When it comes to accounting, medium-sized businesses are often in a unique spot. They’ve moved past a point where they can get by with overly simple solutions that might work for small businesses. But they may not have the resources and budget to justify costly accounting departments, either.
We recommend cloud-based accounting software for medium-sized businesses because it’s affordable and accessible while still being powerful enough to help your company grow. Many medium-sized businesses also turn their sights to new goals like improved environmental sustainability, where again, cloud-based solutions can help.
Keep reading to understand how cloud-based accounting can help your medium-sized business, along with the software we always recommend (we love it that much).
Why Medium-Sized Businesses Should Switch To Cloud-Based Accounting
We recommend cloud-based software to all businesses. This is software that is on the ‘cloud,’ which is a fancy word for the internet. That means it’s not tethered to an in-office hard drive, so anyone on your team can access it anywhere they have an internet connection. This flexibility is one of the main reasons we recommend cloud-based accounting for small businesses, too.
Another reason we recommend this type of software to both small and midsize businesses is its affordability. It’s typically far less expensive, and far easier to use, than traditional accounting software, meaning it can help create more efficiency and scalability. And name one company, big or small, that doesn’t want to save money!
This type of software also offers features that will be of particular use to bigger companies as well. We recommend cloud-based accounting software for large companies because it’s user-friendly for all staff, making things like submitting receipts and sending invoices much easier – all things that will help your medium sized business, too.
Cloud-based accounting software can also increase transparency, another big concern for growing medium-sized businesses. When you can easily see all the actions taken in your account, you can better protect against misuse of funds.
Finally, as they gain more resources, medium-sized businesses are often able to turn their attention to their carbon footprint. There are many environmental benefits of hiring a cloud-based company. Many people don’t realize that the energy required to maintain hard drives and technology infrastructure is huge. Switching to the right cloud-based software can help offset this.
The Best Cloud-Based Accounting for Midsize Businesses
So what is the right cloud-based software for your medium-sized business? In our experience, it’s Xero. We love Xero because it easily handles payroll, fixed assets, expense claims, budgets, complete financial reporting, and anything else you need to grow. We use it daily to help provide virtual accounting services to companies across North America.
Xero is incredibly easy to set up and use, and you can use it anywhere. You can also connect your bank accounts, so that you bank feeds automatically import and categorise your latest banking, credit card and PayPal transactions.
We also love their customer support, and the fact that they have over 500 applications. That means it’s easy to tailor-make a solution that fits your unique accounting needs.
But Xero is the only cloud-based accounting software we use for any size business, because it’s by far the easiest to use by both accountants and business owners, while still providing valuable information to both parties.