By 2020, it’s expected that 83% of businesses will store and manage data from the cloud.
If you are a business owner, cloud accounting is certainly something worth looking into. How can your business benefit from this? Here are six reasons that may convince you to you give it a go.
Running a business takes a lot. While taking administration courses can develop your business acumen, you cannot succeed without the right tools. This is where cloud accounting comes in.
A key benefit of the cloud is the flexibility it offers in terms of access to information. If you travel a lot or have remote workers, you can access your financial data remotely from any location. The same goes for a salesforce that needs to send expense sheets while traveling.
Traditionally, the processes would require them to get back to the office to file these manually. With cloud computing, this is yet another function that can be handled remotely. Also, you can have multi-user access to the central system, such that you give different levels of access to different people. This way, different people can seamlessly access different sets of information as the need arises.
With traditional accounting systems, you probably have to flip through pages of information before getting a picture of your financial position. Not so with cloud data. Here, you get to see your updated financial information in real-time.
Because businesses are increasingly operating in fast-paced environments, you must be able to make informed decisions quickly. With this, it becomes much easier to access and make decisions regarding the financial future of your business. In a way, the efficiency you get from cloud accounting can also help grow and support good business relationships.
Paperless and Environment-Friendly
Receipts, invoices, and expense sheets tend to pile up. They also make it harder to carry out simple tasks that should ordinarily take very little time. Cloud accounting places all your data in one place, lessens clutter and gives you a more efficient accounting system.
For businesses that have outsourced their accounting function on an hourly-billing basis, being able to get things done quickly can reduce expenses. In turn, this increases your business’ bottom line.
While no system can guarantee 100% data security, storing data in the cloud is the most secure way of storing information. If you have your data in physical files or on a computer hard disk, you could lose your data if your device is stolen or a fire razes your office.
Aside from incidences such as theft, cloud accounting also protects your data from natural disasters, such as floods or earthquakes.
Options to Customize
No two businesses are alike, even when operating in the same industry. For this reason, business software should allow you to customize a template into what would work best for your type of business. This is one advantage of cloud accounting. Your provider will be able to customize what’s on offer to help you create an optimal ecosystem for your enterprise.
Cloud computing helps businesses save a significant amount of time that would otherwise get lost in mundane accounting work. Similarly, bookkeeping errors can be costly and time-consuming. Most cloud computing software come in handy in this regard as well. For one, expense solutions can scan receipts via mobile phone, code it, and forward it for action.
These software packages are also useful for tax purposes as they use payroll information to produce tax forms at the end of each year.
A Gem for Any Business
When thinking about security, flexibility, ease of access, and time savings, cloud computing software is central to all business functions.
For a growing business, the peace of mind and scalability options make this system even more attractive.