is built with the accountant. You can access accounting data online, and then give a quality time to your accountant for discussion related to business bookkeeping.

1. Relationship with vendors improved:

For small business owners, vendors are important. They play a vital role in the success of small business. Small business owner wants to have a pleasant relationship with vendors and suppliers. Relationships with the supplier is often disturbed by late payments. A Cloud-accounting tool prevents this situation. A business owner can easily search the status of the bill and can advise for quick payments.

2. ECO-Friendly system:

Go paperless in accounting and bookkeeping. This step is eco-friendly too. Paperwork takes a lot of time for the accountant and business owners. Small business owners do need time to interpret accounting information. Accounting software makes it easy to interpret accounting information. Cloud accounting tool reduces upfront business costs. You do not face regular maintenance and upgrading the system.

 

 

A Few Cloud Accounting Tools and their benefits

Here are five cloud-based accounting tools with reasonable price for small business owners.

  1. FreshBooks

You can access it from the desktop computer and mobile phones. It makes easy to track expenses, make online payments, generating customized invoices, generating reminders of late payments, purchase history with time-tracking, client records, and management of different projects with different rates.

 

  1. QuickBooks Online

 QuickBooks is used to 

  • Generate invoices with the logo of your company and with all details required by the customers.
  • Processing payrolls according to HR policies
  • Managing all business transactions, including bills from suppliers and vendors
  • Inventory management
  • Tracking expenses.

 

  1. Kashoo:
  • Creating professional invoices
  • Categorization of income and costs
  • Connectivity with online credit cards and bank accounts.
  • Online Sharing of data with accountant

3.    Outright:

Outright is an online cloud accounting tool for small business owner and is used for tracking expenses, profit, sales, and customers. Bank accounts and others like PayPal, eBay, FreshBooks and web stores can be connected to outright and data can be easily exported from one to another app.

4.    Xero:

  • A dashboard with bank balances, expenses, and invoices.
  • Tracking cash flow in real time.
  • Data can be shared and accessible to accountant and others
  • Scheduling of Payments and returns

Apple, Blackberry, and Android applications are available. Many add-ons like CRM, invoicing, inventory management packages are also available on demand.

Conclusion:

Cloud Accounting tools make bookkeeping and accounting operations easy and less time-consuming. A Cloud accounting tool provides small business owners a great feasibility in accounting and bookkeeping at reasonable costs.

Check out America's Best Bookkeepers
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing services to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks file, critical financial documents and back office tools in an efficient and secure environment. Complete Controller’s team of US based accounting professionals are certified QuickBooks™️ ProAdvisor’s providing bookkeeping, record storage, performance reporting and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay services. With flat rate service plans, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.
cloud-based accounting - Complete Controller

Cloud accounting is the same as traditional accounting and bookkeeping procedures but done on accounting software. The cloud accounting tool is hosted on remote servers, similar to the SaaS (Software as a Service) business model. Data is sent to the server into a ‘cloud,’ where it is processed and sent back to the user. All application functions are done off-site, into the cloud, not on the desktop. The accounting functions are done online and not on desktop software. The internet or other network is used for the process. Users access the cloud accounting tool through a cloud application service provider. The software has not been installed on a computer. It can be accessed from any place in the world, provided the cloud application service provider is present. Check out America's Best Bookkeepers

  1. Smart Management and Organization from Anywhere

Cloud accounting tools have multi-user access. A user has access to accounting and bookkeeping data anywhere and anytime in the world. You can spend time on other activities related to business operations or spend your quality time with family. You can access cloud accounting software while sitting at home and keep yourself updated with the accounting and bookkeeping functions in your business. You have an up-to-date view of your business’s financial status to make the right decisions at the right time. All team members can access the required information whenever and wherever needed. A better relationship is built with the accountant. You can access accounting data online and then give quality time to your accountant for discussion related to business bookkeeping.

  1. Relationships with Vendors Improved

For small business owners, vendors are essential and play a vital role in the business’s success. The relationship with the supplier is often disturbed by late payments. A Cloud-accounting tool prevents this situation. A business owner can easily search the status of the bill and can advise for quick payments.

