Intuit projected that by 2020, 78% of small businesses will already be on the cloud. With this revolution, accountants’ roles are also evolving. Tasks are turned over with minimal human intervention, and time spent in doing manual bookkeeping is lessened as well.
A Deloitte report showed that 93% of organizations have already been using cloud services since 2017, which means that businesses are bound to be more efficient and successful. Leveraging these emerging accounting software makes your finances secure and updated in real-time.
As a business owner, how does small business cloud accounting impact your everyday operations?
Cloud accounting has evolved significantly overtime, and presented a more advanced set of features to address manual process in your team. From a simple online-based solution, cloud-based programs now provides a well-structured and effective workflow for small businesses.
Cloud-based small business accounting has integrations with third-party applications to make more seamless transactions and a faster turnaround time for tasks. You can select from a wide variety of functions such as payroll, accounting tools, and payment processing, among others.
Through these integrations, you can customize your experience with the system that best complements your business needs. In addition, it also reduces training time for employees who need to use the new program.
One of the upsides of using cloud-based solutions is its cost-effectiveness. Compared to traditional accounting, cloud accounting offers a more affordable option for business owners. For one, they don’t need to put money in training employees, plus expenses in office supplies can also be eliminated. Maintenance of desktops and regular updates on your hardware can be removed from your payables as well.
Though it may incur great expense at first, cloud accounting offers competitive packages. Depending on your preference, you can subscribe on a monthly basis or settle for a yearly basis where discount rates are most likely available.
Part of cloud accounting’s advanced functions is its ability to scale. The cloud supports your business’ development as you grow overtime. Once you avail cloud services, they make sure to fit your current phase and scale to meet the growing demands of your company.
The main goal of cloud accounting is to make your accounting process smoother and faster. Automated solutions are made available on this platform, which eliminates manual data entry and bookkeeping on the list. Your updates are done automatically, invoices are sent immediately and looking for documents is easier with a centralized cloud platform. Deadlines are also met ahead of time because of a faster process.
Both Sage and Xero are known in the market for the functionalities they offer for businesses. Aside from its user friendly interface, both programs also grows with your firm. They allow multiple user access and breaks down any complex activity for a more efficient process.
Xero is dedicated in serving small and medium businesses in their accounting process. Once launched into your system, Xero automatically uploads all your contacts and transactions into the cloud. It also allows automated sending of invoices to your clients and easy collaboration of data with your colleagues. In addition, Xero has integrations with third-party applications, which allows you to customize your Xero experience.
One of Sage’s assets is its incredibly detailed inventory. By choosing Sage, you get an access to fully specialized invoices and a built-in integration with Google Drive. It also provides iOS and Android applications so you can track your numbers even on the go. Their subscription plan is affordable at $10 a month, and their top-tier package won’t go as high as $25 monthly, both available with a 30-day free trial.
Both Sage and Xero have their respective merits; that’s why it’s best to weigh what features will be most useful for your company and choose which small business cloud accounting offers the best of that service.
It is crucial to take care of your finance and strategize plans for the future. Let D&V Philippines extend your potential through our cloud accounting services for small businesses. We’ll be with you in forecasting your numbers, managing your funds and minimizing risks that can come your way.