Why you should switch your small business to cloud accounting (part 1)

Being a small business owner can be tough – sometimes tougher than anyone ever cared to tell you before you got started, right? You’re constantly challenged to become more efficient, be more competitive, work harder and get more customers on board, all while minimising your costs and maximising your productivity.

So what’s the key to better managing it all? Cloud technology. And although some people consider it an ‘old discussion’, a lot – and we mean A LOT – of Australian small businesses are yet to get on board.

Accounting is a basic fundamental that every small business owner has to deal with, but sometimes it can get a little overwhelming – and let’s face it, it’s not exactly everyone’s cup of tea. Maybe you’ve been doing your accounting the same way for the past 20 years and you’re not quite convinced it’s time to change your ways just yet. Or maybe you’re in your first couple of years and having a growth spurt and you’re thinking you need to run your business better?

Accuracy, convenience and ease-of-use are just the beginning when it comes to cloud accounting; so to help you make the switch, we thought you might like the top three reasons we love the cloud.

1. Anywhere, any time access

Working from home; working from your favourite café; working poolside at your hotel in Hawaii; it all sounds too good to be true, right?

Well, not any more. With cloud accounting you can access financial information and vital business data anytime, anywhere. So if you’re a small business owner that’s constantly on the move, you can control everything with a few simple taps on your smartphone or tablet – how simple is that!

Meet Anton from Artof2Designs; about 90% of Anton’s small business is location-based, so his equipment needs to be light enough to carry around, meaning he relies on his smartphone/tablet to do most of his business.

Using QBO – his cloud accounting software of choice – Anton can meet clients on location, add them as a client and send them invoices instantly, which means his business can run smoother and he gets paid faster in the process! Like Anton, the time you can save on bookkeeping/accounting processes can be spent adding value to your clients experience or bettering your product/service.

2. Collaboration and transparency

Traditional accounting software allows access to only a single user. With software packages such as Intuit QuickBooks Online (QBO), you can invite your accountant or bookkeeper to securely access your QBO data for simultaneous collaboration.

Cloud accounting technology allows key people in your business to stay connected to their data and your accountant in real time, without having to wait for files to be printed, posted, emailed, shared etc. And with collaboration comes greater transparency (for the people with whom you choose to share your data of course), a real time understanding of where your business is at and, subsequently, the ability to make better, and more informed business decisions.

So what can this real time view of your business provide? Cloud technology like QBO gives small business owners like you the freedom to get in touch with your numbers and not get bogged down in admin and paperwork. You’ve probably heard us mention it before, and we’ll say it again for good measure – cash is king! You need to know your business numbers so you can build a substantial business that will achieve your goals (whatever they are).

3. Saving valuable resources

And by resources, we mean time, money and possibly even your sanity. Manual accounting processes are tedious at best – there’s no doubt about it – but QBO’s cloud-based accounting software can help you create more efficient workflows, saving your valuable resources in the process.

And before you think it’s too expensive, cloud accounting software can be installed for free and paid for monthly with no extra costs. Intuit QuickBooks Online packages start from just $12/month. That’s less than the cost of a cup of coffee per week!

And with all the extra time and/or money you now have, you might consider focusing on other areas of your business, such as growth, expansion or developing better relationships with your clients or customers. Have the freedom to focus on business, not paperwork!

Of course, these are just three reasons for moving your small business to cloud accounting. In our next blog, “Switching your small business to cloud accounting – how secure is your data?”, we’ll take a look at improved security and how integrating your Shoeboxed account with QBO can make life easier.

If you’re ready to make the move into cloud accounting, you can get started with a free QBO trial today. Or if you’d like to know more about cloud technology or maximising your productivity, we’d love to chat. You can give us a call on 1300 00 1333 (AU) or 0508 00 1333 (NZ) or drop us a note.