This post is also available in: Singapore
For a business that works better, your cloud accounting system needs to be the top priority.
And if you don’t already have a cloud accounting system in place – it’s time to ask yourself why not?
Making the move from regular spreadsheets or traditional hardware will not only move your SME in the direction of the future, it allows your business more flexibility with features, users, plugins, affordability and more.
But first, what is cloud accounting?
Balancing the checks and keeping track of clients might’ve been limited to Excel spreadsheets a couple of years back.
Cloud accounting was introduced to increase efficacy in these aspects, and then some. The ‘cloud’ is a common way to describe data easily accessed anywhere, anytime with those who have the permissions to do so.
This could be from a mobile device, tablet or work desktop!
Expenses, inventory tracking, sales management and other features become readily available when you log on to your cloud accounting system. Of course, these forms of data are encrypted.
What are the benefits of cloud accounting for startups and SMEs?
When you use cloud accounting, you get to monitor all parts of your business 24/7, without having to store spreadsheets that eat up storage on your device.
- From your dashboard, track inventory, sales and other financial information.
- All your data is stored online, so there’s no need for separate hardware.
- Collaborating with other members of the same organisation is easier.
- Get to track stock in different locations when you set up individual warehouses.
- Manage and track customer deliveries, apply discounts and allow payments.
Here’s a peek at how Enterpryze optimises our cloud accounting solutions.
How do you choose a cloud accounting system for your small business?
Choosing an accounting system shouldn’t be painful.
What you need to look out for when choosing one should be complete integration with business on-the-go, and easy to use across various functions.
1. Choose “cloud-first” systems.
Make sure your chosen accounting solution runs on a readily available, cloud platform. Other options that require you to install a separate driver or run another program to your desktop might not be feasible in the long run — especially if you need to exchange information across users.
Not everyone might have the capacity to download and run heavy programs on their computers, which makes going cloud-first all the more important.
For small businesses and startups, opting for a cloud accounting system saves you money too! You avoid needing to pay thousands for software. Instead, you pay a smaller monthly subscription fee only to use the services and features that you need.
Your business’ cloud accounting system is practically built on its ability to automate all financial tasks for you!
Not only does it save you valuable time, but it also makes everything much easier to document should you forget to update something. The best system can also help you reconcile your accounts by implying that your transaction is a match, manage stocks from quote to cash, and much more.
On the other hand, it also leaves no room for error due to manual work.
Bear in mind that other users will collaborate on your business’ cloud accounting system.
With that being said, your chosen system should be as user-friendly as possible.
Its dashboard should be suited for small business cloud accounting; able to track inventory movement, client quotes, sales reports and more with the click of a button.
Keep in mind that this solution is meant to make your lives and the lives of employees easier — not harder! Therefore, your business’ cloud accounting shouldn’t require extensive training or come overloaded with complicated functions that aren’t relevant to your line of work.
When all your data is stored securely online, you eliminate the need for complicated and expensive hardware.
Usually, these are the same hardware that require you to set aside annual maintenance fees. Think a devoted server to host the software and even several IT experts that need to be trained to manage the software and hardware from time to time.
On the other hand, cloud accounting offers many more affordable packages. You end up paying a small monthly fee (usually less than $100/month) instead of expensive maintenance and hardware fees!
It’s beneficial to mention that unlike hardware programmes, the best cloud accounting software is one that can scale with your business.
What do we mean by that?
Imagine for a second that you’re a business of 10 people, point blank. After a whole lot of marketing and increase in sales – you find the need to hire more people to come in and help (warehouse helpers, customer service, etc.) to run things more effectively.
Your company grows to 50 people in a matter of half a year – yet you’re stuck with a very basic accounting solution that can only occupy 10 people (your package before you grew your business.)
Hardware is very complicated to upgrade, unlike a cloud-based solution.
Enterpryze prioritises seamless upgrading, to include more readily available features. Most of our customers end up upgrading their plans as their business scales, so they need inventory management, a more detailed CRM, etc.
Another commonly overlooked feature is the support system for any small business cloud accounting software.
No matter how user-friendly a platform is, there might come a day when you (or your employees) need to turn to its support team to assist you.
Here, the quality and speediness of said platform’s support will play a very important role. This could be in the form of solving an IT issue before your work is affected or answering a common question about features.
Now support can take several different forms. You can either send in a ticket through a submission form, talk to a human from the team, or request help from a chatbot.
Likewise, Enterpryze offers all of those solutions – combined with comprehensive how-to guides, blog articles and onboarding sessions for new customers.
So, how do you choose?
The best cloud accounting software gets you reconnected with your business.
When presented with the best option out there, you get to run a well-oiled organisation that performs at its peak.
Now that you know all the markers of a good accounting system, you can now make an informed decision on the best solution for your business!