Xero

An advantage of cloud accounting is its immediacy. Instead of waiting for a weekly or daily report of your financial situation, it processes money transfers immediately, meaning you can get up-to-date statistics on your finances.

The accessibility of Xero means you can access your financial information and perform various accounting-related tasks no matter where you are.

Since Xero works in the cloud, it enables multiple users to access the platform at the same time and make changes and adjustments as needed, resulting in the ability for several people to collaborate.

By making regular backups, Xero helps to protect your financial data from tampering and hardware failures that could otherwise be fatal for your business.

The platform is easy to use and has support for many clients thanks to its scalability. This means a small business can grow the number of orders it completes and the clients it works with without running into early limitations due to the software.

Third-party developers have the ability to extend the functionality of Xero with third-party support, meaning there is always room for improvement and new features as the community requests it.

Xero is a standalone accounting solution, but it can also be integrated with other tools such as payroll software or payment processing solutions like Lightspeed.