Techblog
Five reasons why SMEs should move their accounting to the cloud
SMEs already use many cloud services, including internet banking, social media or storage services. However, many businesses don’t realise that they can move their accounting there too.
Traditionally businesses do their accounting either manually or through desktop finance software. These processes however can be time-consuming and inefficient, hindering business performance and growth.
The time SMEs spend on doing accounting work manually can be used instead to improve the company’s bottom line. Here are five reasons why businesses should make the switch and get their accounting on the cloud.
Your team can collaborate smarter
The cloud is a collaborative platform where you can access files and data online anytime, anywhere, from any device, and in real-time. Employees will be able to work with the latest version of a file, getting rid of the frustration of managing multiple versions of the same file.
Cloud accounting software also gives multi-user access and allows team members to communicate better. They can all monitor and keep up to date with the latest activity.
You can manage accounts on the go
Having mobility and flexibility are important for business growth. With the cloud, you can manage your accounts on-the-go from anywhere. All that’s needed is an internet connection and a mobile device. You could even catch up on your accounts while travelling or in your hotel room.
It backs up your accounts automatically
The cloud stores all files and data and backs them up automatically. In the event of a hardware crash or natural disaster, your data will be still there. Having your accounts in the cloud means business productivity won’t be affected, even in times of disasters.
You can integrate easily and decrease manual data entry
Using a cloud-based accounting solution such as ABSS Premier Online (formerly known as MYOB Premier online) easily enables businesses to integrate various processes, such as integrating information from other cloud-based providers. Instead of entering the data manually into the system, you can take advantage of specialised services such as using live feeds from your business bank account or credit card provider.
Different elements of your business such as payroll, payments, HR or general accounting don’t have to be dealt with separately. With the cloud accounting software you can integrate and connect everything into one space, using a single subscription.
You can make better decisions using real time information
Moving your accounting processes to the cloud will provide you with a clear overview of your company’s current financial position, in real-time. This will enable you to make better business decisions based on real-time information.
Getting started
For businesses worried about the trouble of switching to new software or solutions, they can always take up a no-obligation trial of ABSS Premier Online to see if it fits their needs. You can see for yourself whether the software improves your current accounting processes. After purchase, there is a hands-on training to help you get started, as well as a dedicated local help-desk to call whenever you need assistance.
Summary
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Your team can collaborate smarter, as employees will be able to work with the latest version of a file.
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With the cloud, you can manage your accounts on-the-go from anywhere.
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It backs up your accounts automatically. In the event of a hardware crash, your data will be still there.
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You can integrate business processes easily and decrease manual data entry through live feeds.
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You can make better decisions using real-time information.