cloud-based accounting

Cloud-based Accounting Software for Small Business

Is accounting for your small business taking up too much time? Are you finding your books inaccurate or difficult to track? If so, it’s possible that you need an upgrade in your accounting software. A next generation, cloud-based accounting system has many advantages for the modern business.

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Superior Tracking for Income and Expenses

Small businesses often need to operate with extremely lean profit margins. Especially during the first few years or during delicate periods such as expansion. Without extremely accurate income and expenses tracking, a business won’t know how much profit it is truly making. This leads to poor decisions and difficulty adapting. Advanced accounting suites are able to provide for better tracking, through automatic error detection, imported transactions, and real-time updates.

When relying upon a bookkeeper, it is more common that a business will need to wait until the end of the month to find out more about their current accounting. This can be too late to notice trends or take advantage of them, especially in fast-paced market such as brick-and-mortar sales. Human error also accounts for many mistakes, largely eliminated through an accounting solution.

Improved Administrative Costs

Small business owners know that bookkeeping takes time. In fact, payroll alone can cut into administrative time significantly, requiring either that the business owner prioritize their accounting over revenue generating activities or hire an administrator. Modern bookkeeping solutions can conduct many tasks automatically, such as calculating payroll taxes and automatically paying bills through wire transfers.

Even small mistakes associated with accounting can be quite costly. Late payments lead to penalties and unhappy vendors at best — they can lead to substantial consequences, such as tax issues, at worst. Besides the price, this will cost you time, as a business owner often needs to do additional work in order to correct the problem.

Better Security and Regulatory Compliance

Businesses often struggle in terms of both appropriately securing their data and achieving regulatory compliance for their accounting. Which, is necessary not only for general business operations but also to procure loans and investors. Accounting suites will follow generally accepted accounting principles and also have updated compliance for many industries. Top of the line encryption and authentication standards keep you secure.

The advantages of a standardized accounting system include the ability to better recognize profits and the ability to produce income and expense statements that are readable by anyone within the financial industry. Without a standardized system it can be difficult for an organization to identify pain points.

Reduced Accounting-Related Expenses

Finally, an investment in a comprehensive accounting suite will save a business money on their accounting services. A solid accounting solution will often preclude the need for a book keeper and will make it easier for a company to file its regular payroll and tax returns. Managing both income and expenses will be faster and easier, leading to fewer mistakes and a limited time cost. Overall, accuracy and real-time reporting will improved while reducing accounting services.

Accessibility and Scalability

One of the principle hallmarks of a new age accounting system is a cloud-based platform. These platforms can be accessed from anywhere, making it easier for small business owners to check and modify their data from anywhere in the world. These platforms are also extremely scalable, letting a business grow without constraints and without costly upgrade and licensing fees. Altogether this creates an agile and mobile infrastructure perfect for a business trying to grow.

Ultimately an accounting suite saves any business a significant amount of money. Improving upon their operations and giving them more information with which to make informed decisions. There is some cost associated with upgrading to a next generation suite, but, you will reduce reliance on both internal and external accounting staff.

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