What do a construction project manager, a creative design director and a pastry chef have in common? Evidently, as small-business owners, each one of them opened up an outlet to serve clients and do what they love rather than spend hours on bookkeeping or accounting.
Being a small-business owner, you might have an inborn entrepreneurial attitude, but you are less likely to be adept at accounting. Hence, it is possible that you will have found bookkeeping a tedious activity, better say a dry distraction, especially when your main focus lies on building your brand and boosting your business.
Fortunately, many modern-day artistic entrepreneurs and small-business owners can leverage an ever-growing suite of business tools and organizational technologies. They can help lower the stress of managing invoices, receipts and bills while spending more time on grabbing new business opportunities. In fact, how businesses record their expenses and revenues has radically changed over the last few years. In addition, more and more businesses are switching to cloud computing to benefit from the online accounting and bookkeeping tools and to help streamline their core functional processes. Therefore, you should also consider migrating your present accounting data and workflows to the cloud. The tools securely host all of the relevant and necessary databases and servers, helping you access your data anytime and anywhere via an internet connection.
Here are the top five logical reasons to incorporate cloud accounting into your business to ensure improved efficiency and increased profits:
1. Have easy access to your data anywhere, at any time
The main reason that cloud-based invoicing and accounting tools are so popular is that they allow easy access to your financial data from anywhere, at any time. Since they host remotely, you do not have to worry about any kind of time-consuming downloads and updates. In fact, busy professionals like you can keep up with their business information on the go and even access their invoices by using the mobile app of the online accounting software. This renders added flexibility and peace of mind as you do not have to be sitting in your shop or office to access your accounts or check your cash flow. Also, you will be making important financial decisions quickly instead of having to go through endless piles of paper containing old and outdated information.
2. Enable smart business for a distributed workforce
As accounting information and financial data stored in the cloud can be accessed or added anywhere, your team members can easily and quickly finish their work, irrespective of their physical location. Whether a project manager has to verify an invoice for a supplier or a sales representative has to add expense receipts, having cloud-based invoicing and accounting tools in place makes accessing any organizational information as simple as taking a picture of a document or searching by a date, vendor or amount.
3. Verify Discrepancies
Vendor-Customer relationship is a top priority for almost every business. However, we have all seen situations where accounting discrepancies put vital relationships at stake. Cloud-based accounting and bookkeeping tools make it easier to better verify and locate exactly where error or omission took place through advanced yet easy-to-use searching capabilities. Hence, small-business owners no longer need to spend hours and hours searching through old invoices as smart tools are waiting to benefit them.
4. Maintain Vendor Relationships
When an accounting omission or invoice discrepancy is located through online accounting software, it can promptly be brought to the vendor’s attention. This easy and smart process ensures that it is easier for you to maintain relationships with suppliers because, instead of being frustrated with how long it took to identify the discrepancy, they will appreciate you for quickly finding it and thereby resolving it.
5. Reduce Overhead
It can cost you a lot to maintain your own business server, local storage devices and networks for your small business. However, you will no longer be required to bear the costs of maintaining a server system, upgrading to new software versions, or hiring an IT professional to keep up with your system when you migrate from traditional ways of recordkeeping to smart tools of cloud-based accounting technology.
6. Leverage a broader suite of secure apps
Cloud-based accounting and bookkeeping applications such as QuickBooks Online and XERO not only provide easy and secure access to information and data from any remote device having internet connection, but they also integrate with many other cloud-based tools. Hence, as soon as you begin using cloud-based recordkeeping technology, it is fast and easy to extract and leverage accounting data across a number of different online platforms and save time spent on manual data entry.
One thing is for certain, revolution in accounting technology has definitely taken place. Desktop-based system software is dead while cloud-based applications are ruling everywhere! If you want to spend more time on doing what you love and be smart and more efficient with your record keeping, then cloud accounting is an unbeatable option for staying on top of your business finances.
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual accounting, providing services to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks file and critical financial documents in an efficient and secure environment. Complete Controller’s team of US based accounting professionals are certified QuickBooksTMProAdvisor’s providing bookkeeping and controller services including training, full or partial-service bookkeeping, cash-flow management, budgeting and forecasting, vendor and receivables management, process and controls advisement, and customized reporting. Offering flat rate pricing, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.