Paying your taxes is far quicker and simpler through a cloud accounting platform. Your transactions will be recorded as you go, and can then be swiftly exported into the relevant tax return templates and sent digitally to the revenue. By keeping your bookkeeping and bank reconciliation up to date, you can achieve real-time reporting.
Wave also offers particularly good reporting features in both cash and accrual formats, as well as a built-in time tracker and good contact management functionality. Inventory tracking is also available, but it isn’t considered one of Wave’s best-developed features. Plus, unlimited receipts can be scanned, which is a fantastic feature come tax time. The receipt scanning function is housed in the mobile app, which is available for Android and iOS, and once the receipt has been scanned, it’s automatically matched to the transaction in Wave. As are all products in this list, QuickBooks Online is a cloud-based product.
Benefits of cloud accounting software
Cloud accounting is the way of the future, and the best way embrace the future is to learn and adapt to it. The best way to do this is to find a solution dedicated specifically to this type of bookkeeping, which can be daunting, but worthwhile in the end.
Volopay comes equipped with one of the most advanced cloud accounting systems out there. The software is able to store, process, and manage large amounts of financial data with ease. Features like OCR, index and search and analytical tools help you easily sort your data and gain valuable insights from them.
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