As businesses scale up, the words – automation and digitalization are becoming key denominators day by day. The adoption of everything-Cloud is thus the road to developing a profitable, investable business.
With automation comes cloud, and with a growing business, it’s crucial to have a robust and efficient accounting system in place. One option that’s becoming increasingly popular among small and medium-sized businesses is Cloud accounting system or Cloud ERP. This proves automation is actually more essential for SMEs than ever, especially when it comes to accounting, bookkeeping and inventory management. Why? Because working digitally will allow you to spend less time on laborious, time-consuming operations, freeing you up to focus on what you do best: expanding your business.
Additionally, you can be sure that you will have better access to real-time data for your business, wherever you are, as business information is available anywhere, anytime, on any internet-connected device.
In this article, we’ll explore some of the key benefits of switching to a cloud accounting system for a growing business.
First, let’s define what a cloud accounting system is
Cloud accounting (also known as online bookkeeping) offers all of the same features as conventional accounting, but it makes the entire process automated without manual errors and improves on it. The advanced part is it is accessible from any internet-connected device at any time, anywhere.
Hence, there isn’t a desktop application; instead, you log in to a constantly updated software service, and all of your data is securely kept on that digital server. A common feature of automated platforms is an open API, which allows outside programmes to connect to your system and add even more value for you as a business.
This new approach is replacing the old desktop versions of accounting software at a rapid rate. And for good reason.
These days, users prefer an automated and intelligent software—that can alert them when an exception occurs or define a process in advance. They desire easily customizable dashboards that connect them to relevant details with a single click. Moreover, they require solutions that examine and increase their revenue and sales from numerous angles.
Hence, Let’s take a look at all the benefits cloud accounting has to offer:
One of the biggest benefits of cloud accounting systems is that they’re highly scalable. As a business grows, it can easily add more users, features, and integrations to the system, without needing to invest in new hardware or software. This makes it easy to keep up with the changing needs of a business, without having to worry about upgrading or replacing systems.
Another benefit of cloud accounting systems is that they’re highly secure. Because the data is stored on remote servers, it’s not vulnerable to the same risks that on-premises systems are. For example, if a local computer is stolen or damaged, the data stored on it is lost. With a cloud accounting system, however, the data is stored on remote servers, so it’s not vulnerable to theft or damage. Additionally, cloud accounting providers often have highly secure data centres and use advanced encryption techniques to protect data.
Cloud accounting systems are also highly cost-effective. Because the software is hosted on remote servers, businesses don’t need to invest in expensive hardware or software. This means that businesses can save a significant amount of money on IT costs. Additionally, many cloud accounting systems are offered on a subscription basis, which means that businesses only pay for what they need and can scale up or down as needed. This makes it easy to budget for accounting costs and avoid unexpected expenses.
Cloud accounting systems also offer businesses more flexibility. Because the software can be accessed from anywhere, businesses can work from anywhere and still have access to their accounting data. This is particularly useful for businesses that have employees working remotely or for businesses that have multiple locations. Additionally, many cloud accounting systems can be integrated with other software and apps, making it easy for companies to automate tasks and streamline processes.
Finally, cloud accounting systems offer businesses more visibility into their financial data. Because the data is stored in the cloud, it’s easy for businesses to access and analyze their financial data from anywhere. This makes it easy to spot trends, identify areas for improvement, and make more informed decisions. Additionally, many cloud accounting systems offer real-time reporting, so businesses can always stay on top of their financial data.
In conclusion, switching to a cloud accounting system can offer a growing business many benefits, including scalability, security, cost-effectiveness, flexibility, and visibility into financial data. With a cloud accounting system, a business can easily keep up with its changing needs, while also reducing its IT costs and improving its financial reporting capabilities. And with the ability to access data from anywhere, businesses can work remotely and streamline their accounting processes, making it a great choice for growing businesses.
GenieBooks’ 100% cloud-based accounting software is a great alternative to other traditional ERP software with its reliable pay-as-you-go subscription model that can considerably improve your growing business operations.
