No matter what business it is, bookkeeping is a must for its survival. For a small business, it is one of those tasks that takes energy and time away from the revenue-generating aspects. Some small businesses choose to do their accounting themselves whereas others may outsource it. Either way, every business is looking to simplify the process and add value. How can this be done? Cloud solutions are the way to go about it because they are making these tasks like bookkeeping much easier. Their adoption is becoming popular than ever and there are reasons behind it.
Why should a small business think about switching to cloud accounting solutions? Here are some great reasons to do so:
Reason 1: Ease of Use
These days, cloud accounting solutions are designed to be used by everyone and not just dedicated and professional accountants. This means that even those who don’t have any accounting background can easily install and make use of this software without having to overcome a big learning curve.
Reason 2: Security
With the use of cloud accounting software, there is no longer any need for regular backups, something you have to do in a traditional system. Cloud accounting service providers such as Xero accounting Singapore are able to guarantee the safety and security of your information at all times. Even if there is a fire or your computer is stolen, your data will be safe because it is backed up and stored elsewhere. In a nutshell, your information remains more secure in the cloud than it does on your premises.
Reason 3: Storage Costs
You can save a ton of storage costs when you decide to switch to cloud accounting solutions because it provides you with the option of storing everything electronically. Hence, you don’t need to have physical storage locations, which means no equipment is required and no location has to be rented for keeping it.
Reason 4: Flexibility
One of the biggest reasons to switch to cloud accounting solutions is the flexibility they have to offer. Why should you have to come to the office every time you need to view a file or make an entry? This was a problem with traditional solutions, but not with the cloud. When you opt for a cloud accounting solution, it can be accessed from anywhere, as long as you have access to the internet.
Reason 5: Integration
Most cloud accounting software solutions can be integrated with other cloud-based situations and this can provide you with greater benefits in terms of accounting. For instance, you can make invoices and send them directly to the customer because the system is integrated with others. Likewise, employee salaries can be paid out without hassle as HR and payroll are also integrated. This makes cloud solutions a good and efficient option for every business.
These are some major and important reasons why a small business should put some thought into the idea of switching to a cloud accounting solution instead of sticking to traditional options.