SALT LAKE CITY — Most small business owners have a lot on their plate when it comes to day-to-day tasks. Most of the time, bookkeeping isn’t one of them. Further, it’s not something most people enjoy doing on a regular basis.

The solution to this problem is using online small business accounting software to calculate cash flow, payroll and revenue easily and accurately.

The emergence of cloud-based accounting software has also made a significant impact on the marketplace as you can keep your financial information secure while still having the ability to access it from anywhere in the world.

As a result, investing in online small business accounting software can be paramount.

So what’s out there?

When it comes to cloud-based small business accounting software, there’s plenty to choose from.

Here’re a few brands that are industry leaders:

• FreshBooks
• QuickBooks Online
• Wave Accounting
• Zoho Books

1. Very user-friendly

Online accounting applications for daily business operations are easy to learn for the most part with loads of guides and hacks online. Once you’ve set up the software, you are ready to go with regular data entries.

Another great aspect is the fact that you can upload invoices as well as bank statements automatically into correct categories. It’s highly efficient and user-friendly and negates the need to hire someone specifically to handle your accounts.

2. Enhanced accuracy

Developers of online accounting software for small businesses know how important it is for businesses to perform computations accurately. As a result, these applications have systems in place to make sure that you don’t make mistakes and incur significant losses.

3. Highly secure

Because all your financial data is stored on a cloud, these platforms have been built to be highly secure. With enhanced security, you also get the added advantage of checking your business’ financial health and the ability to do invoicing from anywhere at any time.

4. Take the paperwork out of payroll

Since you can easily fill out employer forms accurately online, it negates the need to do a whole load of payroll paperwork on a regular basis.

5. Manage your cash flow efficiently

By using online accounting software, you can effectively manage your cash flow and save money.

It’s easy to do and you can view your profits and losses in a clear way. Further, you can also determine discounts for customers and creditors.

6. Enhance productivity and identify new opportunities

A large amount of paperwork can become demoralizing and make employees less productive. But with online accounting applications, half the work is already done for you. As a result, you will now have more time to identify new business opportunities.

Most of the software companies provide the added advantage of tracking business trends, profits and losses automatically. This in turn will help you improve your revenue streams and identify new opportunities to grow your business.

7. Invoicing made easy

Invoicing is imperative to generate revenue, so online accounting software makes it easy for you to create and even send clients invoices (via email).

By doing all your accounting online, you also diminish human error, which will save you money in the long run. Further, it will also figure out your sales tax so you don’t have to do it manually.

Typically, the services are a small monthly fee (usually $9.99), which includes all future upgrades and cloud storage. And along with eliminating human error in your bookkeeping, you will also save money because your employees won’t need extensive training to use the software.

Do you use small business accounting software? Let us know in the comments.

Troy Martin is a shareholder at Cook Martin Poulson, a Utah accounting firm. He has a vast amount of experience in the following business sectors: medical, dental, manufacturing, retail, restaurants, construction, farming and ranching.

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