How do I know that I need a new Cloud Accounting System?
According to Smart CEO, these are 5 Signs You Need a Cloud Accounting System
- Too many manual processes
- Inadequate reporting
- Costly system maintenance
- Integrating accounting with other business systems
- Growth and change
What Vendor should I go with?
Top 3 on the Market – Xero, QuickBooks & Sage
- Xero considered the best on-line accounting system
- QuickBooks robust and positioned for small companies
- Sage solid control system, but weaker on reporting.
Can’t Ignore – Zoho
- ZOHO Books part of a powerful suite of cloud applications.
- Understandable and simple pricing model.
- Strong functionality we would expect at this kind of application.
- Good for process integration – easily integrated with other ZOHO services
Up & Coming – ClearBooks
- Entry level – Positioned for small companies
- Price would be the only current motivator
- No outstanding features – Weak in the market
- However, young London Based PLC start-up
- Evidentially had unscheduled downtime
So how do I choose?
- Key Comparison Points & Selection Criteria
- Financial Stability of company
- Access to capital
- Fundamentals as standard
- Reporting Capabilities
- Project Management
- Integration with other Applications
- Security Standards
- Downtime – Five nines standard
How do I move this across my whole company’s infrastructure?
Well in the SaaS market they are called Apps and in the reports from Bain & Company and Gartner it’s called Infrastructure as a Service (IaaS)
It is safe to say that there are many alternatives and if you operate a Microsoft environment, you may be able to get a lot out of MSTeams, Sharepoint and the apps thsat integrate in that environment.
Looking at Zoho
A few key points to highlight:
- Cantered around CRM
- Born Integrated – Proprietary Apps
- Integration through Third Party Apps
- Complete Business Architecture Solution
- Apps available on Zoho App Marketplace
Making it Happen:
- There will be costs associated to each app
- Time & effort is required for set-up
- Time is required for on-going data quality management
- On-going system management is improved due to Zoho “born integration”
- Third Party Apps may be effected by Zoho System Updates
Looking at Xero
A few key points to highlight:
- Cantered around the Accounting Software
- Integration through Third Party Apps
- Decide on Business Priorities and Choose Specific Applications
- Apps available on Xero App Marketplace
Making it Happen:
- There will be costs associated to each app
- Time & effort is required for set-up
- Time is required for on-going data quality management
- Third Party Apps may be effected by Xero System Updates
A Final Though
This type of implementation typically works better when it is part of an overall plan & strategy. As part of this process it is worth mapping out key processes within the business, thinking of the processes in a “lead to cash” sequence. Finally, it is important that the team buys-in to the plan and will help make it successful.