As business go remote all over the world, many are scrambling to add the necessary technology their teams need to keep the business running. Cloud accounting offers ways to boost your bottom line and pave the way for future growth—and now it’s critical to ensure you can pay bills, receive payments, track cash flow, and more.
Here are four big benefits you’ll see when you move your accounting to the cloud:
#1: You’ll boost your bottom line.
First and foremost, cloud applications are scalable, meaning that you only pay for the resources that you need. If you’re a small business with only a handful of employees, why would you pay the same amount as a large enterprise with significant resource needs?
Moreover, think about the difference in how you pay for software: there’s typically a big upfront installation cost, and then a lot of updates and hidden maintenance costs. With cloud-based accounting software, there aren’t any upfront installation costs. Instead, you pay monthly via a subscription model. The more resources you need, the more you’d pay for the monthly subscription. You also don’t have to purchase and install updates, as updates occur automatically and incrementally.
#2: You’ll have accessible, real-time insights into your business.
Think about the typical accounting software that you install on computers within your offices. You only have access to that software when you are actually using that computer. That’s because all of your financial and accounting information is stored internally.
Contrast that outdated technology with a cloud-based accounting package. Here, you have the ability to access your financial and accounting information from any digital device, such as a tablet. You now have the ability to access all the relevant financial information about your company from anywhere because it resides in the cloud.
#3: You’ll be able to run a more efficient business.
The days of companies being divided into silos are coming to an end. In today’s digital economy, data is so paramount to your company’s success, and that means that every division or unit of your business needs to be able to share and collaborate on projects. Effective collaboration is much more difficult when your accounting team is a separate silo of your business that’s only visible at the end of the quarter or during tax time.
Cloud-based accounting software offers a completely different way of doing business. Your financial and accounting software resides in the cloud, where you can give team members customized levels of access. Your accounting platform can also receive data from other platforms, such as your e-commerce site or sales CRM. Even small, inconvenient tasks become easier—for example, you can create workflows that enable secure and efficient approvals of invoices while also creating an audit trail to track every dollar and every click.
#4: You’ll run a safer, more secure business.
If you’re installing your own software, it also means that you’re committing to hiring an IT team to make sure it runs properly 24/7. That can be expensive if you’re a small business with a limited staffing budget. By moving everything to the cloud, you’re able to run a leaner, more streamlined business. All of the maintenance, upkeep, and security is handled off-site by experienced staff members who stay on top of threats and bugs. That means you can focus on running your business without any extra security hassles.
Moving your business accounting to the cloud makes sense for so many reasons, and it’s a more critical shift in the new world of remote work. We offer a free consultation to help you make the transition as quickly and seamlessly as possible. Contact us now to get started.