Cloud Based Accounting: Why Your Business Should Be Doing It

One of the shortfalls of owning a small business is the hours spent on accounting or book keeping. However, in this respect there has never been a better time to be a small business owner. This is because there is an ever growing suite of software and tools that enable small business owners to increase the time they spend doing what they love, and reduce the amount of time spent organising invoices, receipts and bills.

These software offerings are increasingly available as cloud-based software. If you haven’t already you should seriously consider migrating your current account workflows to the cloud. Collected beneath are three core benefits that migrating your accountancy suite to the cloud will provide for your business and it’s employees.

To Enable Smart Organisation For A Distributed Workforce:

Storing your accounting information in the cloud provides the excellent advantage that it can then be accessed or added to from anywhere. These empowers team members to quickly and effectively complete their work irrespective of their present location. This could be something as simple as one of your sales representatives needing to add an expensive, or a project manager requiring to check a supplier invoice in real time. Cloud based tools, makes this process simpler, more streamlined and infinitely more effective.

To Maintain Relationships And To Easily Verify Discrepancies:

The success or failure of any small business is largely impacted by the relationships that business has with its vendors and distributers. Cloud based systems enable for information to be easily leveraged, meaning that when a vendor asks why that invoice hasn’t been made the information can be quickly and readily accessed, and then remedied. Cloud systems offer advanced tools, which empower virtually all team members to locate a bill and then identify whether it was missed or not. Subsequently the bill can quickly be paid and the relationship with the vendor maintained.

To Utilise A Broader Suite Of Secure Apps:

There are a number of cloud applications, QuickBooks Online and Neat, which provide individuals with access to both information and documents from any device. However, these applications also integrate with other cloud based tools. This means that as soon as your small business commences to make use of one cloud based accounting strategy, then it is incredibly easy to then leverage this data across numerous platforms. This is an excellent means of becoming more time effective as it prevents manual data entry.