Intuit, the US-based global financial software firm, estimated around 78% of Small businesses to adopt Cloud Modernization in 2020. The core of this Cloud technology adoption is centred around the enterprise’s financial management.
If you are a small business firm looking to boost your accounting and bookkeeping exercise efficiency, then Cloud Accounting can come to your rescue. In this article, we will glance into what Cloud Accounting is and the key value propositions that businesses can leverage out of it. So, let’s get started.
What Is Cloud Accounting
Small-scale businesses often encounter multiple challenges involved with their legacy bookkeeping systems, such as:
Unwanted wastage of time and employee productivity in manual data entry of bills, invoices, and payment tracking
Lack of real-time monitoring of cash flows
Expense overheads in the form of inventory purchase and pending bills due to lack of automated payment systems
This is where the concept of Cloud Accounting comes into play. It is the process of digitising your business’s accounting process with the power of the Cloud. By implementing this, you keep your firm’s business records like income, expenses, liabilities, etc., on a Cloud platform. You can access the enterprise data remotely using your smart device at a place and time of your convenience with all security protocols in place.
Key Benefits Of Cloud Accounting
There are numerous cloud accounting tools available in the market, such as Xero, that are revolutionizing the accounting discipline in multiple ways. Let’s look at some of the primary value additions below:
Automated Manual Accounting And Bookkeeping Processes
Accountants and bookkeepers no longer need to enter all transactional data mechanically. Instead, these tools have the option of configuring and streamlining the accounting workflow, thus automating the whole data entry process.This aspect leads to time savings for both you and your clients, improved employee productivity, and more room to focus on your core business growth.
Mobile Access And Security To Business Data
Access your firm’s financial data or accounts from your smart devices, anywhere, anytime. There is no dependency on working from the office anymore. Furthermore, you can enjoy the benefits of multilevel security features associated with the Cloud, making data security immensely robust. Only the authorised personnel having access to the credentials can log on to the systems.The security patches and software upgrades can be applied fully automated, thus ensuring a safe and operationally efficient system for accounting.
Seamless Sharing And Collaboration
Working on transactional data, making modifications in real-time is no longer impossible, thanks to Cloud Accounting. This advantage, in turn, helps the business leaders make faster and accurate data-driven decisions.
Cost Optimization Via Cloud
Cloud technology leverages the Operational Expenditure (Op-Ex) model that supports the Pay-As-You-Go model. The Cloud model can eliminate unwanted infrastructure expenses to maintain on-premise servers and associated system updates and administration.
Facilitating Sustainability Initiatives
Cloud Accounting can accelerate your business’s green initiatives and help in going paperless. This aspect can result in the improvement of your brand reputation and environmental responsibility quotient.
Concluding Thoughts
By embracing Cloud Accounting, your firm can say goodbye to the plethora of woes faced by traditional bookkeeping methods. Scale unprecedented business growth by investing more time and effort in your core operations. Make financial management and accounting simple by leveraging the immense potential of the Cloud.
Say yes to fast, straightforward, and more accurate decision making with Cloud Accounting. When data access and collaboration is fluidic, your business is opening the gates to endless possibilities.
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