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Cloud-based Accounting Tools – Benefits for Business

Businesses cannot survive without balanced books. Or perhaps we should say that businesses that do try to survive without careful consideration given to all things financial are walking a fine line. It never takes much to uncover poor financial planning. Take a natural disaster like the pandemic, or a change in market attitudes, or even just a single piece of bad publicity. Where your finances aren’t in order, you may not have the monetary means to weather the storm.

Today, we’re going to look at some of the benefits of cloud-based accounting (for more in-depth information, find out more). If you’re unfamiliar with accounting in the cloud, it’s probably as simple as you think it is. No need to store data on-site and everything is done online. From any location. There are even added security features that most in-house IT departments would struggle to implement and monitor, protecting you from cybercrime around the clock. Sound good? Let’s continue.

Create financial reports at short notice

Picture the scenario. You’re at your desk. It’s a Thursday and the staff are getting ready to clock off for the day. It’s been a productive week so far with few hiccups. Not far to go until the end of another great week for your company. But then the phone rings. And you’re all of a sudden put on the pot to produce critical facts and figures relating to your accounts.

It happens. Nobody likes it when it happens, but it happens. Your accounts are the reason your business survives, and when a spotlight is shone in their direction, you will likely swallow hard and hope that your management of the accounts to date has been accurate.

Why put yourself through the fast-thinking and mental backflips of producing short notice reports on demand? Simply switch to cloud accounting and create the reports you need at the click of a mouse.

Automated bookkeeping saves time

Accounts are fiddly for two reasons. First, there’s a lot of data to research and monitor. Nomos One Lease Accounting Software experts tell us that with cloud accounting software, you can take a back seat to all of those things, focusing instead on making the data-driven decisions that can drive your company forwards and give you the edge against your competitors. Second, the physical act of typing in all those numbers takes time and concentration – your accounts cannot be wrong, putting a huge strain on you to pay attention to each and every figure that you type in, checking and double-checking as you go.

With cloud-based automated solutions, your accounting figures are monitored and pulled in from all pre-set sources in real-time, meaning you never have to worry about missing details.

Track and manage invoicing, expenses and cash flow

This goes without saying, but the administration involved with invoicing, tracking your expenditure, and reporting on cash flow can mean you never get time to do anything else.

With cloud accounting software, you can take a back seat to all of those things, focusing instead on making the data-driven decisions that can drive your company forwards and give you the edge against your competitors.

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