Cloud technology is influencing many aspects of our lives. We pay our utility bills online, post vacation photos on social media, and use smartphones to get the latest news. So why not implement it in our work lives?
Production, sales, marketing, and customer relationship management are the core activities of most businesses, with bookkeeping sometimes being the less-focused one. Usually, businesses hire their own professional accountants or bookkeepers to perform these tasks. However, this involves a lot of effort, time, and expense, which is why many business owners are tapping into the benefits of cloud bookkeeping software.
For many businesses, no matter their size, finance management is the most stressful part of entrepreneurship. Aside from being complex and time-consuming, manual bookkeeping carries a high risk of error – one that can incur hefty penalties and potential damage to your business.
Online cloud bookkeeping software allows business owners to securely access their cash flow, financial data, and stock systems, anytime, anywhere. Both employers and employees can access data without having to be in the same location. And many systems offer multiple user roles to allow different levels of access, such as viewing, limited or complete editing, and total administrative access.
Here are five strong reasons to use cloud-based bookkeeping software for your business.
When you use cloud bookkeeping software, the data backup process is automated and streamlined since all your accounts are connected. You can easily track and organize all of your business transactions without having to write down everything.
Automated cloud accounting software also updates and backs itself up. This means there’s no lining up to buy a new version of your software. If something changes in auto-enrolment or GST guidelines, your cloud software will update automatically. Unlike regular desktop accounting programs, these services are included in your monthly subscription fee.
Working online reduces your IT expenses and saves you time by keeping you constantly connected to your clients and other business connections. Desktop-based systems require an investment in IT hardware, along with its maintenance cost. You need a server to store the application software and its related data. What’s more, you’ll also need an IT expert to maintain the server and office network, which can be quite an expense. With cloud bookkeeping software, there’s no hefty IT infrastructure cost.
All your data are safely encrypted and stored on a secure cloud server, which can be accessed anytime, no matter where you are – office, kitchen, client meeting, or in traffic. Instead of waiting until you’re back at your workplace, you can send out customer invoices or approve payments immediately.
Collaborating with colleagues and sharing data with clients is simple when you’re working with the cloud. An office-based desktop approach, on the other hand, limits access to your accounts and makes collaboration difficult. For example, if your accountant needs specific numbers, they would need to be emailed back and forth. With secure cloud accounting, everyone can access the same numbers simultaneously from anywhere.
With cloud accounting software, you can do away with paperwork as the system automatically stores and tracks every detail. Invoices are emailed directly to the client, which saves you the expense of printing and postage. It also streamlines and accelerates your payment process. Product/service bills and receipts are also scanned and saved directly to your bookkeeping software. Since all your documents are digitized and stored on the cloud, you also save on storage space and cost.
Switching to cloud-based bookkeeping software not only helps save your business time and money but also streamlines your payment processes. If you’re still using desktop-based accounting, it’s high time you upgrade.
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