Cloud accounting software has revolutionized how small business owners manage their businesses. This game changing software has had a massive impact not just on small business but on the quality of life of the small business owners. By eliminating and reducing many of the time consuming, redundant work of older systems, cloud accounting streamlines processes and makes processing a breeze from business owners and accountants alike.
You have probably seen or heard of cloud accounting solutions like Xero and MYOB Essentials. These systems have redefined accounting for small businesses. They allow business owners real time access to their financial data and the ability to collaborate from anywhere, at any time with their business advisors and accountants. This is invaluable in enabling these businesses to make well informed decisions based on reliable, timely data.
There are countless benefits of cloud accounting so we will narrow this down to five and discuss some of these key reasons why cloud accounting is such a beneficial shift in financial management for small businesses.
Data Integrity and Backups are a Breeze
With a cloud based solution you no longer need to keep track of which file is the most up to date version. You no longer need to have all your computer storage space consumed with large accounting files. You no longer need to remember to run a time consuming backup. Everything is securely stored online, accessible anywhere, anytime and always up to date with backups taken care of automatically. What could be easier?
Every File Up to Date, All The Time
Multiple users can have access and be working on the same file at the same time from multiple locations, without error. This is a game changing feature of cloud accounting that enables accountants and business owners to collaborate with each other in real time. Any queries you have can be sorted then and there, allowing your financial data to be processed in a timely manner and with the reliability required to inform those big business decisions.
No More Data Entry
Data entry is a major was of time, money and effort for all small business owners. Your bank data is imported into your accounting system direct from your bank. This offers a level of reliability not possible with manual entry. All that is left to do is allocate the bank data to the correct account codes and even most of this can be memorized by the software. What used to be a chore that took all day can now can be done in minutes. Less data entry time means more productive business time, allowing you the opportunity to make more money.
Reliable Data, Reliable Decision Making
Manual data entry and reconciliation is often time consuming and full of errors. Timeliness is increased and errors all but vanished with cloud accounting. This enables real time data to be viewed and better inform you business decisions. With cloud accounting your financial information is no longer lagging behind but is now able to offer almost real time insight into your operations, enabling effective, well informed business decisions to be made.
Cloud accounting allows you to see your business account balances, debtors, creditors and your overall financial performance from anywhere, at any time of the day or night, as long as you have an internet connection. This gives you the freedom to run your business from wherever you are. You are no longer chained to a desk in the back room but are free to move about, visit customers or spend time on the shop floor while your accounting system remains at your fingertips at all times.
Running your own business just got a whole lot easier with cloud accounting. If you are interested in discussing your cloud accounting options, give the team at MBP a call on (07) 378 6655 or email any queries to firstname.lastname@example.org for a free consultation. We can even set you up on trial version of the most popular options so that you can see the benefits for yourself before making any decisions or spending a cent.
This advice is general in nature. Every situation is unique and requires tailored advice. MBP has the expertise to guide you and your business through the process of switching to a cloud based accounting solution. If you think you may need some advice or would simply like to bounce some ideas around, talk to our team today by calling 07 378 6655 or email email@example.com