While accounting software forms the backbone of your financial system, add-on applications are part of an ecosystem of applications that can integrate with this software. Each application serves a specific need. Instead of purchasing a large enterprise resource planning (ERP) system and tailoring it according to their unique business model, small businesses can now use individual applications that pinpoint a specific business process used by that business. There are literally hundreds of applications catering to the cloud accounting universe, so I will focus on a few of my favorites that I use quite frequently with my service business clients.
Xero is beautiful cloud accounting software that is simple and straightforward. With automatic bank feeds, custom invoicing with online payment options, lots of integration and export options, and highly reliable, it makes accounting work fun for all users!
Bill.com is accounts payable and receivable cloud software. It is a paperless system to manage customers and vendors, upload invoices and payables, setup electronic payments to and from you, and easily schedule bill payments. With all the information in one place, it is a piece of cake to monitor your cash inflow and outflow projections. Paperwork drudgery no more!
ZenPayroll bills itself as delightful, modern payroll, and it certainly is that! From setup to running payroll, it is quick (and painless!). This complete payroll service includes free direct deposit, complete payroll tax reporting and filing, and employee on-boarding and portals. All paperless, of course!
Zenefits has re-imagined benefits management. No more duplicating information in multiple places. No more wondering if you got the best deal. And no more managing the deductions on each employee’s paycheck. Zenefits will find the best quotes for you, integrate with most payroll processors (including ZenPayroll, our other favorite!), handle employee hiring and termination, and all IRS and ACA compliance issues. All in one place!
Hubdoc takes the hassle out of retrieving those recurring monthly bills and statements, as well as the data entry for receipts. Setting up each account takes only seconds, and then the metadata from each document is converted into data that flows into your accounting software automatically. Hooray!