Cloud Accounting: The Benefits for Small Businesses
Cloud Accounting: The Benefits for Small Businesses
As a small business owner, you are often pulled in multiple directions. You may expect yourself to wear all of the “hats” of the business and that includes the accounting hat. Of course, every business owner needs to understand where the business financials are at, in order to make good decisions. However, there are ways that you can make this significantly easier on yourself, so you spend less time on accounting and without hiring an employee to handle it for you. Cloud accounting is one of the most essential tools a small business owner can use to accomplish this.
Access to Information
When you use the cloud, you can access your information anywhere that you have Internet access. For small businesses that are often on the road, this is a game-changer. Imagine looking at your numbers while you’re on route to a tradeshow, a client meeting or to pick up supplies. This can allow you to make more informed decisions about your business finances.
Hardware Speed and Availability
Even small businesses can generate a great deal of accounting data and storing it can begin to be costly and start to slow down your computer, which you likely need for other tasks. When you switch to cloud-based computing you no longer have to store any of your own data. That frees your hardware up and can help you complete other tasks faster.
Data Backup
What happens if the roof leaks on your computer, or some other accident befalls it? When you have a cloud bookkeeper, you can always access your information on other devices. It isn’t destroyed if your computer is.
Automated Processes
You can save a significant amount of time with the automated processes that cloud accounting can perform for your business. For example, QuickBooks Online automatically syncs with your business accounts, including credit cards. You don’t need to input this spending into the system. If you get paid online through QuickBooks, you also don’t need to input the payments.
Imagine you purchase some inventory and get an invoice emailed from your supplier. You forward this email to a program that can automatically extract the data from the bill which is then published into your accounting software as well as a payment platform. When the bill is due, you simply approve the payment with your smartphone. The supplier gets an email saying the bill is paid and the bill is marked paid in your accounting system. Did you see paper anywhere in this scenario? Did you see data entry anywhere in this scenario? Exactly. No postage. No paper filing system.
Does this sound futuristic? It is actually happening right now with millions of small businesses working with their bookkeeping professionals using Cloud Accounting.
Higher Accuracy
As much of your accounting is automatically put into the system, there is less opportunity for human error. This means that you’ll have a more accurate picture of your finances. It’ll always be up to date as well, which also helps with accuracy.
Tech Support
When you’re using desktop versions of accounting software it can be hard to get a hold of tech support from the publisher. However, one of the reasons we prefer QuickBooks Online is that it has excellent and readily available support that can help you solve issues and get back to running your business quickly. Of course, the team at AIS Solutions is always available to provide you with superior customer service support as well.
Paperless Operation
As opposed to physical, paper bookkeeping, cloud bookkeeping is a huge reduction in time, reduces human error, and maximizes efficiency. You’ll use less paper, be environmentally friendly, and save considerable time printing, faxing, photocopying, storing and otherwise managing paper.
Switch to a Cloud Bookkeeper
Are you considering switching your small business to cloud based bookkeeping services?
AIS Solutions, a specialist in QuickBooks Online, is one of Canada’s fastest growing cloud bookkeeping firms. Contact us now for a no obligation conversation.