Before the cloud became mainstream – accounting was mostly limited to hundreds of files and file cabinets. Daily bookkeeping tasks required an accountant to be in the office paying bills and invoicing various clients. Then along came cloud accounting. Many of the popular online payments solutions offer tools like online invoicing and expense management. Nowadays, accounting has never been easier thanks to these digital solutions.
One of the greatest things about cloud accounting is that it allows business owners to manage their accounting on the fly. No more waiting until the end of the week to deal with your finances! In addition to that, here are a few other reasons why cloud accounting simply makes for an easier workday.
Easily Track Your Expenses
First and foremost these platforms allow you to easily track your expenses. As a business owner it’s important to keep careful record of your tax deductible expenses. Instead of jamming paper receipts into files at home a cloud accounting platform can allow you to track expenses on the fly.
Many platforms will allow you to connect your business credit card or snap a shot of the receipt and save it as a PDF for later use. Point is, your deductions will be tracked and stored in the cloud. No more filing cabinets and no more lost deductions.
Automatic Platform Updates
Advancements in cloud technology continue to surprise me today. Did you know that Tesla vehicles are able to update through the cloud? The majority of mechanic related fixes can now be done through your home Wifi! That means less effort on your part – which we all love.
This same concept applies to cloud accounting platforms. If you use a hardware solution for your accounting you’ll need to buy the new hardware every few years to stay up to date. If you use a digital solution you can simply update your system through the cloud and enjoy tons of new features and benefits. Now that’s awesome!
The modern business owner lives a very busy life. They are always on the move. That makes it very important to be able to access their files on-the-go. The vast majority of cloud accounting platforms will give you access to your finances via a mobile application as well. Whether it’s paying a bill or sending an invoice – you can now do so from anywhere!
Seamless Team Collaboration
One of my favorite features of a digital accounting solution is the ability to seamlessly collaborate with your team. This way you can easily include multiple team members on crucial financial decisions or reviews. Each team member can have a separate login and permissions. That way you can be sure your information is kept secure.
Integrations With Other Software
Another great aspect of cloud accounting technology is the ability to easily integrate with other software. Let’s say you don’t want to keep your accounts payables and receivable on the same platform. If you choose digital solutions for both there’s a good chance you’ll be able to integrate the two. That way you can keep the platforms separate but your reporting is still very much in sync.
Whether you’re keeping your financials in a spreadsheet or on paper you’re doing it wrong. Well – maybe not wrong but there is a better way. Cloud accounting solutions will simplify your workday so you can spend more time on scaling your business. That said, I strongly suggest looking into a cloud accounting product if you haven’t done so already.