29 Dec 5 benefits of cloud accounting for small businesses
Cloud services have revolutionised software procurement for small businesses.
Cloud-based software enables startups to access the same advanced features usually reserved for expensive enterprise software packages. Below are five important ways that cloud-based software benefits small businesses.
It can be difficult for small businesses and startups to find the time to chase up unpaid invoices and disorganised clients. Choosing cloud accounting software that offers some basic automation features can significantly reduce this burden by automatically generating and sending invoices and reminders for you.
If your cloud accounting software also supports payroll and HR services, you can automatically generate payslips and other essential HMRC documents.
Work from anywhere
Cloud-based software is much more convenient for smaller businesses. With all your accounting records stored securely in the cloud, you don’t have to worry about maintaining spreadsheets locally. There’s also no need to install your accounting software on every computer your business uses. As long as you have an internet connection, you will be able to access your accounting platform and update your accounts remotely.
Better value for money
Business admin software can be costly. For large corporations, these costs are negligible. But for small businesses and startups, they can present a serious roadblock.
Cloud-based software is usually made available on a subscription basis. Instead of paying a high price upfront, businesses can pay a service charge each month. In many cases, cloud-based software is scalable; businesses need only pay for the features they need. This model is considerably more cost-effective for small businesses and makes managing cash flow a lot easier.
Keep your records up to date
As soon as one person in your business updates your accounts online, the changes they make will be visible to everyone else as well. Cloud-based accounting software ensures that everyone is on the same page, and there is no ambiguity when it comes to your business finances.
Maintain data security
Storing your data on a secure cloud server saves you having to worry about your local cybersecurity. Cybersecurity is a complicated problem for smaller businesses to solve; a reliable cloud service provider’s costs are usually much lower than the costs of investing in robust cybersecurity.
Investing in cloud-based alternatives to conventional enterprise software means that small businesses can take advantage of the same features and capabilities their larger competitors have access to. The benefits outlined above are just some of the reasons that small businesses should consider cloud-based accounting software.
If you’re looking to get some help with your cloud accounting, why not get in touch with us? We’re small business and cloud accounting specialists, based in Manchester. We’d love to hear from you!