Pricing

You will be making software subscription payments, so the cost of investment has to be considered. Some business owner fears that they do not have enough money to fund and support the long-term investment of using a cloud accounting software.

Things to ask yourself:

• What is my budget?
• Do I want to pay for the software monthly or annually?
• Am I willing to pay additional fees?

For starters, Bukku is an excellent option because they also provide a FREE Version with basic features. It is great for testing out or only using the simple features for a company that is in the early stage of business.

Financio offers the cheapest package for every Malaysian SME seeking reasonably priced online accounting software, which is perfect for tight-budgeted companies.

But if would like the best cloud accounting software investment, Xero is your choice. Though they cost more, Xero is well-known globally as the best cloud accounting software for small and midsize companies – it is a premium software worth its price. You may contact us through a FREE Clarity Call to look for the latest Xero promotion from CALTRiX.

On a regular basis, most cloud based accounting software usually charges payment based on a monthly subscription. However, there are also annual plans that may include discounts but only some cloud accounting software providers do so. You will need to check with software partners or the software provider!

In some cases, the monthly software subscription may also vary with additional product items. Like Biztory, an additional fee is required for adding a new user.

Note that you will be able to save on license and on-premise maintenance costs because the software is online-based.

Free trial:

If you are surveying for a small business accounting software, do opt for the FREE TRIAL offered – most providers offer a 30-day trial before any software purchases. You do not have to link your credit/debit card to activate your account. After the month’s trial is over, you can choose to continue and start getting billed per month.

Features to look out for:

The accounting solution of every cloud accounting software is about online invoicing, accounting automation for data entry and recurring tasks, generating accurate financial reports like monthly balance sheet, tracking accounts receivable and payable, helping with tax season and providing business owners remote access on devices to their business accounts with just an internet connection. Cloud computing is a big help for any small business owner that needs simple management in their cash flow, bookkeeping and simplifying accounting task.

But a cloud accounting software is beyond a simple invoicing feature. Some of the more important features you should consider are:

1. App Integration – Scalability with your business growth

Compared to traditional accounting software (desktop-based installed in computers), cloud accounting software is good for its ability to integrate every process in a business like payroll & HR, CRM, POS, inventory, and time tracking. With all these being integrated and in sync, your business account, financial transactions, and financial report will be more accurate.

Cloud application integration is a good step towards digitalization. The benefit of integrating your cloud software is that it helps manage each system to work together while creating data consistency. For example, you can push your Shopify sales and transactions automatically to Xero for easy bank reconciliation when your Shopify account is connected to Xero. It saves 20% of you and your employee the time in doing manual entry and matching statements for bank reconciliation.

Two major cloud accounting software that offers a wide range of app integration in their cloud ecosystem is Xero and QuickBooks Online. Xero has over 1000 app integrations and QuickBooks Online has over 650 app integrations for you to connect in the marketplace. For e-commerce businesses that heavily rely on e-commerce platforms like Shopee and Lazada, integration is made possible with Bukku.

Win: Xero

2. Cloud Storage & Security

The cloud storage of a cloud accounting software will determine your data storage capacity. The bigger the storage space, the better – this means you can store everything in one place.

20GB can be enough for some SMEs but it is always better to have a bigger storage capacity because your business grows! Xero and QuickBooks Online take the lead in this area as they offer unlimited cloud storage for you to create, send, and receive any accounting documents in the online-based accounting software.

With cloud storage also comes security. All your personal and financial data in your cloud accounting software is hosted on a remote server, which is encrypted and secure. The most important criteria is to know where and which cloud service provider your cloud accounting software is hosted on. Choose the cloud accounting software that uses a cloud service provider that you are most comfortable and have trust in. Most cloud accounting software is in compliance with all the security standards and controls so you can be ensured that the invoices and financial reports of your business are confidentially and securely protected.

Win: Xero and QuickBooks Online

3. Number of User Access

Usually, an accounting team is needed to operate and do accounting tasks. It used to be paperwork and manual data entries that consumes time and energy – let’s not talk about the human error that comes with it. Sometimes, an employee might be in possession of a document that you need to close an account urgently.

Thanks to technology and cloud access, you can collaborate with your accountant, bookkeeper, auditor, and anyone in your accounting team. You can work together on the same document at the same time and refer to softcopies when needed. Most cloud accounting software have user access for your accounting and finance teams where you can give them fixed roles in accessing the account. It is designed to be an accounting suite that is user-friendly and collaborative.

Win: Xero which offers unlimited users

4. Bank Feed Integration

This is one of the best solutions offered in a cloud accounting software. With a simple bank integration, you will get live bank feeds in your accounting software to help you keep track of your business’s financial health. Additionally, you will need to connect your bank account to do easy bank reconciliations and matching.

If you are looking for a locally integrated bank connection, QuickBooks Online is a good choice because they accept integrations with banks like Hong Leong Bank, Maybank, Public Bank and more. Currently, Bukku does not have a program to support the function to integrate with banks (Updates will come along once announced!).

Win: QuickBooks Online

In conclusion…

Choosing the best accounting software for your business can be both relatively easy and hard. As long as you know what are the basic accounting needs to help manage your finances and accounting processes, then you should be able to choose the best one out of the five cloud accounting software listed above.

If you would like a consultation on Xero, our Xero Expert and Certified Advisor can help you with your questions. Click on the button below to connect with our Xero Cloud Accounting Professionals for a FREE Clarity Call!