How to Choose Cloud-Based Accounting Software in 2022
Accounting has always been the backbone of any successful business. Over the years the methods used to carry out this task has changed drastically. Today, cloud-based accounting software reigns supreme, helping organizations easily collect data that's integral for making important decisions that could impact their companies future. Learn how cloud-based accounting software could help your business get an edge over the competition.
Learn more about how inFlow integration works with Quickbooks Online and Xero:
https://www.inflowinventory.com/featu...
0:00 - The Benefits of Proper Accounting
0:26 - Accounting of the Past
1:13 - Accounting in the Digital Age
1:51 - Cloud-Based Accounting
2:11 - Is Cloud Based Accounting Right For You?
2:55 - Quickbooks Online and Xero
3:24 - Quickbooks Online and Xero Integration with inFlow
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Proper accounting is the backbone to any successful business with proper systems in place. Companies are able to manage expenses, revenue and track analytics. This data is key when trying to understand what's driving and influencing your organization. Over the years, the tools and processes used to collect and record this data has changed drastically. In ancient Babylon, accounting consisted of the abacus used in conjunction with parchment and papyrus. As trade began to increase, bookkeepers emerged keeping track of trades in ledgers using a single entry system that listed all debits and credits in the same line, which was inefficient and time consuming. Then, in 1494 Luca Pacioli, an Italian monk known as the father of accounting and bookkeeping published the first work on double entry bookkeeping and laid the groundwork for modern accounting, showing a clear view of a company's overall strength. But it wasn't until the 1890s that bookkeepers were given a huge boost to their workflow. When William Seward Burroughs' adding machine was ready for commercial use. Later, IBM took accounting into the digital age when they introduced the first commercial scientific computer available in 1952. Even with all of this innovation, old school accounting still involved countless hours manually entering data, as well as organizing hard copy documents in filing cabinets. Accounting systems of the past were also normally manned by large full time staff, including a CFO, accountants, bookkeepers, data entry clerks and IT professionals. And with all of the data being uploaded to one central server, it was hard for just anyone to access the information quickly. Now, in the 21st century, the digital age of accounting has gone even further. Introducing cloud-based software, giving real time information. These automated systems reduce time consuming tasks, taking up the grunt work of analytics, which frees up accountants to play a more strategic role in their companies. However, despite all of the advantages of these cloud-based systems, some small businesses still aren't taking full advantage of these tools that are not only readily available but also incredibly affordable. A study conducted by Fit Small Business asked 300 small businesses whether or not they were using cloud based accounting software, and they found that less than half of them answered yes. How can you tell if your business is using an outdated system? Start by asking yourself a few basic questions. Can you access your information from anywhere? Is your data updated in real time? Can you collaborate with other users online? If you answered no to any of these questions, chances are that you're not utilizing cloud based accounting software. Two great examples of this software are QuickBooks Online and Xero. Even consumers share the sentiment that technology is vital to a business' success. When asked, 68 percent of consumers find modern technology vital to a business' success, and 57 percent believe that businesses that adopt modern technology are more competitive. And you know what they say the customer's always right. Adapting to emerging technology can put you ahead of the curve and give you an edge over your competitors. What makes Xero and QuickBooks Online even more powerful is when they're combined with applications like inFlow, which is a must for anyone doing #onlineaccountingwithinventory. Integrating with inFlow would create a complete #inventoryaccountingsystem, cutting down double entry, pushing sales orders as invoices, purchase orders as bills, and it also pushes total inventory values. inFlow acts as your #inventoryaccountingsoftware tracking stock levels and fulfillment, while Xero and QuickBooks Online track bookkeeping and finances. If you want to learn more about how inFlow integration works with Xero and QuickBooks Online, click the link in the description.