  1. Eco-Friendly System

Go paperless in accounting and bookkeeping. This step is eco-friendly, and paperwork takes a lot of time for accountants and business owners. Small business owners need time to interpret accounting information. Accounting software makes it easy to understand accounting information. Cloud accounting tools reduce upfront business costs. You do not face regular maintenance and upgrading the system. Check out America's Best Bookkeepers

 

A Few Cloud Accounting Tools and their Benefits

Here are five cloud-based accounting tools with reasonable prices for small business owners.

FreshBooks

You can access FreshBooks from a desktop computer and mobile phone. You can easily track expenses, make online payments, generate customized invoices, generate reminders of late payments, see purchase history with time-tracking, client records, and management of different projects with different rates.

QuickBooks Online

 QuickBooks is used to: 

  • Generate invoices with the logo of your company and with all details required by the customers
  • Process payrolls according to HR policies
  • Manage all business transactions, including bills from suppliers and vendors
  • Manage Inventory
  • Track expenses

 

Kashoo

  • Create professional invoices
  • Categorize income and costs
  • Connect with online credit cards and bank accounts
  • Online Sharing of data with an accountant Check out America's Best Bookkeepers

 

Outright

Outright is an online cloud accounting tool for accounting software and is used for tracking expenses, profit, sales, and customers. Bank accounts and other sites like PayPal, eBay, FreshBooks, and web stores can be connected to Outright, and data can be easily exported from one app to another.

Xero

  • Dashboard with bank balances, expenses, and invoices
  • Tracks cash flow in real-time
  • Data can be shared and is accessible to the accountant and others
  • Scheduling of payments and returns

Apple, Blackberry, and Android applications are available. Many add-ons like CRM, invoicing, inventory management packages are also available on demand.

Conclusion:

Cloud Accounting tools make bookkeeping and accounting operations easy and less time-consuming. A Cloud Accounting tool provides small business owners with high feasibility in accounting and bookkeeping at reasonable costs.

Check out America's Best Bookkeepers About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity. Check out America's Best Bookkeepers

Unrecognizable male corporate user contacting customer service representatives via touch onscreen. Business and technology concept for IT help desk, after sales service, tech support and call center.
Accounting is key to managing finances but, for small business owners, accounting is a cumbersome and time-consuming process. The easy way to manage business finances is to utilize the tools available in the market. Accounting software helps you to manage cash flow, generate invoices, have an audit-ready business, and make preparations for the future. These tools make handling your small business easier and simple. Expensive software is not recommended for a small business because a small business has to manage simple accounting operations and general ledgers. Cloud-based accounting software is simple and has packages specially designed for small business. These are accessible online and simplify accounting tasks such as bookkeeping, purchase history, and inventory management. Updating of new versions and backup data storage services are provided by the application vendor.

Here are five cloud-based accounting software with reasonable prices.

1. Fresh Books

Fresh Books is an online accessible accounting application. Fresh Books is a well-known software used by small business owners, freelancers, and entrepreneurial agencies to handle accounting processes. It is a user-friendly tool and is preferable for a service provider.

You can access it from a desktop computer and mobile phones. It has many features used to simplify accounting processes. It makes it easy to track expenses, make online payments, generate customized invoices, generate reminders of late payments, purchase history with time-tracking, client records, and management of different projects with different rates. Many useful reports are also generated by this application, i.e. Profit and Loss reports, taxes, and accounting reports.

It is easy to use the app and can be used by owners with no financial background. The Fresh Books Help boxes guide the user to the next step while performing any task. And the user doesn’t find it difficult to use. 

A 30 days free subscription of Fresh Books is available for new users. After that, it costs $19.95 a month.

2. QuickBooks Online Simple Start

QuickBooks is a simple accounting software, accessible from smart phones and is especially useful for small businesses.  It is used to generate customized invoices, track expenses and sales, and download bank transactions.  The data saved on QuickBooks can be exported to other apps like excel for generating required accounting reports. Payroll can also be processed by using QuickBooks. Its 30 days free trial is available for beginners.

3. Kashoo

Kashoo is a cloud-based accounting app for small business, accessible from the Web browser and iPad. It has a simple dashboard for pending transactions. It has the following features:

  • Creates professional invoices
  • Categorizes income and costs
  • Connects with online credit cards and bank accounts
  • Online Sharing of data with accountant
  • Reconciliation of accounts due to double entry accounting process

20 transactions per month are free.

