Startups are maximizing cloud accounting software such as Xero, MYOB, and QuickBooks to increase business efficiency and minimize manual tasks brought by traditional accounting processes.
But if you have only just dipped a toe into cloud accounting, you may still need some time to get used to optimizing its available features and functionalities. Here are some wonderful ways to help you maximize the use of your cloud accounting program:
Maximizing your Cloud Accounting Experience
Seek Help When Setting Up
Contrary to what you may think, there is more to setting up your cloud accounting program than just installing it. Make sure your chosen program is installed properly by seeking the help of a professional to get it done. Otherwise, you might miss out on activating some of the necessary features that made you decide to go ahead and shift to cloud accounting in the first place.
Do a Proper Dry Run
As soon as you have the software set up, go over the cloud accounting manual and make sure you understand how to use your chosen online tool. Before moving all your bookkeeping and accounting operations to the cloud, be sure to conduct a thorough dry run to test the software. This will help ensure that you are making the most of your cloud accounting software.
Using cloud accounting promotes the best remote team practices. Even outside the confines of the office, modern accounting tools make it possible to collaborate with the rest of the team and working with them efficiently.
Use the Online Tool to Your Advantage
There are many cloud accounting tools available in the market today. Opting for the particular tool you have means the available features and functionalities of the software you have chosen is at par with modern standards. With this in the background, it is very important to maximize the use of your cloud accounting program. Activate all the necessary features and make use of them to hasten and improve your bookkeeping and accounting functions.
Go over the manual and see the integrations that your program carries. Third-party applications vary from functions to industries, which boosts your transactions. Seamless turnovers and faster turnaround time are achieved when integrations are used well.
Capitalize on Report Features
Reports are very crucial for accountants, financial advisers and business owners like you. Put those reports to good use by using your cloud accounting tool to generate and monitor reports about your critical business numbers. This is a good way to make sure that you are effectively keeping tabs on your business finances.
Cloud accounting software provides different kinds of reports for startups. For instance, Xero provides 55 reports, including sales and budgeting to cash flow and others, and allows customization of reports as needed. QuickBooks, on the other hand, produces over 80 reports covering everything from accounting and sales to cash flow and costing, among others.
Managing remote teams is simplified through leveraging the latest tools the market offers, and cloud accounting software is a way to go.
The potentials of cloud accounting software for startups are infinite. But to use it to your best advantage, you need to know it like the back of your hands.
Find out all there is to cloud accounting and the best practices when using one. Download our guide Startup Solutions to know how we can meet your finance and accounting requirements.
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First published on 2015 December 28; Last updated on 2020 May 05