There are certain accounting functions that just about every business requires, such as payroll, expense tracking, bill pay, and document management. Some of these functions require daily attention, so why not simplify and automate the process? Doing so can save you valuable time and money, and also helps to reduce the mistakes that are inevitable with manual data entry. Further, implementing formal processes for basic accounting functions can add a valuable layer of checks and balances that helps to prevent fraud and theft.
These are our top 5 cloud accounting applications based on their ease of use, efficiency, and smooth integration with Xero’s central hub.
From onboarding and benefits to payroll and HR management, Gusto has you covered in the office and remotely. Why do we love Gusto? This app is one of our top payroll picks for small businesses, offering plans for those just starting out and small businesses growing and advancing. With just a few clicks, Gusto calculates and files your payroll taxes and syncs everything automatically. You can also integrate additional benefits, such as health insurance and savings plans. Gusto gives you total control over all aspects of payroll and employee management while seamlessly integrating with your cloud-based books.
Did you know that small businesses are two times more likely to experience billing and payment fraud and four times more likely to experience check and payment tampering as compared to their larger counterparts? Yes, you read that right. So what are you doing to protect your business? Reducing fraud starts with understanding your vulnerabilities and instituting the changes needed to secure your business.
Bill.com is one of our top choices to help small business owners reduce fraud and theft, while also offering a more efficient way to manage accounts payable. Users can approve and pay business bills on time, from anywhere, 24/7. The average Bill.com user reduces time spent on accounts payable by 50%—that’s 36 days a year! Imagine what you could do with 36 extra days to grow your business.
Whether you’re getting paper statements and receipts or receiving electronic versions, managing the inflow of information related to your business finances can be a major headache. Not only does the volume of mail and email become overwhelming, but logging into various sites is a huge time suck. Hubdoc solves this problem by automatically pulling your bills and invoices into one secure hub. Simply snap an image of your receipt, sync your accounts, and forward your invoices. But what do you do with all of that data? The reason we love Hubdoc is that it converts that information into usable data and seamlessly integrates with Xero. Hubdoc also makes it easy to organize and share information with your accountant.
Expensify improves your back office by simplifying the way employees request expense reimbursements. Users can SmartScan receipts, as well as import personal and business credit card transactions. Expensify will code and report the expense for you before submitting it for approval. Expensify also allows for approval workflows, creating customized expense policy rules to flag expenses that need manager approval. By automating tedious expense reporting tasks, Expensify cuts out the noise and pinpoints the exact next steps that keep you moving forward.
Xero’s cloud accounting software is our top pick, and for good reason. We recommend Xero as a foundation for all of your cloud accounting needs and online collaboration. Access your business finances at any time, from any internet-connected device. Know how you’re doing financially with daily updates from your bank accounts and credit cards. Invite your advisor to collaborate with you on your business in real-time and give your staff access to the areas they need to do their jobs. Xero plays happily with a wide variety of accounting apps that enable you to build a custom tech stack for your business. And most importantly, Xero protects your data using multiple layers of security including industry-standard data encryption and secure data centers, and offers two-step authentication as an additional layer of protection for your Xero account.
These are just a few of our favorites for general accounting needs. Different businesses require additional services, such as point of sale and inventory management. If you’re considering migrating to cloud-based accounting but not sure what is right for your business, feel free to reach out to us. We can work with you to determine what apps can make your life easier.