As a business owner, you probably started your company because you were good at something and enjoyed doing it. Having to deal with accounting, however, takes the fun right out of business. Desktop accounting software worked well for years, but it has outlived itself and is becoming increasingly unproductive and inefficient in the era of the cloud.
If you are still wondering what the cloud is, think of using online banking or shopping online. The cloud is a platform that makes data and software accessible online anytime, from any device. More and more businesses are switching over to cloud-based software to streamline their processes and increase overall efficiency. Here are the five top benefits of cloud accounting for small business owners:
MOBILITY
You can use cloud-based software anywhere from any device with an internet connection, which means your numbers are always at your fingertips, whether you need to check your balances before making a big purchase, run payroll, or track expenses on the go.
REAL-TIME REPORTS
With cloud software, you get a totally up-to-date view of your business. Bank and credit card transactions are automatically downloaded. Your company’s data is summarized on a user-friendly dashboard, and reports are easily accessible. It’s extremely important to have your financial data readily available in making informed business decisions, especially in a fast-growing company.
ONLINE INVOICING
Getting paid on time is crucial to a start-up or a growing business, and cloud software has open-end a whole new world of keeping track of receivables. Online invoices look professional and have a live link for an immediate payment. It’s easy to keep track of what is owed to you. Automatic reminders are there to avoid wasting time tracking down late payers, and you even get notified when a customer views your invoice. In addition, you can easily invoice on the go from the mobile app on your phone.
COLLABORATION WITH YOUR ADVISOR
Cloud software offers multi-user access. This means you, your bookkeeper and/or your CPA can all work together. No longer do you have to bring a backup file to your accountant’s office to be able to ask questions and get timely advice. Your accountant can easily log in, take a look at your numbers, and have a productive discussion of how your business is doing.
ADD-ON ECOSYSTEM
Cloud-based software can work together with a whole ecosystem of add-ons, organizing your business processes and making them more efficient. From time and expense tracking, to POS software, to inventory management and CRM, there is a solution there for every business.
In addition to these main benefits, there are many others, such as bank-level security of data and free and automatic software updates. Whether you own a start-up, a growing business, or an established company, cloud accounting software and its multiple integrations can be used to reduce your overhead and staffing costs, streamline your core processes, and increase productivity.