How Cloud Accounting can save you money!  

Technology goes hand in hand with your business. If you want to be able to process orders quicker or provide an improved product technology is your best assistant. Also, if you are interested in lowering costs and increasing profits, your best bet is implementing technologies in the areas of your business that are underperforming.

What are some of the common underperforming areas of your business?

One of them that we have come across frequently is usually in the accounting and finance departments of small and medium sized businesses. Of course, this shouldn’t be that way, because you need your accounting to make important daily business decisions.

So, how can you improve? One surefire way to improve in this area is moving into the cloud. For this article we will consider a few very important reasons why cloud accounting is the best option for your business.

Information when you need it

If you are still doing traditional accounting – send papers to accountant, wait for accountant to send reports, receive reports a month later – this is no longer a practical method of working. Why? Simply because by the time you receive your reports, at the minimum 3 to 4 weeks later, this is already old information. To base the decisions that you need to make today on information that is a month old can be cause for disaster.

Cloud accounting is the perfect solution, because you can receive information when you need it. How effective is it? It is so effective that you can see your numbers as they happened, and not as they were. Also, you can involve your accountant and have him/her assist you with the decisions that you need to make today, saving you the cost of making a bad decision.

Lower costs

Typically, accounting software doesn’t come cheap. Depending on the software, the capabilities and the amount of users, reliable software can run into the thousands of dollars. Of course, many accounting firms or CPA firms usually acquire the software for the firm and then subsidize the cost by having their clients pay a percentage. This isn’t a bad solution, but the problem is that if you want to change firms or change accountants it can be difficult to migrate all your historical information.

Cloud accounting doesn’t work that way. In fact, the majority of cloud accounting platforms are a subscription based service, which means that each month you are billed a very reasonable amount to use the software for that month, or you can pay for a year’s service at a discounted cost.

Also, you pay for what you will use, which unlike typical boxed accounting software, means that you don’t pay for superfluous add-ons.

The information that is inputted to the online software is and always will be yours and if you want to cancel the subscription generally this can be done at any time.

In this article we discussed how online accounting software can help make business easier. If you are interested in knowing more about cloud accounting and how your business can move to such a platform, feel free to contact us HERE to find out more. Not only can we assist you in transitioning to a new platform, but we can also guide you in choosing the best one for you.

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