Cloud accounting software: it’s just a slightly slicker way to do your books than with Excel, isn’t it? Think again. The benefits of cloud accounting software are far more significant than you may realise. It can do far more than get your business accounts in order. The right software can transform your entire company: its processes and even your profitability. Here are fifteen ways that cloud accounting software can not only take away pain, but deliver major gain.
1. Gives you flexibility
However, not all accounting software is created equal when it comes to true flexibility and scalability – look out for software that offers a modular approach, like Reckon One for example. This way you can pick and pay for only the features that you want. It also means that you’re not locked into a “package” so if you suddenly need an extra feature, such as project tracking, you can instantly switch it on… and off again, if and when you no longer need to use it.
2. Makes you more mobile
Want to go to the Hunter Valley for the weekend, but it’s long overdue for you to go over your accounts? Simply take a mobile device with you and work on-the-go. There’s no point missing 48 hours of fun because you need to do one hour of work.
3. Saves money
You think it’s a cost investing in software? Consider how much time it saves you – and your time is money.
4. Cuts IT costs
Another saving is in IT costs. You don’t need to upgrade all your equipment as it’s based in the cloud, with someone else’s high-powered machines doing your number crunching. Plus there’s nothing for you to install or upgrade, and it all gets backed up automatically.
5. Makes money
Those invoices that you forgot to send, or forgot to follow up? Maybe you got the money in the end, but meanwhile your bank balance dipped into the red, or you couldn’t pay one of your bills on time, and you got hit with penalty charges. Accounting software tells you what needs to be invoiced and when. It also helps you keep track of outstanding payments so you can follow them up efficiently.
6. Helps collaboration
Being able to add different users makes it much easier to collaborate with your team. It doesn’t even matter where they are, as you can all log on from different locations.
7. More compatible
The chances are your accountant’s software can sync with yours, or you can easily export your books and send them to your accountant with a couple of clicks in a comprehensible form.
8. Syncs with your bank
Automatic bank feeds mean that bank transactions are immediately fed into the right accounts and sorted by category.
9. Increases your accuracy
Streamlined processes mean the software sucks data from one place to another, automatically. You don’t have to duplicate all your data entry, so human error is halved from the get-go.
10. Checks for you
Accounting software has clever ways of checking and reconciling different figures. If you entered the wrong amount on an invoice, or entered a date the wrong way, it will likely pick up the inconsistency and alert you.
11. Guaranteed compliance
Keeping up with legislation relevant to business and tax is always a headache. But accounting software does that for you, it regularly updates itself.
12. Can prevent fraud
With customisable user roles and built-in audit trails, your software helps you minimise, detect and track fraud activity before it actually damages your business.
13. Better security
If you’re using cloud based accounting software, the professional grade security technology employed means your data is safer than on your own hardware. It’s also generally safer from fire, flood and other disasters.
14. Acts as the expert
You’re not an accountant, and you can’t afford to hire one full time. Your accounting software can act as your right-hand man, letting you know what information is needed, when, and where.
15. Offers instant overview
You always know exactly where your business is, as well as how it’s performing against projections, because your software can spit out an instant report showing your exact financial position.
Above all, accounting software lets you focus on your core business. You can stop wasting time on repetitive, often duplicate tasks, and struggling with managing your finances, which is likely not your area of expertise. Let your software handle it for you, and free you up to run and grow your business.
If you are looking to try accounting software and how it can help you run your small business more successfully, start a free trial of our online accounting solution Reckon One today!