You know of the many benefits of using a cloud accounting software, but did you know it could also help you earn and save more? Surprised? Read on.
Your business earns directly, as more cash flow because of better invoice management — timely invoicing, identifying late payments and following up. Plus, you save time, money and effort on infrastructure costs, staff, installation and maintenance, easy and flexible access and scalability, reduced data loss risk and downtime. Think of these – they all translate into money.
Let us explore these benefits in detail.
Get the cash flow status just by generating the appropriate reports. Improve cash flow by identifying and tracking uncleared receipts and payments and taking immediate corrective steps. Reputed cloud accounting systems like Surf Accounts allow you to maintain cash flow by even partial receipt allocation to invoices.
Profit and Loss
You do not need to crunch numbers, acquire accounting expertise or wait until the end of a period to find out your business financial health. Just run one or more reports and get the profit and loss figures. Compare the financial performances of one or more account codes between two periods. Identify the profit and loss-making account codes and analyse ways you could improve profits and, the cash flow with just an internet connection, using an online accounting software.
Think of the implications if you lose your confidential data or they fall into wrong hands — that’s catastrophic. So, in a way, business data equals money and needs as good protection as your money in the bank. Cloud accounting systems offer the highest degree of protection in the form of encryption, multiple backups, robust data centres and more. For example, Surf Accounts, a reputed cloud accounting software, uses Microsoft Azure as its data centre.
Imagine one or more prospects requesting product quotations that are likely to be accepted. You are excited and log in to your accounting software only for it to play spoilsport — it is having a long downtime. For you it’s head-banging time as well. It doesn’t back up; the customer care plays truant and your sales guys are breathing down your neck. And, after some time, the impatient prospects leave you, probably to never return. Choose an accounting software that gives you minimal downtime and doesn’t let you down when you need it the most. Cloud accounting software systems have their data with robust data centres, known for minimal downtime and super-quick restoration. Earn more by never letting go of any business opportunity.
On-premise or in-house accounting systems require big investments in the form of servers, maintenance, database, staff et al. How about cutting down on these investments significantly and yet not compromising on accounting quality? On the contrary, expect better quality. Cloud-based accounting systems need you to just have any device — laptop, desktop, smartphones or tablets — and a reliable internet connectivity. Log in and get going. The software providers take care of the servers, data storage, database, maintenance and just about any non-accounting stuff you can think of. With the big investments off the to-do list, the savings start rolling in. How smart is that?
Think of the time you needed to upgrade your in-house servers or systems. It is time-consuming, complex and costly. When you have a cloud accounting software and need to scale up resources, it is a rather simple process. View the catalogue of offerings, choose and pay and your system scales immediately. Again, your business is saved from an unreasonable loss of money.