Ever since the concept of cloud computing entered pop culture a few years ago, it has gained in popularity and usage among consumers and businesses alike who were quick to harp on the advantages of operating in the “cloud” and using Software as a Service (SaaS) applications in particular. While users may still be a little wary about uploading sensitive business data into a cloud application, advances in security technology are wining over many skeptics.
If you are running an e-commerce site for your business or if data needs to be accessed from off-site locations, then you might want to consider web-based accounting solutions.
How Web-Based Accounting Works
With web-based accounting services all your business’ financial information is stored and backed up on the service provider’s servers. You can access, add, and manipulate the data via an online portal. Many of these services offer a full, customizable range of features including: general ledgers, invoicing capabilities, accounts payable, accounts receivable, expense reports, financial reporting, and a collection of advanced features. The cost for a basic package will run you an affordable $5-$20 dollars a month.
There are several advantages to using an online accounting application versus a desktop version, namely: information can be accessed on demand from any location, application updates are conducted by the service provider, and many providers automatically sync online transactions with accounting records.
If you are interested in web-based accounting, you can start your search for the right service by looking at what QuickBooks and NolaPro have to offer. There are many other smaller companies offering their own versions-often with different levels of usability, features, and of course, price, so it pays to shop around a bit before deciding on a service.