4 Reasons to Switch to Cloud-Based Accounting Software Today
Most common cash flow challenges facing businesses today
The cloud makes everything easier. From storing images online to accessing data anywhere, anytime, it’s highly likely that you use the cloud for some services, directly or indirectly, for your personal or business needs. At Bennett Verby, we believe that as a business owner or manager, there are plenty of reasons to switch to cloud-based accounting software. In this blog, we discuss four benefits of integrating cloud-based accounting software in your business today.
- Access your financials instantly: One of the key features of cloud-based accounting is the ability to integrate your books with your company bank account, making it convenient to access your company’s most up-to-date financials on the go. Additionally, connecting your cloud-based accounting to other business systems like payroll, inventory, sales or CRM is also possible, depending on your software service provider. We recommend conducting research beforehand and choosing the systems that work best for your business. Overall, systems integration offers convenience and saves costs.
- Grant and enable multi-user access: With cloud-based accounting, you’ll have the option to grant access to multiple users, saving you time associated with duplication of effort and report generation. Need a cash flow forecast? Impromptu sales pipeline meeting? With access granted to the appropriate stakeholders, you’re more likely to get the numbers and insight you need fast. This is also a valuable feature in the event of absences or staff turnover in your business.
- Depend on Speed, Security, Reliability: Accounting software providers offer a variety of encrypted, secure cloud-based services. Regardless of the accounting software you choose, security features like encryption, secured backups and recovery features are often built-in. What’s more, you’ll benefit from secure mobile-access and remote backups, so you won’t have to worry about losing access to your data.
- Ensure Accuracy and Efficiency of Company Financial Records: Electronic safekeeping of your financial and accounting data eliminates the need for manual, time-intensive bookkeeping that is not only prone to errors, but also ineffective in the long run. With accounting software, you can create invoices, enter transactions, keep track of payments and receivables and more. If your goal is to scale your business in an economic manner, strengthen your balance sheet or enhance your working capital, cloud-based accounting is a tool that can help you achieve your company’s goals.
At Bennett Verby, we take pride in our role as trusted business advisors to startups and entrepreneurs. Constantly thinking of ways to help our clients navigate the business landscape, our accountants are passionate about helping your business scale and grow. Please contact us today for specialist financial advice regarding your company’s current or future goals.
What else should I be thinking about?
There’s no ‘one size fits all’ solution for limited company directors. The Government measures that have been released may be useful for you depending on the size and nature of your business.
Here’s a brief list of things you could explore, which we have covered separately:
- Cash flow and payments
- Mortgage holidays
- Deferring income tax and VAT payments
- The Coronavirus Business Interruption Loan Scheme
- HMRC Time to Pay Scheme
- Statutory Sick Pay Relief package for businesses
- Business rates holidays
- The Small Business Grant Scheme
As always, we’re here to help you in these uncertain times. If you need advice about any of the above, speak to us about the ways we can help.
