The benefits of using cloud-based accounting software for your business

As a small business owner, you understand the importance of having the right solutions in place for your business. That’s why, if you want to stay on top of your accounts, cloud-based accounting software is the perfect solution. Cloud-based accounting software gives you the functionality you need, with the speed, reliability and ease of a mobile application. 

All cloud-based applications also have extremely high-level security features too, so you know your financial data is safe and protected. And as it’s all cloud-based, you can access it wherever you have an internet connection. 

But if you’re in any doubt as to why you may need cloud-based accounting software for your business, here are the main benefits you will glean from it.

Accounting software for your business needs time tracking functionality

Manually monitoring the time spent on client work isn’t an efficient use of your time. It’s also open to human error; you could be missing out on charging for the time spent on client work. When you use the time tracking functionality within your cloud-based accounting software you’re not only improving accuracy, you’re also streamlining the process. You don’t have to copy data from a spreadsheet into your billing system. You can provide more accurate time tracking reports for your clients and you can ensure you’re accurately charging for all time spent on their projects.

Cloud-based software enables you to easily invoice clients 

 

Cloud-based accounting software has made it really easy to invoice your clients. It reduces paperwork, as you’re electronically sending invoices out to your clients. You can invoice instantly from your phone, tablet or laptop. This speeds up the process and eliminates the need to print and post invoices. With a few clicks of a button, you can set up recurring invoices and payment receipts quickly and simply. And if you want to encourage clients to pay you quickly, you can add payment buttons to your invoices to make the process simple and easy.

Track your expenses quickly and simply

 

When you have the mobile app installed on your phone you can scan expense receipts the moment you’ve spent. This makes it a lot easier to accurately record all of your expenses, no matter how big or small, or where you are at the time. You can attach and store online copies of your invoices and payment receipts securely in the software. This not only saves time and printing costs, but it cuts out the need to save paper copies of everything. You don’t have to worry about storing paper copies of everything in your office anymore, as it’s all securely stored within the cloud.

Monitor your business profitability

 

One of the biggest advantages of cloud-based accounting software is the ability to monitor a real-time view of your current financial situation. You can link your bank feed to your accounting software, so you no longer need to worry about importing statements. The entire process is streamlined and straightforward. You can see at a glance, what invoices are outstanding, your available funds and financial targets, whenever you need them.

Everything is in one place 

 

Using cloud-based accounting software is also an incredibly cost-effective solution for your business. As everything you need is on the one application, you no longer have to worry about paying for separate solutions or getting them to play nicely together! You can simply access the software wherever you are and whenever you need it.

As a small business owner, you understand the importance of having the right solutions in place for your business. And, if you want to stay on top of your accounts, cloud-based accounting software is the perfect solution for you.

My top two recommendations for cloud-based accounting software would be FreeAgent or Xero. It’s why TAKO Virtual Solutions is a certified FreeAgent partner and a certified Xero advisor. I can provide complete and easy to manage solutions that are suitable for your business. And if you’d like someone to take over the management of your financial admin and bookkeeping for you, I can do that too! You’ll find a breakdown of the financial services I offer, here.

 

The benefits of using cloud-based accounting software for your business

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