As a small business owner you know that bookkeeping is a necessary evil. When done inefficiently, it saps time and energy from the core revenue-generating functions of your business. It can be overwhelming trying to keep track of business paperwork and transactions. And not having a handle on your cash flow is downright dangerous! Sadly, you can’t eliminate business bookkeeping, but you can utilise clever technology to make it less onerous.
You’ve probably heard the term ‘cloud accounting’ being bandied about. It has certainly become a major buzzword in the world of business these last few years! Put simply, cloud accounting software is accounting software that is hosted on remote servers, in a fashion similar to Google Drive and DropBox. It’s so simple, yet so powerful. And it’s very clear to see why cloud accounting solutions are fast becoming a wise choice for savvy business owners who know that efficiency and real-time data will help them to remain competitive.
If your business hasn’t yet made the switch, here are 8 convincing reasons why your business should make the switch to cloud accounting.
- Save money
Traditionally, a small businesses have had to spend money buying licensed accounting software packages to install or download onto individual computers. Cloud accounting solutions, on the other hand, offer a subscription-based license which is payable monthly.
Whilst the monthly subscription for a cloud accounting package may seem to add up to more than buying software every couple of years, there are many hidden maintenance savings, and secure backup that can save a business a lot of heartache. And the cost is tax deductible, of course.
- Save time
Cloud accounting will improve the overall efficiency and productivity of your business administration – and beyond. Software installations, backups and maintenance are eliminated. Cloud accounting solutions allow you to spend more time focusing on revenue-generating activities. And seeing your data streamlined and in real-time gives you a clear overview of your finances at a glance.
- Collaborate with your external advisers (that’s us)
This is what really love about cloud accounting. Our clients can easily reach out to us for timely business advice. With access to your real-time data we can offer you immediate assistance, and access your data for BAS and compliance tasks without any delay or disruption to your business. We all benefit greatly from this efficiency!
- Flexibility and Scalability
Whether you have just started a new business, or you have been in business for several years, cloud accounting offers different solutions that can be tailored to your needs. Cloud accounting solutions allow you to pay for only the features your business requires. To upgrade or add functionality, it’s as easy as a few clicks of the mouse!
- Improved decision-making
Proper business decision-making relies heavily on getting accurate information during crucial times. With the easy access of reports and pertinent information, decision-makers in your business can make better-informed choices.
- Anytime, anywhere access.
In today’s business world we often like to access our business data on the go. As long as you have an internet connection, you have real-time access to the software and data you need to do your job. Any reputable cloud accounting solution will be accessible from any computer or device
- Increased security
Security is the biggest issue people have with cloud computing because users have to hand over responsibility for data security to their service providers. But fear not! Providers of cloud-based services have invested massively in online security. In turn, these investments translate to cost savings for end users in the form of savings on different types of security, ranging from physical to software security.
- Disaster recovery taken care of
The importance of a robust solution for data protection and recovery is unquestionable. Cloud accounting is an ideal solution here, providing your business with both backup and disaster recovery.
Because you can access your data anywhere there’s an Internet connection, cloud accounting can be a vital tool to ensure business continuity.
Ready to move to the cloud?
At Platinum Accounting & Taxation we embrace cutting-edge technologies and encourage our clients to do likewise. We have extensive cloud accounting experience and knowledge of the most popular cloud accounting solutions. We take the time to get our clients set up and we also provide personalised training so you can hit the ground running. We are ‘vendor neutral’ and will only ever recommend the cloud accounting solution that is most suitable to your business needs. We love working with Xero, MYOB Essentials, QuickBooks Online, Reckon One, Sage One and Saasu.
Any further questions? Please contact Platinum Accounting & Taxation on (03) 9746 6479 or firstname.lastname@example.org or join our tribe on Facebook.