4. Outright

Outright is an online cloud accounting system for small businesses used for tracking expenses, profit, sales and customers. Bank accounts and other sites like PayPal, eBay, Fresh Books and web stores can be connected to Outright and data can be easily exported from one app to another. The data can be organized into categories approved by the IRS, so workload and stress due to tax are decreased. This app is also accessible from an iPhone and mobile devices. There is a free version of Outright, with limited features available.

5. Xero

Xero online accounting app is used to manage bookkeeping for small business. It has the following features:

  • A dashboard with bank balances, expenses, and invoices
  • Customized reports required by small businesses
  • Tracking cash flow in real time
  • Graphical presentation of data
  • Data can be shared and accessible to accountant and others
  • Generating customized reports and reminders to customers
  • Scheduling of payments and returns

Apple, Blackberry, and Android applications are available. Many add-ons like CRM, invoicing, and inventory management packages are also available on demand.

Conclusion

The above mentioned Fresh Books, QuickBooks, Kashoo, Xero, and Outright are the examples of online cloud-based software which are affordable, simple, and easy to use. These software and applications make bookkeeping and accounting operations easy and less time-consuming.

Check out America's Best Bookkeepers
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual accounting, providing services to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks file and critical financial documents in an efficient and secure environment. Complete Controller’s team of  US based accounting professionals are certified QuickBooksTMProAdvisor’s providing bookkeeping and controller services including training, full or partial-service bookkeeping, cash-flow management, budgeting and forecasting, vendor and receivables management, process and controls advisement, and customized reporting. Offering flat rate pricing, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.

Cloud synchronizing between devices concept with a virtual screen showing mobile phone, tablet and laptop computer syncing data and with a business person

Cloud accounting is the same as traditional accounting and bookkeeping procedures, but done on an accounting software. The cloud accounting tool is hosted on remote servers, similar to the SaaS (Software as a Service) business model. Data is sent to the server into a ‘cloud’, where it is processed and sent back to the user. All application functions are done off-site, into the cloud, not on the desktop. The accounting functions are done online and not on the desktop software. The internet or other network is used for the process. Users access the cloud accounting tool through a cloud application service provider. The software has not been installed on a computer. It can be accessed from any place in the world, provided the cloud application service provider is present.

1.  Smart Management and Organization from Anywhere

Cloud accounting tools have multi-user access. A user has access to accounting and bookkeeping data anywhere and anytime in the world. You can spend time on other activities related to business operations or spend your quality time with family. You can go online to access cloud accounting software while sitting at home and keep yourself updated with the accounting and bookkeeping functions in your business. You have an up-to-date view of the financial status of your business to make the right decisions at the right time. All team members can access required information whenever and wherever needed. A better relationship is built with the accountant. You can access accounting data online and then give quality time to your accountant for discussion related to business bookkeeping.

2. Relationships with Vendors Improved

For small business owners, vendors are important. They play a vital role in the success of small business. Small business owners want to have a pleasant relationship with vendors and suppliers. Relationship with the supplier is often disturbed by late payments. A Cloud-accounting tool prevents this situation. A business owner can easily search the status of the bill and can advise for quick payments.

3. Eco-Friendly System

Go paperless in accounting and bookkeeping. This step is eco-friendly too. Paperwork takes a lot of time for accountants and business owners. Small business owners need time to interpret accounting information. Accounting software makes it easy to interpret accounting information. Cloud accounting tools reduce upfront business costs. You do not face regular maintenance and upgrading the system.

 

A Few Cloud Accounting Tools and their Benefits

Here are five cloud-based accounting tools with reasonable prices for small business owners.

FreshBooks

You can access FreshBooks from a desktop computer and mobile phones. You can easily track expenses, make online payments, generate customized invoices, generate reminders of late payments, see purchase history with time-tracking, client records, and management of different projects with different rates.

