Right time to use Cloud Accounting Software ?

With cloud accounting software the sky is the limit for small business. 

As a small business owner you have enough to do without spending time and effort keeping track of your expenses or working out who owes you what.  Nearly all small business owners (if they are being honest) will also agree that cash flow can be erratic at times, and to do simple tasks like produce invoices,  track bank and paypal transactions, or keep on top of VAT, you really need a cost efficient system.  And that is where cloud accounting software packages really earn their keep.

So what are 10 reasons to use cloud accounting software?

  1. Easy to use

Unlike the old PC systems, which were only loaded on the bookkeeper or accountant’s computer, cloud accounting software is designed to be easy to use by non-accountants. This means features like automatic bank feed and intelligent reconciliations can be mastered in minutes.  With numerous ‘how to’ videos available, online accounting software really is easy to use.

  1. Economies of scale

Cloud accounting software is essentially a pooled resource, which means you can enjoy the benefits of automatic updates and storage on a large server that is maintained and backed up by a third party as part of your monthly payment.

  1. Safe and secure

At last you are freed from doing backups of your cloud accounting software.  Never again will you have to press ‘restore’ and hope that it restores to the right place! All the main players in the online accounting software market will give you a cast iron guarantee that your data is safe and secure.

  1. Flexibility in the way you work

Imagine on a sunny day you no longer need to be stuck in the office!  You can do your accounts from any location that has an internet connection.   Not only that, within your office you don’t have to decide who will have the cloud accounting software loaded on their computer.  It is password protected and available on any laptop, PC, or via an app for ipad or iphone.

  1. You only pay for what you use

There is no upfront cost to install the software and you stop paying when you no longer need it. Simple! This encourages the software companies to be innovative in order to keep their customers, which means you benefit from a product which is always improving.

  1. Competition lowers prices

If you type ‘online accounting software’ or ‘cloud accounting software’ into Google and you will see a whole list of names appear.  As in any highly competitive market, you benefit from a keenly priced product.

  1. Easy to use interface

The players in the online accounting software market have thrown away the old rule book when it comes to what you see on the screen.  With a cloud accounting dashboard you can see everything you need to know about your business. How much is in your bank, and how much you owe and are owed. Not just for today, but next month too. A new revolution is upon us!

  1. Single user interface

What does this mean? Your accountant or business advisor has the same information that you do. Not just for last year, but right now. So they can help you set up cash flow forecasts, or drill down on your sales figures or expenses and give you the information you need to make your business better. They can also help you plan so that you minimise your tax bill which will save you money!

  1. Organised Knowledge Is Power

Xero software are pioneers in setting up a Xero User Community.  This means that if you are you no longer have to type a question in ‘Help’ and wait for the answer.  The chances are someone else will have had exactly the same problem, and it has been solved for them on the Xero Community Forum. If not, the likelihood is that someone more knowledgeable than you is on the Xero Community right now, and you can find the answer instantaneously.

  1. Increase productivity

With the innovations available on cloud accounting software you can produce a quicker and more efficient result with less input. By using the accurate up to date business information that you now have at your fingertips, you can boost productivity, expand into new markets, make services more accessible, hire more sales staff or just make more profit.

So is your business using online or cloud accounting software or are your competitors? How has it made your business more efficient?