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8 Features Your Cloud Accounting Needs

Maria Tanski-Phillips
Posted by Maria Tanski-Phillips on Oct 21, 2021 8:52:39 AM

Cloud accounting is chock-full of perks, like on-the-go access and secure information storage, for you and your clients. And if you’re thinking about making the switch to online accounting software or need cloud accounting with more capabilities, you need to know which features to keep in mind.

Features for cloud accounting

Aside from the standard income and expenses recording features of cloud accounting, you need powerful cloud accounting features that can take your firm’s and clients’ accounts up a notch. So, which cloud accounting features are an absolute necessity for your firm and clients? Check out eight must-have online accounting features below.

1. Easy import options and setup

When it comes to accounting software, you and your clients don’t want to spend endless hours setting up cloud accounting books. So instead of wasting time manually entering information, find an accounting solution that offers easy setup and importing.

If you’re shopping for cloud accounting, find software that makes onboarding a breeze. We’re talking about import options, step-by-step instructions, etc.

Look for cloud accounting software that offers imports for information like:

The less you or your clients have to do manually with setup, the better.

2. Unlimited invoicing and vendor payments

A big part of your clients’ accounting books is invoicing. After all, it’s a given for most businesses. To accommodate the countless invoices your clients may have, consider finding cloud accounting software with unlimited invoicing.

Unlimited invoicing allows your clients to create, track, and send as many invoices as they wish.

When looking at software, check to see if the provider charges extra based on the number of invoices. Some cloud accounting companies may charge per invoice or only include a specific amount of invoices in the cost.

Another big part of running a business? Paying vendors. So, be sure to also look for a software that allows unlimited payments to vendors and an easy way to track said payments.

3. Automatic bank transaction imports

When it comes to accounting, you have to make sure each and every transaction is accounted for. One way to simplify this for your clients? Automatic bank transaction imports.

Importing bank transactions can save you and your clients precious time. Look for software that connects your client’s bank account or credit card. That way, all of your client’s activity can automatically flow into their cloud accounting.

If you’re on the hunt for software, check out what bank transaction options the cloud accounting platform has. Find out if there’s a way to automatically import bank transactions. And, be sure to check if there’s an easy way to manually import bank transactions for your clients, too.

4. Invoice payment reminders

Chances are, your clients probably have a customer or two that haven’t paid them on time. To make the job easier for collecting payments, get cloud accounting with an invoice payment reminder feature.

Invoice payment reminders do the nudging for your clients. If your clients have customers with past due invoices, they can choose when to send a reminder (e.g., 10 days past due) with automatic payment reminders.

5. Payroll integration

If you have clients who need both accounting and payroll services, finding a solution that offers seamless payroll integration is the way to go.

While searching for cloud accounting solutions, check to see if they integrate with payroll software. Many accounting platforms do have some type of payroll integration option. If you already use a payroll platform to manage your clients’ payroll, see if you can find an accounting solution that integrates with your current payroll system.

Some cloud accounting software, like Patriot Software, integrates with its own payroll software so you don’t have to worry about using and connecting separate platforms.

6. Recurring invoices

Do you have clients that regularly send their customers the same invoice time and time again? If so, keep your eyes peeled for cloud accounting with a recurring invoices option.

Recurring invoices allow you and your clients to automate sending repeating invoices to customers at a set frequency instead of doing it manually. Generally, you can set up the frequency, start date, and how often you want it repeated (e.g., forever). 

7. Top-notch reports

When it comes to your accounting clients, they need an easy way to access and share reports with you. To ensure you and your clients have all the financial reports you need at your fingertips, make sure your cloud accounting has top-notch reports.

Look for cloud accounting software that has the following reports:

Before committing to any cloud accounting software, check out what the reports look like and how you can break them down (e.g., by date). Also, look at how easy they are to download, print, share, etc.

8. Estimates

OK—this last one is kind of a given. But, you and your clients need an easy way to create and send business estimates with cloud accounting. Otherwise, how else will your clients’ customers see a preview of their bill?

During your cloud accounting search, look for a platform that makes it a breeze to create and send estimates to customers. That way, it’s one less hassle for you and your clients.

You may also need an easy way to convert estimates to invoices. Some software companies, like Patriot Software, have features that make it a snap to change an estimate to an invoice for customers. Keep these types of robust features on your radar while you’re on the hunt for cloud accounting.

Other cloud accounting factors to keep in mind

When it comes to looking for cloud accounting software, there may be a variety of things on your wishlist. In addition to the above features, look for software with the following:

  • Affordable pricing
  • No long-term contracts (e.g., month-to-month pricing)
  • No hidden fees
  • Free expert support
  • Top-notch security and secure online login
  • Customizable options (e.g., invoices)
  • No app required for on-the-go login (i.e., responsive software design)

As a trusted advisor, you should also keep an eye out for a few extra perks for your firm, such as:

  • Special partner program pricing
  • Free co-branding
  • Free accounting and payroll options for your firm
  • No partner fees

Put a list together of all of the must-have features your firm needs to handle accounting for clients. After you compile a list, do your research to see what’s out available for cloud accounting software and how it can work for your firm.

Topics: Cloud Accounting


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