As a growing business, chances are you’re juggling more responsibilities than ever before. While all entrepreneurs dream of success, the hard work and time-consuming obligations that come with these accomplishments only intensify as your client base and your revenue begin to grow.
This is why embracing technology and utilising the latest in business software to help you streamline your daily workload is a smart, business decision. More SMEs and solopreneurs than ever before are using software, apps and multiple platforms to run the most demanding facets of their businesses effectively. From their social media and digital marketing implementations to HR and management software, task management tools, document and branding collaboration software – the list is endless. However, one of the most utilised and arguably the most important software implementation to help you run your business is cloud-based accounting.
When you invest in accounting software, you’re not just bridging the gap between you and your accountant, you’ll gain a better understanding of your financial situation and ensure you and your business have the economic insight you need to move forward, without additional stress and time constraints. Want to know more? In this post, we’ll explore 5 reasons why you should make the switch to cloud-based accounting. Read on to find out more.
It’s Incredibly Affordable
Whether you’re a fledgling business with limited funds, or you’re an established firm trying to keep costs down, the technology you need to push your business forward doesn’t have to cost the earth. Cloud-based accounting software is a low, monthly cost that essentially pays for itself. Accounting software doesn’t price out those who need it most.
Cloud-based accounting is a safe, secure and fully encrypted way to keep all your financial data preserved. From hackers and malware that can infiltrate your desktop and accounting files to theft, damage, and misplacement of hard copies, preserving your financial information is critical. Cloud-based accounting software removes risk and replaces it with total peace of mind, compliant legislation, backups and regular updates.
It’s Fully Mobile and Accessible Anywhere
As a business owner, having access to your finances is crucial. Whether you’re travelling between meetings or you’re at home, as bookkeeping software is available as a dedicated smartphone app, users can access and update their accounts wherever and whenever they need to, making business management effortless.
It’s A Scalable Service
As your business grows, so does your cloud-based accounting. The scalability of this service means no matter what your requirements are – from multiple currencies to new suppliers and employees – your cloud-based accounting software is with you every step of the way and won’t hinder your progress.
It Keeps You Compliant
For growing businesses, tax obligations and compliance is a constant issue. Keeping up with regulatory bodies, ensuring your accounts are in order and meeting deadlines is enough to keep you up at night. However, with cloud-based accounting, you’ll benefit from a live running of your tax obligations, the latest legislation updates, and the ability to share your data with your physical accountant, ensuring all areas are covered.
With all this in mind, it’s clear that making the switch to cloud-based accounting simply makes sense!