Original content provided by BDO Canada.
The cloud has drastically changed our day-to-day lives, think about how you can access your social media or online banking data from anywhere and on any device—this is the power of the cloud. So why not harness the cloud for your business too?
With cloud accounting applications, access to your company's financials on-demand improves your ability as a business owner to make decisions quickly and based on up-to-date information.
What is cloud accounting?
Cloud accounting is accounting software that's accessed online. It's the combination of a cloud-based accounting platform along with a supporting ecosystem of specialized applications that can create a unique software package to streamline your business processes. Quoting, invoicing, managing bills, and more can all be done on one system.
Cloud accounting is a wise investment, but some business owners are still hesitant to make the switch. This hesitation is largely due to two factors: fear of change and lack of knowledge about how cloud accounting works. Cloud accounting solutions are nothing new and can help businesses save time and money by automating tasks that would otherwise be manual. Check out some of the benefits of the cloud:
What are the benefits of cloud accounting?
More convenience. You can automate many tasks on a cloud accounting
platform, eliminating the time-sucking task of manual entry and fewer human hands means lower risk of clerical error.
More intelligence. Updates made anywhere are reflected everywhere so your data is always current. This allows for quicker and more accurate solutions to solve business pain points.
More confidence. Cloud accounting platforms can be set up to connect to bank accounts and automatically pull in daily transactional detail. Your bank feeds provide more up-to-date information related to business performance
More independence. Once your cloud accounting is set up, you can augment it with an entire ecosystem of business apps for payment, expense tracking and approvals, inventory management and more, so you have more control over what's happening.
Cloud accounting makes it easy to collaborate with professionals
Your cloud accounting platform is a secure, shared workspace online, which means you can collaborate seamlessly with your advisors and give them the customized access they need to help your business. For example:
- An accountant would need to view revenue and expenses to create a tax plan that doesn't leave you on the hook for a bundle at year end
- A financial advisor would want visibility into your cash flow to make investment plans that consider your liquidity needs
- A fractional CFO would need complete access to keep the business moving in the right financial direction
When advisors can access your company finances through the cloud, they can work faster, smarter, and with a complete picture of your business.
Which cloud accounting platform will work best for you?
Many choices exist for cloud accounting platforms and there are a significant number of configurations. That's why it makes sense to get help. BDO works with three best-in-class cloud accounting platforms and the app ecosystem that is supported by these platforms. These include:
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We can help you make the right choice for your business, get you onboarded, familiarize you and your team with new processes, and keep your cloud optimized for your business.
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