Just about 10 years ago, cloud accounting software was difficult to come by. But now, using it is as convenient and straightforward as ever. Before the “cloud” became a big thing, accounting records were kept on a desktop, and to manage daily bookkeeping required someone to be in the premises recording transactions, invoicing clients, and paying bills. Many bookkeeping tasks were postponed because business owners prioritized serving their clients than spending hours on bookkeeping and accounting. Who can blame them? Cloud techniques have revolutionized the accounting universe, not only for small business owners but for tax professionals and accounting.
Researches claim that 32% of data losses are caused by hardware failure, but 28% of the errors are human errors. This shows the importance of backing up your data constantly with the help of cloud accounting software.
Let’s look at five ways cloud accounting software can simplify your day:
- Easily Record Business Expenses
- Cloud Accounting Software on Mobile Means Work on the Go
- Make Fast and Simple Updates
- Create More Seamless Experience with different Add-on Features
- Collaborating with the Team and Clients
1. Easily Record Business Expenses:
Is your wallet crammed with expense receipts? How many of it will make it onto the tax return at your year-end? Unless recording of expenses does not happen as they occur, it’s easy to forget about them when it’s time to prepare your tax return.
Cloud accounting software allows us to keep track of expenses. Many cloud-based accounting programs are connected to your business credit card.
Some people keep bank and credit card statements to support the expenses, but if your firm is selected for the IRS audit, those statements may not be enough to support the deductions—auditors will need the receipts.
With cloud accounting software photos can be snapped of your receipt with your mobile device or an emailed receipt can be saved as a PDF. Those receipts with your expenses can be attached in just a few seconds. No more faded receipts or lost deductions.
2. Cloud Accounting Software on Mobile Means Work on the Go:
Why was your business started? If for you being boss is about flexibility. That might also mean taking a working vacation, traveling, and not being tied to a place.
With this desktop accounting software, it’s impossible to run your business effectively when you’re away. Also, you may not be able to invoice clients, or access financial reports if you’re not in the office.
Whether you’re taking a vacation, or working from different locations, cloud accounting software gives you all the access you need at any time.
3. Make Fast and Simple Updates:
The earlier way of installing accounting software involved purchasing an expensive software suite and getting it installed on a computer. When new versions used to come out each year, many small businesses would either budget for it or work with an outdated version of the software. Cloud accounting software has simplified the software update process.
4. Create a More Seamless Experience with different Add-on Features:
You probably use different apps to get your accounting in order. Do any of these apps complement one another? Integrated apps can save you a lot of money and time because they easily transfer data from one application to another.
5. Collaborating with the Team and Clients:
Cloud accounting software makes it a lot easier to share information with your accountant. This will increase security and collaboration, as well as reduces the traditional back-and-forth process.
Consider moving to the cloud accounting software, whether you’re currently working on a spreadsheet or a traditional desktop solution for your accounting purpose. Coding Brains can help you by providing the best cloud accounting software solution at the best price. For more details on accounting software, please connect with Coding Brains.