QuickBooks Online

 QuickBooks is used to: 

  • Generate invoices with the logo of your company and with all details required by the customers
  • Process payrolls according to HR policies
  • Manage all business transactions, including bills from suppliers and vendors
  • Manage Inventory
  • Track expenses

Kashoo

  • Create professional invoices
  • Categorize income and costs
  • Connect with online credit cards and bank accounts
  • Online Sharing of data with accountant

Outright

Outright is an online cloud accounting tool for small business owners and is used for tracking expenses, profit, sales, and customers. Bank accounts and other sites like PayPal, eBay, FreshBooks and web stores can be connected to Outright and data can be easily exported from one app to another.

Xero

  • Dashboard with bank balances, expenses, and invoices
  • Tracks cash flow in real time
  • Data can be shared and is accessible to accountant and others
  • Scheduling of payments and returns

Apple, Blackberry, and Android applications are available. Many add-ons like CRM, invoicing, inventory management packages are also available on demand.

Conclusion:

Cloud Accounting tools make bookkeeping and accounting operations easy and less time-consuming. A Cloud Accounting tool provides small business owners a great feasibility in accounting and bookkeeping at reasonable costs.

Check out America's Best Bookkeepers
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual accounting, providing services to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks file and critical financial documents in an efficient and secure environment. Complete Controller’s team of  US based accounting professionals are certified QuickBooksTMProAdvisor’s providing bookkeeping and controller services including training, full or partial-service bookkeeping, cash-flow management, budgeting and forecasting, vendor and receivables management, process and controls advisement, and customized reporting. Offering flat rate pricing, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.

 

Cloud Optimization - Complete Controller

Public cloud environments like AWS, Azure, Google, and Microsoft are cost-effective for IT infrastructure. This doesn’t happen each time because of the continually increasing complexity in what the cloud offers to its users. Due to a lack of knowledge and visibility about the cloud environments, most organizations fail to deal with the cost and unknowingly overfill money into public clouds. This is one kind of error that makes it difficult to be controlled or fixed.

 

Here are five mistakes that you should avoid increasing the cloud instancing optimization and resource efficiency without affecting the performance risks in new environments. Check out America's Best Bookkeepers

  1. Not having Command on Detailed Application Workload Patterns

Not all workloads need to be designed despite which public cloud you’ve been hosted with. You meet the error when you go deeper into cloud instance selection. For selecting the cloud instance, you have to be well-informed about the reason for the workload, along with the use pattern.

 

The system of a batch of workload is different from the usual application. In apps, constant varying from peaks to valleys occur. While in a public cloud, the workload does its work at least once at the end of each day. To understand the workload pattern between the days and its variation over a business cycle, you have to select the right cloud instance and resources.

  1. Inability to Meet Benchmarks to Normalize Inter-Platform Data

‘Like for Like’ is a common approach to deal with resource allocation when migrating from one cloud environment to another. There is a dire need to use targets to standardize the workload information. It gives a clearer idea of how the workload will perform in the new environment.  This way, you can expect more enhanced performance on the new platform, which has better hardware than the previous one. In simple words, we can say that normalizing the data is the only way to make an apple to apple comparison. Check out America's Best Bookkeepers

  1. Focusing too much on the sizing

Now, while sizing is an important issue to consider, it shouldn’t be the only focus. When you migrate to an environment that is running on more advanced and powerful hardware, you can reduce costs by modernizing workloads as well. Compared to the savings delivered by right-sized instances on the public cloud, modernizing can add 20% more value.

 

Modernizing requires a proper understanding of the workload, catalogs, and cost, along with the ability to normalize the data. It all adds up to performance optimization. The analysis of all of these aspects should be an ongoing process, especially for apps that are regularly updated.

  1. The Bump-Up Loop

One of the major culprits behind overspending or over-provisioning is the infamous bump-up loop. Specific workloads will use as many resources as they are provided. When more resources are provisioned, those apps will take more of it, and they would do it for short cycles. This is the bump-up loop, and it can hog resources and multiply the spending.

 

To prevent this expensive situation, you need to analyze and understand the behavior and pattern of each workload. This way, the overall resource allocation, and utilization will be optimized.  Check out America's Best Bookkeepers

  1. Unmanaged Zombie Cloud Instances

Zombie instances occur when the short-term instance is deployed but not shut down. A single zombie instance may not cause much harm, but a pile of them can send the cost skyrocketing. A reasonable approach to avoid such waste is to keep an eye on the workload pattern across a certain period, i.e., a monthly or weekly cycle. Tools that are unable to provide long-term visibility into the workload are usually incapable of identifying zombie instances.

