When you are running a business, the last thing you want to be worried about is wasting time trying to figure out how to do your accounting. We are in 2017 and with the advancements in technology, access to the internet and with almost 37 million people having access to a smartphone or tablet, small business accounting has changed immensely.
By using an industry-leading cloud accounting system like QuickBooks Online or Xero, you get instant access to the information you really need in real time so you can be in complete control of your numbers enabling you to make informed decisions in your business. Xero and QuickBooks Online are my two favourite, but there are other providers in the market.
Here are my top 15 reasons why you should be using a cloud accounting software for your small business. Here are just some of the many benefits:
1 Work from anywhere
Cloud accounting systems are accessible from any device with an internet connection which allows you to run your business from any place in the world. You no longer need to feel confined to the office or home computer to update your accounts. This cloud based technology offers business owners flexibility and allows you to be more efficient and to fit in tasks in places where you’d probably be losing time.
Having a cloud accounting system enables you to work more closely with others to help your business grow. Staff members can work simultaneously on the same system and remote business support can help trouble shoot any problem areas in your system. The biggest benefits for business is that the relationship with their accountant changes. Since your accountant can access your data 24/7 you get more value from them – they will help you run and grow your business rather than just adding up the numbers.
3 Low monthly fees
Most cloud accounting services are provided on a software as a service (SaaS) – i.e. there are no long term contracts and no upfront fees. The providers charge a low monthly fees with no contracts. You can cancel at any time, giving you choice and flexibility.
4 Maintenance free /Updates included
As technology changes, your software will change too and you will not be charged extra for any improvements. Cloud accounting Software is always up to date. Also, there is no system downtime because all software upgrades are automatically installed saving you time and hassle.
5 Backs up automatically..
..and no chance of losing data. The leading providers operate bank level security so data is backed up in real time and is secure in the cloud.
6 Saves you time
Your bank accounts can feed directly into the system which minimises data entry. The automatic processing feature offered by some banks can help to keep your accounts up to date and fully reconciled saving you a significant amount of time.
7 Professional invoices as standard
Invoicing just got easier – Fast, simple customised sales invoicing will make your life simpler. And the facility for emailing of invoices, with the option to attach a statement at the same time makes it so easy to manage your sales and get paid quicker.
8 Quicker cash collection
The system allows you to embody payment methods into your invoicing. For example, click and pay to drive quick collection of your debts. It makes it so much easier for you to get paid, reducing bad debts and slow payers and putting more cash in your bank account. You can also chase debtors whilst you’re on the go.
Being able to sleep at night knowing your sensitive financial data is always secure and backed-up automatically.
10 Lower professional fees
Reduced accountancy fees because it makes it easier for us to produce end of year accounts.
11 Up to date
Real time accounting means your records are always completely up to date making it easier for you to make the right decisions.
12 Financial dashboard
One of the most popular features is the “Financial Dashboard”; a fully customisable screen showing you the key financial information you need to run your business. You’ll come to rely on this Financial Dashboard just as much as you rely on the dashboard in your car when driving.
13 Instant reports
At the touch of a button you can get instant reports on your business.
14 Integration with other systems
The Xero Market Place and QuickBooks App Store have got numerous tools that will integrate with your cloud accounting software to create a bespoke suite of tools that work seamlessly together giving your business great efficiencies. The range of connected application scan help with various functions such as expense management, customer relationship management, point of sale solutions, project management, time tracking, payments, human resource, raising finance, practice management etc. with new applications being added all the time. Quite literally, the world is your oyster in terms of what you can create.
15 Free software
And as if all of the above was not good enough, how about having it all on us? Yes, that’s right. As well as helping you, this system makes our life much easier and that means we can pass this onto you in the form of cost savings, i.e. we will pay the monthly fee for the system on your behalf.