5 Reasons You Should Switch to Cloud Accounting During Covid-19
There is never a perfect time to change your bookkeeping or accounting software.
However, there currently is a time where your business may not be running at full capacity or may even be temporarily closed. This is a great opportunity to look at changing your accounting software and if done now may even save you time when you do get back up and running.
Plus, you do not need to fully commit right away. Why not try a free cloud software trial to see if it would work for you, and if you want to know how to make the best use of that free trial or just speak to someone who knows it well then feel free to book a free consultation with us here at Approved Bookkeeping.
REGULAR MONITORING OF CASHFLOW
In times like these when business is slow or non-existent and there is no certainy as to when things will get back to normal, it is important to plan for the long-term. You need to ensure that your business is able to survive this difficult time and cashflow is a big part of that.
Whether planning for known upcoming expenditures or just keeping a regular eye on you cash position, cloud accounting enables you to have a real-time view of your business and current position. Working with a trusted advisor can help you to use that information to make a plan for the future and monitor the plan over time.
Access to your advisors
For some businesses they see their advisors annually, when it is time for tax preparation, or quarterly, when they are ready to file GST returns.
The information at these times is outdated and only a historical representation of how the business performed.
By upgrading to an online bookkeeping or cloud accounting software, your data is available more easily and on a daily basis. From bank feeds saving you time entering your information and preventing mistakes to being able to add your bookkeeper or accountant for live access, there are many ways why moving your bookkeeping online means that you will have better access to information about your own business.
During times of social distancing, temporary business closures and with more time spent at home, you have a chance to tackle those projects that you have been meaning to get to.
While changing to cloud accounting software does not have to be time consuming or difficult, it is hard to find time for during a normal busy schedule for many small business owners.
Changing now will not only be a great use of any extra time you find yourself with, but also will be a time saver for you when your normal schedule resumes. From invoicing online, outsourcing some of your transactions or just saving yourself some data entry by using online bank feeds, you will be glad you did while you had the time.
New Business Opportunities
Once your business bookkeeping is online and you have an experienced business advisor working with you more regularly than once per year, you may find that more avenues open up for you.
Whether you can start looking at selling your products online through platforms like Shopify or Amazon, need to find a way to make it easier for your customers to pay you, or want to determine if a new line of business might be profitable, having this timely information at your fingertips thanks to cloud accounting will help you to make the best decisions for your business.
With everyone exercising extra precautions about which servies are essential and which are not, there could not be a better time for meeting your bookkeeper or advisor virtually.
With information available in the cloud at any time, you can both be looking at the same information and having productive conversations about your business without leaving the comfort of your own home office.