Conclusion

Avoiding all of these mistakes can optimize your cloud instance, not just for cost but also for performance.

Check out America's Best Bookkeepers About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity. Check out America's Best Bookkeepers
cloud based accounting - Complete Controller

What does a construction project manager, a creative design director, and a pastry chef have in common? Evidently, as small-business owners, each one of them opened up an outlet to serve clients and do what they love rather than spend hours on bookkeeping or accounting.

 

Being a small-business owner, you might have an inborn entrepreneurial attitude, but you are less adept at accounting. Often owners will find bookkeeping a tedious activity even more so when your focus lies on building your brand and boosting your business. Check out America's Best Bookkeepers

Modern-day artistic entrepreneurs can leverage an ever-growing suite of business tools and bookkeeping technology. They can help lower the stress of managing invoices, receipts, and bills while spending more time on grabbing new business opportunities. How businesses record their expenses and revenues has radically changed over recent years. More and more businesses are switching to cloud computing to enjoy the online accounting and bookkeeping tools and to help streamline their core functional processes. Thus, it would help if you also considered migrating your present accounting data and workflows to the cloud. The tools securely host all the relevant and necessary databases and servers, helping you access your data anytime and anywhere via an internet connection.

 

Here are the top five logical reasons to incorporate cloud accounting into your business to ensure improved efficiency and increased profits:

  1. Have easy access to your data anywhere, at any time

The main reason that cloud-based invoicing and accounting tools are so popular is that they allow easy access to your financial data from anywhere, at any time. Since they host remotely, you do not have to worry about any time-consuming downloads and updates. Busy professionals like you can keep up with their business information on the go and even access their invoices by using the mobile app of the online accounting software. This renders added flexibility and peace of mind as you do not have to be sitting in your shop or office to access your accounts or check your cash flow. Also, you will be making important financial decisions quickly instead of having to go through endless piles of paper containing old and outdated information. Check out America's Best Bookkeepers

  1. Enable smart business for a distributed workforce

As accounting information and financial data stored in the cloud can be accessed or added anywhere, your team members can easily and quickly finish their work, irrespective of their physical location. Whether a project manager has to verify an invoice for a supplier or a sales representative has to add expense receipts, having cloud-based invoicing and accounting tools in place makes accessing any organizational information as simple as taking a picture of a document or searching by date, vendor or amount.

  1. Verify Discrepancies

The vendor-Customer relationship is a top priority for almost every business. However, we have all seen situations where accounting discrepancies put vital relationships at stake. Cloud-based accounting and bookkeeping tools make it easier to verify better and locate precisely where error or omission took place through advanced yet easy-to-use searching capabilities. Hence, small-business owners no longer need to spend hours and hours searching through old invoices as smart tools are waiting to benefit them.

  1. Maintain Vendor Relationships

When an accounting omission or invoice discrepancy is located through online accounting software, it can promptly be brought to the vendor’s attention. This easy and smart process ensures that it is easier for you to maintain relationships with suppliers because, instead of being frustrated with how long it took to identify the discrepancy, they will appreciate you for quickly finding it and thereby resolving it.

  1. Reduce Overhead

It can cost you a lot to maintain your business server, local storage devices, and networks for your small business. However, you will no longer be required to bear the costs of maintaining a server system, upgrading to new software versions, or hiring an IT professional to keep up with your system when you migrate from traditional ways of record-keeping to smart tools of cloud-based accounting technology. Check out America's Best Bookkeepers

  1. Leverage a broader suite of secure apps

Cloud-based accounting and bookkeeping applications such as QuickBooks Online and XERO not only provide easy and secure access to information and data from any remote device with an internet connection. They also integrate with many other cloud-based tools. Hence, as soon as you begin using cloud-based record-keeping technology, it is fast and easy to extract and leverage accounting data across a number of different online platforms and save time spent on manual data entry.

