How to Choose an Online Accounting Solution?

An online accounting solution is primarily required to complete minute accounting tasks without much investment and consistent prowess as well as informed decision making especially in the financial side of the business. Not only should the software be open source, cloud integrated, and app backed but easy to use as well. This is what budding businesses should consider before choosing an accounting software.

Small businesses require a consistent and reliable accounting solution to their daily business requirements. In order to take important decisions pertaining to working capital, cash inflows and investments, a strong Online Accounting Services is required, that is a cut above the rest and most importantly a software to bank on.

5 benefits that an organization should get when we talk about online accounting solutions

  1. Reporting – Basic financial reporting is mandatory and is the minimum benefit which should be sought out by the organization. This feature will not only bring efficiency but reduce time for reporting for any extensive filing.

  2. Omnipresent – For it to be an online accounting solution, it is important to ensure that the tool is available any place and at any time during the organizational structure. Therefore it is useful at critical moments to account for any transaction.

  3. Cloud Based – The best thing about an accounting software being cloud based, is the fact that it does not require extensive hardware and servers to support the data. Hence, it has to be 100% cloud based. 

  4. Importing Facility and Bank Integration – Perhaps the most important requirement of an accounting software should be its ability to import transactions from various other systems along with immediate banking transactions via its banking integration with partner payment gateways or banks. 

  5. Differentiate between Personal and Business Transactions – evidently, credit card expenses might be personal as well as business related and therefore, the software should be able to identify the purpose of the transaction. OCR technology can also be used to click pictures of bank statements and convert them into entries.

Here is a list of top 5 accounting software's:


  1. Quickbooks

  2. Xero

  3. Wave

  4. Freshbooks

  5. Zoho Books

All of these software's have their own benefits, pros and cons and therefore have to be checked thoroughly to understand the price differences, the free features, the reliability, testimonials and the interface as well to understand the way things are to be reported and represented in order to keep the steady flow of information understandable and traceable and therefore should be looked into.

It is therefore extremely important for an organization to consider the size of business units and functions it wishes to record and process. An online accounting software should be able to do much more than just journalize. It should be able to integrate with banking applications and therefore be able to instantly make journal entries and process information much more faster from various credible sources and at the end of the day be reliable.

Rayvat ensures that your accounts are maintained as per international  standards and at the same time compliant to local authorities. We can  offer you the most comprehensive, resourceful, and  cost-effective Virtual Accounting Services for your business

For more tips on effectively managing your work schedule, Contact us our team today.

 


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