While running a successful business may be a dream, handling the bookkeeping can sometimes end up a nightmare. Depending on the volume of your business transactions, balancing your accounts and generating quarterly data can be a much of a hassle.
Cloud bookkeeper services offer a viable solution to all your woes. Here are a few reasons why utilizing these services will be great for your business while making your life easier.
- Accurate, Centralized and Quickly-Generated Data
Data-driven, informed business decisions are highly reliant on the quality of data where the insight is derived from.
In terms of speed, cloud bookkeeper services are a great hustler’s bestfriend. Timely data is a priority for clients in order to make the best decisions. With cloud bookkeeper services, work is completed much faster because of the features built into the software. One example of how they are faster is when they link transactions with your bank account. If done manually, this can be time-consuming.
But with a cloud bookkeeper service, a bank transaction in your bank account can be automatically matched with an existing item in your books. Payments won’t have to be recorded by the bookkeeper manually and the payments will be automatically reconciled with your invoices.
These services not only generate data at a faster rate but also with more precision. With facilitated data input and integration to multiple accounts, the software can easily detect if there are errors in the data. And because users are now using a centralized data, there won’t be issues in integrating different data files and losing some information in the process.
- Real-Time, Easy Access for Multiple People
Cloud bookkeeper services allow business owners access to their records anytime as long as there is internet connection.
This directly addresses one of the most pressing issue with traditional accounting software – that only one person has user access, prohibiting some key individuals in the business to have access to financial and customer details.
With multi-user access, teams can easily collaborate online, cutting communication barriers between advisors and employees. But more than that, you can also get the full support of a team, all enabled to verify the data on the other end to prevent errors. And you can also control the level of access that each user has.
This is particularly helpful for those businesses which have mobile personnel like service and sales teams. To know more about the advantages and disadvantages of a multi-user system, click here.
- World-Class Security
One of the reasons why some small business owners are skeptical of using cloud bookkeeper services is they’re not sure whether the data will be protected. Little did they know, the cloud is one of the safest ways to store information.
For comparison purposes, if your personal computer is stolen, the data will be inaccessible to anyone unless they have access to the online account. If you hire a bookkeeper and he chooses to store the data in a hard drive, there’s a high probability that the data will be compromised if the drive is stolen or lost.
The data is also regularly backed up and running, removing downtime issues on times of disasters or typhoons. With these managed backups, a lot of time will be saved and clients can remain productive. Indeed, the level of availability and security, backup and data recovery offered by cloud bookkeeper services greatly exceeds the level in-house bookkeepers can provide.
Since the backups are already part of the package, you won’t have to pay extra – nor need any special servers or desktop configurations so long as you are connected to the Internet.
With cloud bookkeeper services, you can get updates that are instantly available for free. Also, upfront business costs are reduced as version upgrades, maintenance, system administration costs and server failures are already covered by the cloud bookkeeper service.
Since the payments are on a monthly basis, you will be able to manage your cashflow much easily, on top of the fact that these applications don’t require major upfront investment. You may also enjoy new features that may come along at absolutely no extra cost.
- Clear Overview of Current Financial Standing
One of your most crucial aspects of your business is your understanding of your current financial position. Which aspects of the business are converting sales? What kinds of investments can the business take given its current financial profile?
Cloud bookkeeper services provide a clear overview of your business’ financial standing to make sure that you are taking a proper account of the finances in every major business decision. If you are crucially aware of your financial standing, you will be more conscious about the risks that you can tolerate and only take steps are heading towards the direction where your business is heading.
- Top-of-the-Notch Customer Support
Before buying any software, assessing the provider’s customer support service is a must. A lot of good applications yet with no good customer service failed to retain their customers. But with cloud bookkeeper services, excellence is made a norm. Customer support are usually free to a small rate, and you will get a response immediately in contrary to traditional bookkeeping.
If you have any questions about using the service, you can easily message the support portal and experts will answer your concerns. With customers at the top priority, small business owners like you can focus on other business-related errands while the cloud bookkeeper service ensures that your books are up-to-date and reflective of your business’ current demands.
- Work Offline Options
You can get all the benefits of cloud bookkeeping solutions so long as you’re connected to the internet. But this doesn’t mean you can’t work offline. If you’re in an area that is suffering from power outage or is taking a long flight, you can still work on your books and simply sync the data automatically the next time you’re connected to the internet. This gives business owners a lot of flexibility.
One final way of how cloud bookkeeper services make their client’s lives easier is scalability. Applicable to both small businesses to big corporations, the cloud grows with your business, offering customised plans depending on your business’
As your business grows, keeping track of transactions and business growth becomes more difficult while increasingly being more important. Good bookkeeping ought to be a priority for any business to prosper. Traditional bookkeeping may still give you what you need, but at the expense of additional time, cost and convenience.
With the increasing demands of the digital economy, there’s no reason to not rise up to the challenge of automating some of the laborious work of before. Cloud bookkeeper services offer an accessible, cost-effective and secure option ideal for small business owners. And with data being in your own fingertips, anytime and anywhere in the world, you can create endless possibilities.