The Benefits of Cloud and Paperless Accounting for Your Company

Accounting is a facet most owners tend to overlook, particularly when you're a startup. Most executives turn to cloud accounting for small businesses to get a head start in managing their finances.  

When you're still in the incubation phase, it's a common tendency to get your hands on everything that's going on in the business. But if you don't have the expertise to manage your books, that's where the accounting software comes into the picture. Using such technology eases you in on handling simple accounting matters, such as invoicing and reconciling transactions, plus the guarantee of high-level precision. Moreover, the introduction of cloud-based accounting advances this side of your back-office into a paperless function.  

Here's a rundown of the cloud accounting benefits you can leverage once you use an accounting software: 

1. Reduced Cost 
   

   The cloud accounting service provider will manage all the overhead costs as it doesn't require as much infrastructure and staff to maintain and operate the cloud accounting system as it is hosted through an online server. Upgrading maintenance and other server issues will not cause issues as well since it's already taken care of.
   
   

2. Accessibility
   

   This enables all users to access their company financial data anytime, anywhere, with just an internet connection. Using just a device, you can see your cash flow in real-time and monitor your accounting records in a few clicks.

3. Ease of use 
   

   Most accounting programs are created to be intuitive, especially for business owners who monitor their books regularly. With only a few clicks, you can access and generate data anytime, anywhere.
   
   

4. Flexibility 
   

   You can customize the software accordingly if in case you’ll be processing accounts for several companies. Cloud accounting providers today offer a wide array of integrations and add-ons to make your experience a seamless and suitable one.
   
   

5. Operational efficiency 
   

   Improved service levels are the ultimate result you can achieve through better cloud accounting usage and access to the latest data. You can be ascertained that your records are completely secured in the cloud as well. 

Cloud accounting integrations and tools 

Now that you know the advantages, we now go to other useful functionalities, including the integrations and add-ons of cloud accounting software.  

1. CRM Integrations

   When CRM (Customer Relationship Management) solutions are integrated with a cloud accounting platform, invoicing and billing processes are streamlined.  You have a more holistic view of where and how revenue and specific sales activities align as well.
   
   

2. Analytics solutions

   If you want to look into your financial health in more depth, go with an accounting software that provides financial insights from your business’ performance.  
   
   

   Read Next: Role of Cloud Accounting in Strategic Business Financial Management  

3. Payroll management

   For companies with employees, a salary management tool will be your friend. The primary functions of this system are the calculation of wages, computation of taxes, and deduction of necessary fees, among others.
   
   

4. Inventory management

   E-commerce business owners can easily run reports, keep tabs of sales and purchases in their chosen selling channel, and track inventory in real-time. 
   

Best online cloud accounting software for your business 

Having a hard time choosing the cloud accounting platform for your business? Here are some of the best names in the industry you can get on board with.  

As your business scales, so should your internal processes. And cloud accounting for small business is one of the powerful platforms you can easily tap for a more efficient and accurate management of your finances. Moreover, it expands your capabilities in handling your financial matters such as taxes, compliance, and inventory.