Here’s Why You Should Use a Cloud Accounting Solution for Your Business
Prior to cloud technology becoming mainstream – bookkeeping was limited to paperwork and file cabinets. An accountant would need to be in the office daily paying bills and invoicing clients. While it’s standard this process is slow and inefficient. That’s when cloud accounting was born.
The majority of online payments solutions began to offer features like online invoicing and expense management. Now all bookkeeping could be managed securely and in the cloud. Thanks to these products, it’s easier than ever for small business owners to tackle their accounting troubles. If you aren’t convinced yet here are a few other reasons why you should adopt cloud accounting for your business.
Expense Tracking and Management
As a small business owner you need to be all over expense management. It’s important to know every penny that leaves your bank account as well as your potential tax deductions. Instead of filling boxes full of paper receipts, cloud accounting solutions allow you to track expenses on the fly.
Try and look for a platform that allows you to link your business credit card or even snap a picture of the receipt after the purchase. That way you don’t have to manually enter anything. No more paper receipts and no more lost deductions.
The modern business owner leads a very dynamic life. This makes it very important to be able to manage your business on-the-go. Especially when it comes to your financials.
Cloud accounting solutions often have mobile applications that allow you to access your files wherever you are. If you need to send an invoice or check your last AWS bill it’s a breeze with your mobile app.
As cloud technology continues to improve it directly impacts our day to day lives. One of the greatest parts about cloud solutions is that they are able to update automatically through a wireless or cellular data connection. If you choose to install a big hardware solution into your business you need to make sure it’s the latest and greatest. Thing is – what happens in three or four years when the next model comes out?
With digital solutions you don’t typically have to worry about always upgrading to the newest model. You can simply update your application and enjoy all the new features that come with the improved version. Now that’s awesome!
Depending on the size of your operation this piece can be very useful. Many platforms allow you to add additional team members onto the platform who will have access to the files. You can give them various permissions which can grant access to or restrict them from certain areas.
For example – your customer support team can have access to the billing side of the platform so they can issue refunds and handle complaints if necessary.
Whether you’re keeping your financials in a basic excel sheet or on paper you’re working inefficiently. Cloud accounting solutions will simplify your financials so you can focus on growing and running your business. With all that said, I strongly suggest going out and looking into adopting a digital accounting solution today.