Let’s face it, accounting can be a pain in the proverbial.
But, without it, your business will go bust.
Imagine if you could cut days out of your monthly accounting processes?
Or, imagine if, when tax time hits, every number and detail you need to complete your return can be found in one, easy to access location?
It’s no pipe dream. It’s the future of accounting, and you’ve probably heard of it – cloud accounting.
Read on if you’d like to find out how you can claw-back time, spend less and manage your accounts the pain-free way.
What is cloud accounting?
Let’s start by clearing something up. The terms cloud-based accounting, cloud accounting, online accounting, web-based accounting – they’re all the same thing.
But today, we’re going to refer to it as cloud accounting, and it’s the smart way to manage your business finances. The difference between cloud accounting and desktop accounting is that you use cloud-based software as opposed to software stored on your local hard drive.
“Cloud-based software, or software as a service (SaaS), offers users access to technology on a subscription basis. The software provider securely hosts all necessary databases and servers, and small-business owners access their data anytime, anywhere via internet connection.” – Entrepreneur
What are the benefits of cloud-based accounting?
There are quite a few, let’s look into how cloud accounting can revolutionise your business.
Easy access anywhere, anytime
Access your financial details no matter where you are in the world or what time it is. All you need is the internet.
You’re always up-to-date with real-time information
You’ll always have a clear line-of-sight of your current financial position, in real time.
Enhance performance with better team collaboration
With multi-user access, your entire team can access the same information. It will save them time as they can access the things they need when they need them. And it will be correct, eliminating time-consuming reworking when the wrong data gets used.
Low monthly cost to run and manage
You’ll be pleasantly surprised that cloud accounting can be the cheapest way to manage your finances and updates are included in the price.
No infrastructure required
There’s no need to buy, build or maintain software and no need for staff to install anything on their desktops. All they’ll need is internet access.
Get up and running faster with lower up-front costs
Most cloud accounting software is subscription based, which means no huge start-up costs that can impact cash flow.
No costly downtime for running updates
You won’t suffer through having to manage any more disruptive upgrades as your vendor will manage and run updates throughout the year for you.
Eliminate confusion with one version
If you run multiple offices across different locations, you’ll never have to worry about everyone running the same version again. Any changes or bug-fixes that occur will be taken care of centrally so you’ll all be running the latest version without having to do anything.
Better customer support
It’ll be different depending on your vendor, but they’ll all be experts at managing queries related to their system. You’ll find support is more readily available, timely and efficient that you’ll ever receive with your desktop based accounting software.
Gives your accountant 24/7 access to everything they need
Time-consuming emails to accountants will be a thing of the past, and you’ll benefit from the time savings as they’re able to log in while offsite and help you get the most out the system.
It’s the secure way to store data
You’ll never need to worry about lost data if your laptop or hard drives are stolen. Your data is safely stored in the cloud, and only those with your login and password can access it. You’ll never be inconvenienced in the case of fire, flood either.
Improve your work-life balance
That’s right, by simplifying your business accounting you’ll be streamlining the dreary tasks and creating time to do the things that really matter.
Reduce resourcing costs
Free up your IT resources and turn your team into analysts who are focused on building your business instead of data processors consumed with maintaining everyday business functions.
Actions you must undertake before choosing a vendor
- Ask about security. Carry out due diligence and ask potential vendors what their security measures are.
- Read terms and conditions and service level agreements.
- Ask how they keep your business data separated from others on the same servers.
- Consider the worst and enquire as to what would happen if the business gets sold or goes bust.
- Find out their physical location and how data protection laws may be different if they’re located in another country.
It’s important to remember that cloud accounting software can’t replace the expertise and advice provided by your accountant or financial adviser.
But, put them together and you’ve got a powerful, time-saving process to manage your accounts. Your everyday finances and year-end tax returns will become a breeze.
You’ll have time to invest in growing your business rather than running the treadmill of repetitive financial processes.
So get started now. Investigate some cloud accounting providers and write your short list today.
Make pain-free accounting your reality.
