How do you handle your business accounts? From entrepreneurs getting to grips with spreadsheets that cover the basic financial features of their first startup to much larger companies using an array of in-house technologies, there’s one critical resource shared by every business venture. Time. No matter how much money you make, you can’t buy time. Why is that important, you ask? Well, we’re here to talk about cloud accounting. So here’s where time comes into it.
Cloud accounting isn’t just a fancy way for an internet company to make money off your business. No. It’s a genuine service that can – above all else – save you bags and bags of time. Accounting isn’t simple. There are multiple features of accounting and staying on top of everything places massive demands on your resources. Wouldn’t it be better to automate everything with specially designed cloud accounting tools? See this cloud based accounting software for more details, otherwise, let’s continue…
Backup is automatic
One of the biggest fears in the business world is a catastrophic event that renders your data inaccessible. It could be a natural disaster such as an in-house fire or an earthquake, for example. Or it could be a cyberattack that stops your business in its tracks. No matter the scenario, inaccessible data means you lose revenue, and where your revenue is affected, your profits are sure to follow.
Cloud accounting software saves your data online in real-time. Details from your merchant accounts are pulled into the software and stored automatically and safely. This means that even if you do experience a catastrophic IT event, none of your data will be lost. Your company can keep trading from remote devices.
Save money on your accounting process
How much money do you pay towards in-house accounting solutions? Perhaps you pay your HR staff to look after your accounts. Perhaps those staff members need frequent costly training and software, and time to complete your banking arrangements (time that they can’t then spend on other more important tasks, such as supporting your staff).
The other option is that you pay an outsourced accountant to handle your finances. That accountant may have offices outside of your state, however thanks to virtual conferencing and the cloud, hiring out of state can be a simple and straightforward process. Though you may think you can hire a separate team to work just on finances, their offices will need upkeep and heating, and they may be rented. All those costs will be passed on to you in the end.
Now let’s consider accounting in the cloud. All of a sudden, many of the costs and time considerations evaporate. You may even only need outsourced financial services in a pinch. Migrate to the cloud for instant savings.
Create real-time reports as required
You can’t always be expected to produce financial reports on-demand, you tell the relevant stakeholders. These things take time. You’ll need to compile the report and double-check everything. It can take days. Weeks, even. But that was before cloud accounting. Now, you can instantly produce the reports you need in real-time. There is no need to wait for, well, anything. You can access your accounts, select the figures you need, and make reports that are intuitive and useful. All as fast as that. If that sounds like an attractive prospect, you need to upgrade to the cloud.
More Business Advice: