As the world shifts into the digital age, we are seeing a change in how SME businesses operate. Moving to a smarter, faster way of processing, businesses are now investing in technology that allows them to do their accounting in the cloud.
Cloud accounting is easier than ever before, no longer is a business’s time and resource eaten up by the manual input of data onto a desktop programme, cloud accounting allows a business to control, access and anaylse their company accounts at anytime, anywhere in the world.
With the demand on cloud accounting ever increasing, we look at how cloud accounting can benefit you.
Traditionally, accountants would be based at one desk, uploading the company’s accounts manually onto a desktop system. Each month, financial update would be produced and reviewed. This was the only real visibility a company would have of its data.
With the introduction of cloud accounting, business accounts are no longer confined to one desktop. You can now access reports and statements for multiple devices, anywhere in the world.
Real time visibility of a company’s data is great for all SMEs especially if they operate nationally or even internationally.
For many SMEs there are be a number of owners, investors or influencers who help drive the business forward. Where these individuals would traditionally have to wait until month or even year end to review the company accounts, now they can all access the data at the same time – in real time. This not only helps with business efficiency and growth but also encourages greater collaboration.
One of the biggest issues with manual data entry to a desktop accounting system is input error. With data coming in from bank statements, personal receipts and invoices it’s hard to keep track of what figures are going where.
Cloud accounting can take away the burden of manual entry. OCR technology means that your accountant can scan or take photographs of invoices, bank statements and receipts that are automatically uploaded to the cloud.
Cloud accounting software gives you a faster, more efficient experience, allowing you to manage your business from all over the world. As the technology evolves, the system can pull through updates automatically, removing the time and man power associated with traditional system upgrades. This also reduces the amount of system downtime – meaning your data is more fluid and accessible.
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