Final Note

One thing is certain, the evolution of accounting technology has taken place. The desktop-based system software is dead, while cloud-based applications are ruling everywhere. If you want to spend more time doing what you love and be smart and more efficient with your record-keeping, then cloud accounting is an unbeatable choice for staying on top of your business finances.

Check out America's Best Bookkeepers About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity. Check out America's Best Bookkeepers
cloud accounting - Complete Controller

Accounting is key to managing finances and bookkeeping in a business. The easy way to manage business finances is to use tools available in the market. Accounting software helps you to manage cash flow, generate invoices, have an audit-ready business, and make preparation for tax time. These tools make handling your small business easier and simpler. Expensive software is not recommended for small companies because they need to manage simple accounting operations. Cloud accounting software is simple and has packages specially designed for small businesses. These are accessible online and simplify accounting tasks like bookkeeping, buying history, and inventory. The application vendor provides updating of new versions and backup data storage services. Check out America's Best Bookkeepers

CLOUD ACCOUNTING: Cloud accounting is the same as traditional accounting, and bookkeeping procedures are done on accounting software. The cloud accounting software is hosted on remote servers, similar to the SaaS (Software as a Service) business model. Data is sent to the server into a ‘cloud,’ where it is processed and sent back to the user. All application functions are done off-site, into the cloud, not on the desktop. The accounting functions are done online and not on desktop software. The internet or another network is used for the process. The users access the cloud accounting software through a cloud application service provider. The software has not been installed on a computer. It can be accessed from any place in the world, provided the cloud application service provider is present.

Benefits of Cloud Accounting for Small Business

  1. Having access to accounting and bookkeeping data anywhere and anytime in the world. You can spend time on other activities related to business operations or spend your quality time with family. You can go online to access cloud accounting software while sitting at home and keep yourself updated with the accounting and bookkeeping functions in your business. An up-to-date view of the financial status of the business allows you to make the right decisions at the right time.
  2. Go paperless in accounting and bookkeeping. This step is eco-friendly too. Paperwork takes a lot of time for accountants and business owners. Small business owners do need time to interpret accounting information. Accounting software makes it easy to understand accounting information.
  3. Cloud accounting software has multi-user access.
  4. A better relationship is built with the accountant. You can access accounting data online and then give quality time to your accountant for discussion related to business bookkeeping.
  5. Cloud accounting software is automatically updated.
  6. Cloud accounting reduces upfront business costs. You do not face regular maintenance and fees for upgrading the system. Check out America's Best Bookkeepers

A Few Cloud Accounting Software and their benefits

Here are five cloud-based accounting software at reasonable prices.

  1. FreshBooks

You can access it from desktop computers and mobile phones. It has many features used to simplify accounting processes. It makes it easy to track expenses, make online payments, generate customized invoices, generate reminders of late payments, purchase history with time-tracking, client records, and management of different projects with different rates.

Thirty days free subscription of FreshBooks is available for the new user having a business that costs $19.95 in a month.

  1. QuickBooks Online

QuickBooks is the bookkeeping and cloud accounting tool for small business and is used to handle accounting operations. QuickBooks is developed and marketed by Intuit. QuickBooks is used to:

  • Generate invoices with the logo of your company and with all details required by the customers.
  • Process payrolls according to HR policies
  • Manage all business transactions, including bills from suppliers and vendors
  • Manage inventory
  • Track expenses

 

  1. Kashoo:
  • Creating professional invoices
  • Categorization of income and costs
  • Connectivity with online credit cards and bank accounts
  • Online sharing of data with an accountant
  • Reconciliation of accounts due to the double-entry accounting process

Twenty transactions per month are free. Check out America's Best Bookkeepers

  1. Outright:

Outright is an online cloud accounting system for small businesses and is used for tracking expenses, profit, sales, and customers. Bank accounts and other systems like PayPal, eBay, FreshBooks, and web stores can be connected to outright, and data can be easily exported from one app to another.

  1. Xero:
  • A dashboard with bank balances, expenses, and invoices
  • Customized reports required by the small business
  • Tracking cash flow in real-time
  • Graphical presentation of data
  • Data can be shared and accessible to the accountant and others.
  • Generating customized reports and reminders to customers
  • Scheduling of Payments and returns

Apple, Blackberry, and Android applications are available. Many add-ons like CRM, invoicing, inventory management packages are also available on demand.

