There are few accomplishments as rewarding as running your own business, but unless you’re an accountant, managing your company’s finances is not an easy task. Yet the success and stability of your business rely on knowing where money is coming from, where it’s going, and how much of it there is. Keeping track of business expenses, maintaining accurate, timely and up to date financial records, and prepping for tax season can be overwhelming, but it doesn’t have to be.
Cloud accounting can reduce financial headaches by providing you with real-time financial information, automating routine accounting tasks and streamlining your business processes so you can better run your business.
Here are some of the ways cloud accounting can help you take ownership over the future of your business:
Improved accuracy
Keeping the books up-to-date is essential for any business. Accurate books help you manage cash flow, stay on top of debts, and pay employees. They also tell you how much cash you have on hand and provide you with an overall sense of your company’s financial health. Accounting errors will always remain a possibility, but their likelihood can be greatly reduced by automating manual, error-prone, and labor-intensive processes with cloud accounting.
Greater efficiency
Not only does this automation improve your accounting systems’ accuracy, but it also makes them faster and more efficient. The sooner your systems are able to process and manage your accounting data, the sooner you can act on them helping you focus on more strategic activities.
Enhanced compliance
For growing businesses, keeping up with tax obligations and ensuring your accounts are in order can be challenging. Cloud accounting platforms often have built in tax calculation features that can automatically calculate and apply taxes to transactions. This can help reduce the risk of error and help simplify the process, so you can stay compliant with CRA.
Better accessibility
Cloud-based accounting software is much more accessible and flexible, enabling users to access and view data from anywhere at any time from a mobile app or device. All you, your team, clients, or contractors need is an internet connection and login credentials. This makes the software easily adaptable to a mobile, hybrid, or remote workplace. In addition, cloud software can be accessed by multiple users at the same time, making it an ideal online platform for business that have users in different locations.
More agility
Access your real-time financial data whenever you need it. No more waiting for month-end reports - know where your business stands in real time and adapt to changes quickly.
Operational synergy
When you store and work on your accounts in the cloud, you can integrate your financial management system with a range of other business ‘add-ons’ or apps to transform the way you work and boost your business’ performance and growth potential.
Stronger collaboration
By spending less time number crunching and more time analyzing the data in your cloud accounting ecosystem, your accountant can uncover insights into how your business is performing, find potential savings and growth opportunities, and evolve strategic plans. This collaborative approach makes for a stronger, more productive and effective relationship with your advisor.
Powerful scalability
The cloud’s scalability makes it easy to grow with your business. You can start small with basic services and expand into more features and capabilities as your company grows. This way you don’t have to invest in new systems before you really need them.
The bottom line
Cloud accounting is an accessible, cost-effective, and scalable solution that easily integrates into your current business structure. Whether you’re a start-up or small- to medium-sized business, cloud accounting can help you push beyond existing limitations and establish a strong footing in your industry.
