5 Cloud Accounting Benefits for Solopreneurs, Entrepreneurs and Small Businesses

Cloud Accounting Services for Entrepreneurs

Accounting and bookkeeping software for small businesses is rapidly changing, and it doesn’t appear to be slowing down anytime soon. QuickBooks Desktop is being discontinued, Xero continues to grow, and new software and platforms keep popping up left and right.

When weighing a desktop version of a software program to a cloud-based program, and in this case specific to the accounting and bookkeeping of your business, there are several important things to consider:

• Access anywhere, anytime:This benefit impacts business owners and any other advisor that may be involved in their operation; CPA, consultant etc.  For the solopreneur, this provides an opportunity to efficiently process activity as it occurs. There is no ‘I’ll have to wait until I get back to the office’ to invoice a client, or capture cash payment made to a supplier. Cloud accounting software allows these processes to be managed from any smartphone. No more is there a need to have a dashboard full of receipts – or go back through the calendar and try           to remember what job had been done on what day.  Also, the entrepreneur can share financial information with anyone, anywhere, and at any time.

• Software simplicity: With cloud accounting, there is no need to install a desktop version of the accounting system, monitor it for upgrades, or move it when upgrading desktops. The entrepreneur is always using the latest version when working with a cloud accounting system.

• Software security: Cloud platforms employ the latest in cyber security measures. While some may be concerned with the security of the internet, it is almost a given that the security of a large cloud company’s platform far outweighs that of a single office setup, which could be compromised.

• Ease of collaboration: The ease of collaboration allowed by a cloud accounting system is an overlooked benefit. You used to have to send things back and forth for you and your accountant to both see it. The time and effort required has been minimized significantly, allowing entrepreneurs to have more time to work on growing their business instead of managing their accounting software.

• Integrating solutions: Accounting systems are like parts of a classic car you’re rebuilding. The cloud accounting software is the engine that powers everything. But, to have a well-running system, you need it integrated with your invoicing software, bank accounts, and related programs and software.

Also Read: Why cloud accounting is good for business