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According to a recent report, 57% of mid-sized firms and 47% of small firms use cloud-based accounting. Cloud-based accounting can help make bookkeeping and accounting tasks easier, faster, and more reliable through reduction of human errors. With COVID-19 came the heightened need for personal safety and protocols for social distancing. Cloud-based systems allowed the sudden need to perform work remotely to run a little more smoothly. A McKinsey report indicates that businesses that had some readiness in the digital arena proved they were able to make the shift to online work more easily.
If you haven’t yet made the shift, here are some reasons you should consider cloud-based accounting for your business:
Remote working capabilities require access to relevant data, information, and files. Cloud-based storage is secure and safeguarded from both unauthorized access and unintended loss and destruction of data. Businesses that have cloud-based accounting and bookkeeping can focus on seamless operations, without affecting existing tasks and business processes. They can also scale more efficiently without affecting existing deliverables; continuing to add value as well.
Cloud accounting can be customized for accessibility, security, and data recording and retrieval.
Cloud-accounting can allow businesses, including startups, to access more sophisticated technology and advancements in software.
Tech advancement translates into reduced manual work, while providing better access to reporting and analytics. Given the significant role played by accounting in financial management, advanced technology helps businesses stay current with industry trends, while cloud-based accounting advancements can specifically help them extend greater value to their customers.
Yet another benefit of cloud-based accounting is that businesses, specifically bookkeeping and CPA firms, can focus the appropriate amount of attention on their own accounting requirements.
In 2020, one of the first challenges resulting from COVID-19 was the disruption it caused in the workforce. According to reports, for those working in accounting and bookkeeping, labor costs featured among the top concerns in the year 2020, alongside other inflationary factors.
Shifting to cloud-based accounting enables businesses to ensure continuity and counter vulnerabilities associated with employees and other trained human resources, including attrition or furloughs. Information can be stored in the cloud for the business to access whenever required, even if the person handling it is unavailable. Cloud-based accounting also enables back-up, which, in the case of an unforeseen event, is critical to secure data and information.
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For startups that may have financial challenges, partnering with professionals can help scale swiftly without loss of momentum. Partnerships can provide immediate access to resources and expertise while also assisting with technical support for cloud-based operations. When businesses outsource accounting needs, they benefit from readily available resources that are backed by technology and support, including regular upgrades to latest versions.
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Trends Influencing How Small to Mid-Sized Business Accounting Departments Operate.