Functionalities of a Cloud Accounting Software – Infographic

Cloud accounting software assists small and medium business owners in monitoring and reporting on their company’s financial operations. Its main modules include accounts payable, accounts receivable, invoicing, payroll, general ledger, and trial balance. Companies can now access their databases through the internet at any time and from any location, thanks to the increased cloud computing capabilities.

Accounting programs can link with your bank accounts so you can view your bank statements from within your program. Before, it would take so much time to complete matching bank and book details. Today, it can be done with a few clicks with the help of a small business bookkeeping software.

Most online accounting solutions also provide a standardized format for documents such as invoices. You can set up recurring invoices, send follow-up reminders, and take digital payments right from your invoices. You may also keep track of delinquent invoices and give early payment discounts.

One of the primary features of an offline accounting solution is reporting with a few basic charts. However, this aspect is upgraded in cloud accounting solutions in that it provides the best key performance indicators that the company can use to analyze its performance.

Multiple users can collaborate on the same file using cloud-based accounting software. And as it is a cloud facility, changes made on the files are reflected in real-time and without redundancy. Admins have full control over who gets access to the company records. This is an important feature because there may be times when you just want to enter your company’s financial data and have someone else calculate the final statistics (like your chartered accountant, for example). And you can also remove privileges after the completion of a user’s task.

Learn more about the functionalities a small business accounting software can offer in an infographic from KIPPIN.

Functionalities of a Cloud Accounting Software
Functionalities of a Cloud Accounting Software