1. Freeing up time: Small and medium sized business owners are distracted by administration tasks on a daily basis. The less time spent on administration the more time can be devoted to growth aspects of the business. By streamlining the accounting process, more time becomes available to devote to core business priorities.
Businesses with efficient real time systems have those benefits flow through to your accountant and back. With less time required on tax compliance reconciliations, your accountant is there for business analysis and advice to help you grow or improve your business.
2. Keeping detailed records for your business is a must but now this can be done without piles of receipts clogging up your drawers. Sign up where possible for invoices to automatically feed into xero, most business now send invoices by email, simply drop these into xero, scan and upload or photograph receipts and invoices and store them in the cloud software. Your office is no longer restricted to your physical business address. Use your I-phone to process information anywhere you happen to go.
3. Forecasting is never easy but cloud accounting provides your business with live data. This makes managing your cash flow and planning for the future so much easier. This aspect of cloud accounting is particularly useful for businesses seeking financing, whether for long term funding or short term overdraft facilities to cover those bumps in cashflow.
The team at WK have been embracing cloud systems for over 4 years now and are regular users of a large number of the innovative technological solutions.
We have that “cloud space” confidence and understanding to assist you to select and use the business software solutions that can really work for you, so use our knowledge… take the leap of change.
Author – Sabine Lieflander.