In the modern world, people rely on technology more than ever before. From placing their morning coffee orders with the Starbucks mobile app to ordering household essentials from Amazon Prime with the touch of a button, there are few things our smartphones and computers can’t do.
So why are you still manually keeping the books for your small business?
The truth is, businesses are sometimes the last to jump on the tech bandwagon simply because they’ve “never done it that way before.” This fear of changing operational policies can lead to stagnation.
Here are the top five reasons you should take the plunge into cloud accounting software.
As money flows in and out of your business accounts, it can be difficult to track using conventional manual methods. Many business owners who haven’t switched to cloud accounting programs find themselves checking multiple accounts every day to figure out whether or not they are turning a profit.
With cloud accounting software at your fingertips, however, you can easily see transactions in real-time, allowing you have peace of mind about your company’s finances.
As your business grows, the number of people who need access to your financial information may increase. Cloud accounting software will allow you to collaborate with team members on a daily basis with ease.
Because cloud accounting software is housed in the cloud – online, for those unfamiliar with the term – you’ll never be asked to run updates or buy a new version. Instead, any new features and product updates will be automatically available when you log in to your account.
While it is still smart to occasionally export your data to an external hard drive or a secure server, cloud accounting software also keeps track of records for you.
This means you no longer have to maintain file folders filled with documents – everything you need for filing taxes will be in your online account.
Most CPAs, EAs, and tax preparers have experience with cloud accounting software. This is great news for you as a business owner. If you run into problems, you can contact your tax expert for assistance.
Furthermore, he or she can easily access your documents at a moment’s notice should any financial issues arise with the IRS or state tax authorities.
Which cloud accounting software you ultimately choose is up to you. Different products have unique features that you may need depending on your industry. Retail store owners, for example, need a program that can easily reconcile sales tax.
One thing, though, is certain. There is no time like the present to make the switch to cloud accounting.
Have you already made the switch to doing bookkeeping in the cloud?
About Bob Mason, CPA
Santa Cruz based Bob Mason, CPA (Coast Financial Services) has been providing the people of Santa Cruz with years of expertise in the tax and accounting industry. He provides a broad range of accounting, bookkeeping and small business services to help your business succeed. Using their expertise in technology they have built an intuitive website with useful tools and calculators and a monthly blog which they post to on a frequent basis. Check back weekly for their next tax or accounting topic.
