Bookkeeping isn’t what it used to be. Like nearly all tasks known to mankind, what once depended on pen and paper and the trusty old calculator has migrated to the computer, making processes simpler, faster, and more efficient.
Cloud bookkeeping has paved the way for some notable improvements in the accounting industry. At its core, it automates manual tasks to leave time for more important functions, which a lot of businesses would consider a priceless advantage.
Let’s jump in and find out what cloud bookkeeping can do for your small business:
Allows You to Serve More Clients
Because cloud bookkeeping uses automation, you’re able to accomplish manual tasks at a scale and speed previously unheard of. Data entry, for example, used to take hours to complete. With the software tools available now, everything is automated, from entering transaction data from bank statements to forecasting cash flow.
Given this level of capacity, it makes it possible for you to serve more clients in less time and prioritize core functions with peace of mind.
Enables Real-time Reporting
For many business owners, the ability to manage cash flow efficiently is the ultimate pursuit. And one of the main roadblocks is the lack of real-time insight into the business’s finances. They’re forced to carry out daily tasks without the timely financial information they need to fully take control.
Enter cloud bookkeeping. It gives you automatically updated insights into the company’s financial health. You can see where your money is going and where it’s coming from 24/7.
Makes Collaboration Easier
The power of cloud bookkeeping lies in its ability to provide information. When you have the information you need when you need it, the possibilities are vast. That includes collaboration. Whether you’re at home, in the office, or on the go, it’s easier than ever to get and stay connected.
In the past, much time is spent on digging up documents and reaching clients. Today, with the cloud, it’s possible to auto-centralize key financial documents, which reduces instances of friction in audit-proofing and simplifies collaboration.
These docs stay secure in the cloud and can be accessed from anywhere in the world. For bookkeepers and assistants, that means the ability to obtain the files they need, when they need them, maximizing their available bandwidth and giving them greater control of their time.
Allows for Effortless Data Backup
The task of manually backing up your data tends to take a backseat because let’s face it, it’s tedious and time-consuming, and your time is better spent elsewhere. This will never be an issue with cloud software. Backup is automatic, and at best, it can be even a part of the workflow.
With the Cloud, You Can Always Grow
The beauty of cloud software is that it’s always evolving and improving. As opposed to non-cloud software whose version you purchased is the one you’re stuck with, updates are constant and come without extra cost to the buyer. Quickbooks cleanup services? No problem.
Many software lenders ask customers for feedback, which they will use to generate their product roadmap. Any improvement in the system is a result of product reviews—it’s a win-win situation.
Doing bookkeeping manually is precious time that can be spent on higher-value tasks. Cloud software is at your disposal, so if you want to save time and simplify your processes, it’s time to make the transition.