What is cloud accounting?
Traditional accounting software is hosted locally on a computer or laptop hard drive. These software’s are typically confined to a single computer which makes it harder for a business owner to access this information.
Cloud accounting software has the same bookkeeping, payroll, and accounting functionality as a traditional accounting software’s, the difference is that the data is hosted online. Online banking is a great example of data that is available online. The cloud platform allows for data to be accessible online anytime, anywhere and from any device.
Why should small businesses consider cloud accounting?
Many small business owners get caught up with the day to day operations of the business and pay little attention towards the bottom line. Operating a small business without insights into its financial health limits the ability to make timely decisions and can lead to small business failure.
A recent survey has shown that a quarter of small business owners spend over 100 hours per year in maintaining their accounting records and staying compliant with tax agencies. In order for a small business to succeed, it is important to work smarter and faster.
Cloud accounting software increases efficiency by automating many manual accounting and bookkeeping tasks enabling small business owners to spend more time on business growth.
Top 5 benefits of cloud accounting
1. Have access to your numbers anytime, anywhere
2. Get an up-to-date view of the business
3. Go paperless, declutter your office and audit-proof your business
4. Reduce IT costs associated with maintaining a traditional accounting system
5. Protect your data with automatic backups on safe and secure servers.
At Counttech we have helped several small businesses overcome the challenges of traditional accounting software by transitioning to cloud accounting. We strongly believe that cloud accounting is the future and key for small business owners looking to grow their business and maintain a competitive edge.
Our recommended cloud accounting platform for small businesses is Intuit’s QuickBooks Online (QBO). Trusted by 4.3 million customers globally, QBO is affordable, user-friendly and has the biggest ecosystem of apps to integrate bookkeeping with other processes.
Get in touch with us today to learn more about how we can help your small business transition to the cloud.