Small business owners are used to doing everything themselves. They often operate on a shoestring— especially when starting out— and believe it doesn’t make sense to pay for help if they can do a task themselves. That notion works until the business grows beyond the owner’s ability to keep up. That’s the time to start looking for smarter and better ways to do things.
There aren’t many entrepreneurs who are also certified accountants, so accounting tasks are often the first to be streamlined into something more manageable and less time-consuming. Enter cloud-based accounting software.
What is Cloud-Based Software?
Cloud-based software is software that resides on a computer server on the internet. The user feeds data into the server through an application (app) that can be accessed by anyone who has sign-in authority on the app. Data can then be retrieved, stored, passed back and forth from user to user, or compiled into reports as needed.
Cloud-based software does not require desktop computers, nor do users have to be in the same physical location to access the information on the server. This makes it ideal for growing businesses.
Why Should I Use Cloud-Based Accounting Software?
There are several benefits to using cloud-based software for your accounting needs. Here are a few to consider.
#1. Reports at your fingertips. Accounting software usually comes with a standard set of financial statements that can be customized to fit your business needs. You don’t have to understand accounting or know how to create a balance sheet. The app does all this for you. Pull up reports whenever you want, even on your phone.
#2. 24/7 access from any location. With cloud-based accounting software, you can access your latest business stats regardless of where you are. On a business trip? No problem! Most server-based accounting applications have user interfaces that can be added to your phone, tablet, or laptop for quick access anytime.
#3. Save time. Cloud-based applications save time on recurring tasks like paying contractors and vendors. By setting up automatic monthly payments, you ensure that everyone is paid on time. You can also use the app to bill clients automatically, freeing up your valuable time for other projects.
#4. Improve accuracy. Cloud-based accounting software reduces the risk of accounting errors. Data is generally only entered once. From there, it can be used in multiple reports or fed into other systems. Since the software does the calculations, you don’t have to worry about making arithmetic errors.
#5. No IT guy required. Since cloud-based accounting software resides online, there are no software or hardware requirements to worry about. You don’t need an IT guy to install anything. Most systems are easy to set up and don’t require much more than creating a username and password and downloading the app interface.
#6. Access to tech support if you need it. Most cloud-based accounting software providers offer technical support. If you have a question about how to use the software or how to install the app correctly, contact tech support for help. You’ll find numerous ways to get the help you need on the provider’s website.
Is Cloud-Based Accounting Software Safe?
Many business owners worry about storing business data on a server. Cloud-based software providers understand this concern and know they wouldn’t stay in business if they allowed clients’ data to be compromised. These providers employ a host of security measures to keep your information safe, including encryption, security personnel at the server site, multiple servers with redundancy in case of failure or natural disaster, and multiple authentication methods to ensure that only those with permission can access the data.
Where Does My Accountant Come In?
Most accountants are happy to work with clients who use cloud-based accounting software. The software makes pulling the financial reports needed for tax preparation much quicker and easier. It also reduces the chance of errors. Many accounting software solutions can be linked to tax preparation software, streamlining the process further and eliminating paperwork.
Call Adams Accounting Solutions for More Information
Adams Accounting Solutions works with all types of cloud-based accounting software, but we specialize in QuickBooks Online. We’re Certified QuickBooks ProAdvisors who can help clients get this software set up and customized for their business needs.
Give us a call today to learn more about cloud-based accounting software and how it can help your business grow. We’ll help you streamline your accounting processes so you can move on to other things!
