Whether you outsource your accounting, or have a bookkeeper on staff, accurate, up-to-date financials are not always at your fingertips. Cloud-based solutions, such as QuickBooks and Xero, provide up-to-date financials and readily accessible information for small businesses.

1. Streamline Your Accounting
Using the Cloud
FINANCIAL FITNESS MARCH 2014
Reprinted by permission of the St. Louis Small Business Monthly
I
t’s tax time again! Pulling together tax
return information is probably one of a
business owner’s least favorite things to
do. However, maintaining accurate accounting
records and having up-to-date financials will
help make this task less taxing. Plus it is vital
to running a successful business. Cloud-based
solutions such as QuickBooks Online, Xero and
Zoho Books give business owners an up-to-
date view of their financial information.
Working in conjunction with their accountants,
business owners can use these solutions
to be effective in optimizing cash flow and
managing tax liability while focusing more
on growing their businesses. Innovative
applications, or mobile programs, are also
available to make tasks – such as electronic
payments from customers, payroll time
tracking and inventory management – less
daunting. All this can be done anywhere you
have access to an Internet connection and
your laptop or mobile device.
Is my accounting information safe? A
cloud-based system resides in a managed
data center with high levels of security and
verification. This significantly reduces the
risk of theft, damage or other security issues
when compared with keeping the same
information on a PC within an office. If you’re
worried about not being able to get to your
information, there are accounting systems
available that allow you to download a copy of
your account with just a few clicks.
Top five tips for picking a cloud-based
accounting system:
1. Check out the different pricing models and
know what features you are getting for each.
2. Find out what applications are available to
customize your accounting and increase your
productivity.
3. Ensure your system can integrate key
transactional data, such as your PayPal
account or inventory items.
4. Know how much support is included with
the subscription.
5. Ask your accountant for advice. n
Karen Stern (314-983-1204 or
kstern@bswllc.com) is partner in charge
of BSW Small Business Services, which
provides small business tax and accounting
services.
BY KAREN STERN