A quick look at the results of a study conducted by the Australian Business Statistics depicts a clear connection between the size of Australian businesses and their level of interaction with innovative platforms such as cloud accounting. According to the study, the smaller the size of the company, the less likely it is to pursue modern finance and accounting solutions.
As a small business owner who has just recently dipped a toe into running your own business, it may seem wise to avoid cloud accounting services as it will likely strain your cash flow. But the reality is, using cloud accounting tools like Xero accounting software will improve your cash flow and increase the profitability of your business, among others. Not convinced? Check out these items to know how cloud accounting revolutionises your business accounting operations:
1. Smarter business decisions
It’s not easy to make decisions, especially those that will directly affect business performance. Through cloud accounting technology, you will have a better view of all the stakes involved, because you can have financial statements on hand to base your decisions on. Additionally, because you are making smart and savvy decisions about your cash flow, your business finances remain on solid ground.
2. Improved accessibility
Have you ever felt so irate about not being readily able to access your accounting records? Cloud accounting tools like Xero solve that issue for you. By opting to use these systems, your accounting records become easier to access, as they are available in real time. Of course, it also saves you the hassle of logging in to the desktop PC where your accounting software is installed. With cloud accounting, you can even check your records on your smartphone.
3. Convenient collaboration
Cloud accounting gives you the chance to work closely with your accountant or financial adviser without waiting for them to be on-site. So even if you’re on a holiday, you can still collaborate with your number cruncher. While doing so, you also have the guarantee that the records you are checking are up-to—date.
4. Advanced security
Modern cloud solutions automatically back up your files, helping to keep your accounting records safe and secure. It also keeps you from having to back up your files regularly – as the case would be if you are still a fan of desktop accounting software.
5. Enhanced efficiency
Simplified accounting – this is the power of Xero. It speeds up your bookkeeping and accounting processes extensively while helping you cut down on business costs. It also has the capability to integrate invoicing, payroll and bank account reconciliation functions with your business accounting processes.
No matter the size of your business, Start-Up or Established, business owners still think that cloud accounting services are not for them. But having read about the value of cloud accounting for small businesses, would you still keep yourself from joining the cloud bandwagon? Give this a lot of thought and get in touch with us here and schedule a free consultation.
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