Paychex, a provider of payroll, human resource, insurance and benefits outsourcing solutions, has unveiled Paychex Accounting Online, a secure and easy to use cloud accounting solution suitable for small businesses.

Martin Mucci (News - Alert), Paychex president and chief executive officer said, “Paychex’s entry into the cloud accounting market reflects our commitment to providing small businesses with products they need to succeed, and it complements our industry-leading payroll and HR solutions by expanding our suite of services designed specifically for new businesses and entrepreneurs.”

As a software-as-a-service (SaaS (News - Alert)) accounting solution, Paychex will be intuitive and accessible via the cloud. Subscribers to Paychex will be able to access the accounting product online or through a free companion iPad app.

New businesses that are desirous to manage their finances optimally also prefer simpler tools and the integration of accounting and payroll solutions. Such small businesses can use Paychex Accounting Online during the early stages of their business lifecycle.

According to officials, Paychex Accounting Online will effectively automate invoicing and billing in addition to tracking expenses and income. Small business owners will get real-time visibility of their cash flow and financial position.

Also accountants and business advisors can benefit from the cloud accounting solution which enables real-time collaboration with clients. Business owners can easily manage financial records and accountants will be able to focus on their core competency related to advisory aspects.

In order to optimally deliver the new Paychex Accounting Online solution, Paychex has partnered with Kashoo, a cloud accounting provider.

Andy Childs, Paychex vice president of marketing remarked, “By leveraging Kashoo’s years of experience and industry expertise, we are able to offer new businesses a simple, easily accessible cloud accounting application they need now, and then support those businesses as they start to grow and hire with our full suite of payroll and HR solutions.”

In October 2013, Paychex introduced a new SaaS platform to provide human resource administrators with a streamlined and integrated approach to workforce management.

This platform will drive the latest features and functionality to a broader range of clients offering numerous options. Paired with Paychex Mobile for smartphones and Paychex Online for tablets, the new platform gives users the flexibility to work across devices and pick up on one, where they left off on another.