Cloud Accounting software for small business
Cloud accounting works in a similar way to your online banking. It provides you with secure access to your business data at any time of day or night. It also allows you to collaborate with your people, even if they are mobile. All you need is access to the Internet.
Traditional accounting software – The problems
If you are using traditional accounting software, you need load in onto a single computer, laptop or server to run. You also need to make sure that the software is kept up to date, which often also involves adding security patches and fixes. If your computer fails, and you don’t have a current backup, then you lose your data and potentially months of data entry and hours of work.
Traditional accounting software is generally only set up for one person, limiting access to the people who can contribute to improving the quality of your businesses financial data. This often results in out of date or inaccurate data, which is a problem when you need your business data to drive accurate and quick decision-making.
Also, most small business owners are not IT specialists, so when they have a problem with the setup or running of their traditional accounting software they end up paying a considerable amount for software support.
Is cloud accounting right for your small business?
Your accounting software is an essential business tool. The right software can liberate you and your people from mundane and repetitive tasks, improve business processes and efficiency and provide you with accurate insights, which drive more informed decision-making.
At Bizally, our goal is to make sure your accounting software is properly aligned with your type of business, your (or your peoples) level of accounting skill, business size, specific business needs and budget. More and more we are finding that this means a cloud accounting solution.
How cloud accounting software can help reduce the cost of compliance
Every time your accountant has to reinterpret the data you provide, it costs you money. Every time your people need to produce reports from scratch, in a particular report format that has been requested by your accountants, it costs you money. The longer it takes to prepare anything to do with accounting and compliance, the more it costs you.
Cloud accounting software simplifies how you collaborate with your people and external providers. It allows you to engage with an external bookkeeper, by providing real-time access to records that you can discuss and monitor through any mobile device with Internet access. It provides the same secure access directly to your accountants, which in turn allows them to generate the records they need to help you plan and manage your business. It simplifies, streamlines and increases collaboration.
How much does cloud based accounting software cost?
The cost of cloud-based accounting varies by software brand, the volume of users, ‘add-ons’ and service levels. Most cloud-based accounting solutions work on a flat monthly fee model, which is either charged to a credit card or taken as an automatic deduction from a nominated bank account. Many increase this fee when you increase the volume of employees. The same is true of ‘add-ons’. Add-ons are additional modules that add functionality to your cloud-based accounting solution. These modules may include marketing and online shopping, payment gateways, project management, or ‘industry specific’ modules. Bizally can help you define what software suits both your current and future business needs.
Is it difficult to move to cloud-based accounting software?
Changing software always involves some business pain. However, the process has become much simpler. The reality is, the longer you wait to make the change, the more painful and costly the change will be. Waiting also means you will also start to fall behind, as many of your opposition are already using cloud-based accounting software.
If you are not sure where or how to start, contact Bizally today and they will help guide you through the selection and transition process.