Cloud technology is known to save time, money and resources. It's specifically designed for the mobile, 24/7 work world we live in today. The "stay at your desk" work world of the past is old news, and the software associated is highly outdated. With 2015 just around the corner, it's time to make sure all of your business processes are up to date and ready to keep up with new technologies in the cloud. A recent study found that the number of entrepreneurs switching to cloud computing will double in the next few years because of its many benefits.
For instance, up until just a few years ago, business owners rarely were able to get an up-to-date view of daily financial situation. Cloud accounting software has changed this dramatically by automating the time-consuming, manual tasks and seamlessly integrating key banking data. As a result, entrepreneurs can now get a holistic financial picture of how their business runs in order to make timely, smart business decisions.
But despite these benefits, there are still many business owners who haven't yet made the switch.
With that said, here are five reasons why your business needs cloud accounting:
• Access your "true cashflow." Cloud accounting software lets you take control of your finances by seeing a daily, up-to-date dashboard of your cashflow by integrating directly with your bank balances and credit card transactions. The dashboard shows you how much money you have, where your money is going, who you owe and who owes you. Daily knowledge of your "true cashflow" can give you the confidence to make timely and smart business decisions such as hiring another employee, expanding your office retail space or buying more inventory.
• Get paid faster. On average, it takes 41 days for a business to get paid in the U.S. But, a recent study shows that business owners who invoice and accept online payments through cloud accounting tools get paid nearly two weeks faster. Simply automating your invoicing can help improve your cashflow and save you time by eliminating the need to follow up on overdue invoices.
• Manage your finances on the go. Business owners are regularly on the go, from picking up the kids at school or standing in line at the supermarket - and all while running a business. With that in mind, every moment counts and being able to manage your finances through cloud apps with just a few clicks or swipes can make a world of difference. For instance, the Xero app lets you reconcile your bank account like a game of Candy Crush. You can even snap a quick photo of your receipts and upload them into your account to earmark as an expense.
• Collaborate from anywhere. Traditional accounting requires a back-and-forth shuffle of paper and large electronic files between your colleagues and accountant. This is a time-consuming, version control nightmare - and by the time you're done, the information is already out of date. On the flipside, cloud solutions allow multiple people to view the same up-to-date data and collaborate on financial reports in real time.
• Integrate other business apps. Cloud accounting software easily integrates with other services and tools that are essential to running your business, such as ADP for managing payroll and Google Apps for integrating Google Docs. This data easily integrates with your accounting software to give you an overall view of your business without having to manually re-enter data.
There is no doubt that cloud computing is the future. If you haven't made the switch, your competitor probably has. So make it your 2015 resolution to take the first step by moving your accounting to the cloud or at the very least give it a test run by using a free trial. Now like never before, cloud accounting apps give you the timely insights you need to make informed business decisions while giving you precious time back to focus on serving your customers and growing your business.