The 2016 ‘Appification’ of Small Business Report, a multinational study of 2,000 respondents, indicated that 64 per cent of small businesses run in the cloud, while 68 per cent use apps in their day-to-day operations. In Australia specifically, a staggering 81 per cent of small businesses run their business via the cloud.
Impressive results… here are some of the key reasons behind those statistics:
Ease of use was the number one benefit sighted by adopters of cloud systems. Systems have been tailored to ensure that users adopt with ease the concept of business in the cloud.
Ability to access your data and accounts whenever and wherever you are. Mobile access means you no longer have to be restricted to traditional office hours.
With cloud based accounting systems you can bring up a quote, solidify an invoice with the prospect or your client right in front of you
This means you can get more work done. Cloud based accounting systems make it easy and faster to work. Gone are the days when doing a bank reconciliation was a manual process considering there was no communication with the bank. With automatic bank feeds, bank statements can be downloaded directly into your system and matching transaction quickly reconciled. The added tool of bank rules increases the number of matches.Eliminating the time taken up previously with manual entry and trying to remember or look up similar transactions.
Get Paid Quicker
Getting paid is made much easier and quicker. Most cloud based accounting software are now integrated with Paypal and all the major credit cards. Making it easier for you to get paid, instantly improving your cash flow.
As a result, collections are so much easier now. With most software communicating to you the instant your client or customer sees your invoice.
Elimination of Paperwork
Join the movement, reduce your carbon footprint! Invoices, quotes and any other information pertaining to your transaction can be saved as attachments into the system. This will also result in more accurate financial statements and results.
Increased accessibility to reports
Insight into your business is enhanced with real time access to your data making it easier to view strategy implementation progress. Accounting transactions on their own do not give a lot of information they only really come alive when the data is processed into reports such as the Profit and Loss, Balance Sheet and Cash Flow statement. Decision making is improved as reports and comparisons can be made with a lot more frequency.
Say goodbye to keeping up with updates which with some software, meant significant unproductive hours. Updates are done automatically and information and formats are constantly updated and upgraded.
Elimination of information asymmetry
Today’s complex and ever-changing business environment requires players who are alert and always keeping up and possibly outsmarting their industry peers. Managers often do not get critical information about their organisations performance until it is too late. Recognising any gaps in your strategy and plugging them as quickly as possible becomes imperative to survive.
No one can tell with absolute certainty what the future will look like but one thing is certain cloud based accounting is here to stay.
Convinced but still have questions or unsure if this is for you? Call us today and get a free consultation at 0468783087 or leave us a message on the contact form.