6 Reasons You Should Hire a Cloud Accounting and Bookkeeping Service
Technology is evolving fast and cloud is one of the most important technological evolutions. Cloud has a power to progress fast and make many things easy for users. Two such things are accounting and bookkeeping. The main advantage of cloud accounting and bookkeeping is that it automates manual tasks so that users get more time for other important matters. What are main reasons you should hire cloud bookkeeping services? Here they are.
1. Works for More Clients in Less Time
Automation and cloud bookkeeping go well together. Automation means using software to do manual tasks for us. The cloud makes this possible at a scale which is unheard of earlier.
For example, cheap accounting services Singapore use cloud accounting solutions wherein transactions are formed without data entry. In earlier days, data entry was essentially manual. Thus accountants and bookkeepers would have to spend hours submitting data from bank statements.
These kinds of productivity advantages are not unique to the accounting software. Several bigger accounting platforms have an active add-on ecosystem. These add-ons directly integrate into their software. Solutions exist for everything from document workflow to predicting cash flow.
Cloud bookkeeping enables advisors to work for more clients in less time due to automation. Plus they can focus even on work with higher pay.
2. Instant Financial Reporting
The capability of managing cash flow efficiently is the most essential thing for monetary success for several business owners.
Often business owners don’t have a prompt insight into the finances of their business. They have to perform daily operations blindly. The lack of important timely financial information can have a huge impact on the business.
The solution is provided by cloud bookkeeping. It supplies business owners with real-time, auto-updated details about the financial status of their business.
Thus they don’t have to wait for their latest QuickBooks file prior to going through their revenues and expenses. They can now clearly see where their money is being spent and from where it’s coming in, 24/7.
3. Easy Collaboration
Cloud offers the information entrepreneurs and their advisors need just on time. Because of this collaboration becomes a breeze, whether at home or in office or on the go.
Advisors today that are not using cloud have to spend up to 35% of their time going through documents and chasing answers from clients.
4. Constant Improvement in Cloud Software
One of the most amazing parts of cloud software is the smoothness with which updates can be pushed by providers. This differs from desktop software where you have to stick with the version you buy and upgrades take place only when you buy an updated version. Cloud software updates occur on the fly and you don’t have to pay surcharge.
Several cloud software companies request for feedbacks from their customers. The feedbacks are used to make their product roadmap better. This means that customers get the results whenever the software is updated.
5. Smooth Backup
When it comes to backing up data, most of us usually postpone it since something “more important” comes up. Actually backing up data manually is cumbersome.
Courtesy to the cloud and the intense integration between bookkeeping software like cheap bookkeeping services Singapore and their add-ons, back up is automatic. It actually occurs as a part of your workflow.
6. World Class Security
A business owner may be concerned about the safety of their data while storing it in the cloud. But keep in mind that cloud is one of the safest ways to store information. For example, if your laptop is stolen and you are using cloud, no one can access your data unless they have your login to your online account.
So, hiring accounting and bookkeeping services that use cloud is one of the best ways to thrive and progress in your business and prosper.