Why Business Owners Should be Looking to the Cloud
Updated: Feb 21, 2020
Startups and small to large, long-life businesses should all be considering the cloud for the future of their financial records. Even individuals, non-business owners, are using cloud-based applications to run and monitor their daily, monthly and annual budgets. Some businesses may not know the benefits of cloud-based accounting systems, while others are comfortable with the way they have completed their books for the last thirty years. It is important though, to understand the benefits of a cloud-based system to the entire operations of a business, not only the financial side.
Streamline the Financial Process
Cloud-based accounting systems offer businesses a streamlined process. Clear the clutter of a barrage of spreadsheets, paper reports, shelves of file folders and years of financial debris. Look to cloud accounting for a singular secure place to hold all financial transactions, cash-flow reports, receipts and invoices, and budgeting software.
Access Business Financials from Anywhere
Business owners are always on the move, from meetings to business trips, there is not much time to review the business financials. Time in the office is spent problem-solving, developing partners and ultimately growing the company, but what if the financials could be viewed from the comfort of a flight, a hotel room at an important conference, or maybe even from a vacation with family? Cloud accounting provides easy access to a dashboard that holds all the imperative numbers upfront so that time can be spent on what is really important.
Further to the ease of access is the ability for the entire team to collaborate in one place. Cloud-based accounting offers bookkeepers and accountants the ability to easily complete regular financial health checks and provide regular reports to the CFO, the company owner, and others who may need, both those reports that are scheduled and those that may be required on the spot.
Access to Reports that make Decision-Making Easier
To run a business effectively, business owners and management need access to reports. A stream-lined automated data machine, like a cloud-based accounting system, can provide executives with access to reports quickly, mitigating the need to increase staff time and preventing the human errors caused in rushed work. The report provides the necessary numbers to make split business decisions on the spot with confidence.
A Tailored System
Cloud-based accounting systems can be tailored to the company working with them. This means that businesses are only paying for the functionality they need and no more. This is a benefit to startups and small businesses that do not have the staff or overhead to warrant a larger accounting plan, while the benefit to larger businesses is the cost-effectiveness of streamlining the process for staff and contractors. A better operating system can decrease staff overtime, or owner overtime, and decrease bookkeeping and accounting fees over the fiscal year.
More than any other reason, reinforced security is why small businesses and large corporations alike are turning to cloud-based accounting systems. Modern technology has bred hackers and computer viruses that the average person or business cannot manage on their own.
Cloud-based accounting companies spend billions on the most up-to-date in-system and data security. These top of the line security systems protect all companies that take advantage of cloud-based accounting plans. This is an expense which most businesses can not afford to take on by themselves, and a benefit that helps owners run their companies undaunted.
For more information on cloud-based accounting or bookkeeping assistance, contact Carol on Call Office Assistance. With over 30 years of experience in bookkeeping, and
now full certification as an Advanced Certified QuickBooks Online ProAdvisor, Carol and her team can provide advice and services to help manage your books in the cloud with honesty and integrity. Call today 604-838-0556 or email Carol@CarolOnCall.com.
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