Conclusion:

Cloud Accounting software and applications make bookkeeping and accounting operations easy and less time-consuming. Cloud accounting software provides small business owners with great feasibility in accounting and bookkeeping at reasonable costs.

 

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Effective business performance is key to survival in the start-up phase of any company. Applying simple tactics can ensure success in a short period. Here are areas that entrepreneurs need to be mindful of in the initial stages of the business: Check out America's Best Bookkeepers

  1.  The Right Focus on Your Target Audience 

It is important not to try to please every person, as it leads the entrepreneur nowhere. In the words of Sally Hogshead: “If you’re not generating a negative reaction from someone, you’re not fascinating anyone.” Icebergs do not freeze up overnight. Hence, it is vital to start with something smaller, focus on a particular element, and broaden it up later. Facebook is one such instance, as it was only for students at a specific university. The rest, as they say, is history. Apart from students, there are now Facebook accounts of juveniles, parents, and even grandparents. This is the perfect instance of proper focus on the right audience.

  1.  Social Media Utility

Direct contact with your potential customers through social media is one of the most useful methods for accessing the mass market. It is one of the most efficient methods for initiating a movement for a product or business. Apart from a wide coverage of the target market, it is also a rather personalized method of marketing, which is quite cheap, if not free.

  1.  Sticking to the very basics

In the start-up phase of a business, it is advised not to chase big ideas but instead focus on unique selling points. Business performance will work best if you turn your focus on the product’s unique qualities relative to your competitors. In the beginning, it is recommended to focus on small, specific groups for which you have the most accurate idea of tastes, preferences, and demands. They need to be observed for their behavior, interests, and desires. It will not be too complicated, then, to find out which approach will be best for your target market. Check out America's Best Bookkeepers

  1.  Keeping a Stringent Budget Line

It is perhaps the most obvious course of action, which is often the most overlooked. Entrepreneurs need to remember that, in the start-up phase of the business, cash would run out if you do not keep track of the money spent. How the customers are going to be approached and retained matters less than how the cost will be managed. It is a good idea to keep a flowchart and spreadsheets for keeping track of costs and revenues. They also need to be updated and edited regularly. To ensure your small company’s overall financial health, you must know the various tactics available for systematically and effectively getting rid of meager as well as serious cash outflows. From cutting down excess expenses to restructuring loans through a third party, adopting a proactive approach, and formulating a payback plan enables small business owners to manage what they owe before it becomes unmanageable.

  1.  Planning Loan Contingencies

Resorting to loans is common in a start-up business. There needs to be a formulated and laid down approach on how the loans will be repaid. They tend to spiral out of control and can seriously damage business performance.

  1.  Maintaining Liquidity

This is perhaps one element that most businesses do not put much emphasis on. The rule of thumb for entrepreneurs is that liquid assets must be twice the number of short-term dues. Then, and only then, a business can be considered covered. This should be a priority for doubling liquid assets.

  1.  Going the Extra Mile for Customers

Satisfied customers are key for improving business performance in the start-up phase of a company. Entrepreneurs have to look for ways in which customers can be continuously satisfied. This can be determined by either after-sales services or efficient customer service. Check out America's Best Bookkeepers

  1.  Polishing Economic Drivers of the Business

Every business in its start-up phase has key economic drivers that can generate maximum revenues. Rather than deploying every driver into earning revenues, it is smarter to focus on economic drivers that can greatly boost business performance. Once these have been capitalized, the focus can be shifted to other drivers as well.

  1.  Customized Logos

This is also one area on which entrepreneurs do not place much emphasis. Logos are an efficient instrument to attract potential customers in the start-up phase of the business. Along with customers, it also develops a feeling of affiliation among employees, if logos are considered to represent them. Hence, this aspect is significant for effective business performance.

  1.  Keeping a shorter chain of command

For a start-up business, it is recommended to keep a short chain of command for effective communication. A large chain of command can lead to a breakdown in the channel of communication and, subsequently, business performance

Check out America's Best Bookkeepers About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity. Check out America's Best Bookkeepers