When scaling up your business, streamlining your everyday tasks and process is important to ensure success. Automating and digitising as many of the processes as possible is a major trend as it simplifies things and ensures more accuracy, especially in the area of accounting.
Cloud Accounting enables business owners to manage their accounts faster and more effectively and best of all, from any location. This technology is rapidly replacing older versions of accounting. Here are several reasons why your business should make the switch to run on Cloud Accounting Software as well:
Live access to the latest financial information
One of the biggest benefits of using Cloud Accounting Software is the ability to link your software directly to your company’s online bank feeds. This means that all transactions are automatically updated in your accounts – making the manual uploading of bank statements a thing of the past and your financial information real time.
Work from any location, on any device
With Cloud Accounting Software, business owners can manage their accounts on any device, from anywhere in the world. This is a major benefit as it allows for flexibility and it truly enables business owners to travel more often as they can work from anywhere where there is internet.
Stylish reporting and analytics solutions
Cloud Accounting Software allows you to create stylish financial and management reports at the touch of a button. The software includes options to create graphs, financial snapshots, variance reports, and more. These reports are well presented and can be used to inform directors, stakeholders, etc.
Advisors, directors and board have full access to your accounts
Once you have a Cloud Accounting account, you can invite advisors, investors and other board members to access your company’s accounts. This will allow everyone to enjoy a complete overview of the company’s finances, which makes it simpler for the management team to focus on the company’s direction moving forward.
Machine learning allows for auto-allocations
With machine learning, Cloud Accounting Software can recognise recurring transactions. When picking up recurring transactions, your software will start to auto-allocate them to the correct accounts. The software aims to minimise your manual allocations to around 20% after only a few months, thereby offering you a faster and more accurate accounting solution.
Data is always safe
All your data is stored on the Cloud and any risk of physically losing or damaging the information is eliminated. The risk of your data becoming corrupted is also less, which makes Cloud Accounting the safest option for accounting.
Save on time and effort
Automated accounting saves time and effort, allowing business owners to focus on other aspects of their business.
(Article sourced from OCFO)
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