Why Cloud Bookkeeping Companies Are Great for Small Businesses

By outsourcing your company’s bookkeeping to a cloud bookkeeping company, you enjoy the benefits of a full-time staff member without the same overhead.

For startups and small businesses searching for ways to reduce their costs, hiring a third-party cloud bookkeeping company makes sense. Outsourced bookkeeping gives you access to real-time data and allows business owners to have increased engagement with their business’s financials. This goes a long way towards helping them make prompt decisions.

In addition, in-house staff members are free to take on other tasks which promote greater efficiency while reducing your capital investment and operation costs.

That said, there are many other advantages to hiring a cloud bookkeeping company.

Let’s find out what they are.

Why Small Businesses Should Choose a Cloud Bookkeeping Company

Let’s take a look at why it’s a good idea to hire a cloud bookkeeping company for your business.

1. It’s Cost-Effective

Cloud bookkeepers are more cost-effective than hiring someone to do the work in-house. They conduct their job online and save all of your data on the cloud. Since cloud bookkeepers are contract workers, you don’t need to provide an office, insurance, a computer or incur the costs that come with hiring a full-time employee.

Moreover, cloud bookkeeping companies often offer customized service packages. This ensures that you only pay for services that match the needs of your business. Comparatively, with an in-house bookkeeping staff, you may end up paying for hours that aren’t needed.

2. You Get Round-the-Clock Access to Your Finances

Many cloud bookkeeping service providers offer 24/7 customer support. This allows business owners to contact their experts at any time. With the right cloud bookkeeper, you can review your numbers whenever and wherever you need to and keep track of your bottom line. This gives you greater insight into your business dealings.

3. Your Data’s Accuracy Is Guaranteed

When it comes to bookkeeping, accuracy is vital. Cloud bookkeeping companies use various platforms that help create a detailed and error-free bookkeeping experience for your business. However, you need an expert to ensure that the data is flawlessly entered and maintained. This is something cloud bookkeepers are great at. Outsourced bookkeepers often focus on a single task at a time to ensure precise reporting.

4. You Get End-to-End Security

Conducting business or storing financial data online increases the possibility of hackers accessing your confidential data. While you can take protective measures like installing antivirus solutions, it’s a time-consuming process that requires a significant investment. On the other hand, when in-house staff store important data on office computers, there is the possibility of a virus eradicating it.

Cloud bookkeeping companies use special software that safely stores critical financial data. By storing this information on the cloud, you always have access to it, no matter the time of day or where you are. Remember: not protecting your financial data could result in significant penalties for your business.

5. You Access Digital Storage

Virtual bookkeepers use efficient cloud-based document storage options. On the other hand, when deciding to do it internally, the business has to invest in expensive equipment and technology to make the job more efficient. However, virtual bookkeepers have access to a wide array of purpose-built apps that they regularly use.

Besides freeing up physical storage space in your office, it also streamlines the process of looking for any specific document. So, instead of spending hours shuffling through heaps of invoices and documents, your cloud bookkeeper can easily locate the file within minutes. In this way, they save considerable time they can invest in more important tasks.

So, whether you are a small business or startup, it’s time to consider hiring a cloud bookkeeping company. With the right partner, you will enjoy the advantages of having a full-time staff member without having to pay their overhead costs. Additionally, you will have access to experts who can answer any question or concern you may have regarding your business’s financial status.