One of our favorite things about what we do (besides developing close partnerships with our amazing clients) is the ever-evolving technology that enables us to do more, faster, better.
If you’re managing a small business, chances are you’re using one of the current crop of cloud accounting platforms. Whether your chosen software is Xero, QuickBooks, or something lesser-known, these online accounting tools are now the standard for business accounting.
But are you exploring the full benefits of your cloud system?
The basic benefits of running your finances in the cloud
Accounting technology has changed in leaps and bounds in the past two decades. The average business owner will almost certainly be using some form of cloud accounting to manage their finances. And the advantages of the cloud don’t just lie in the convenience and easy access of being able to do your bookkeeping in the online space.
Whatever cloud platform you’re using, you get:
- A simple, straightforward way to record all your transactions – every sale, purchase and expense is recorded in your cloud accounting software, with some of this record-keeping process even happening automatically, using the latest tools to streamline and automate your work.
- A real-time view of your finances – instead of your accounts being weeks, or even months out of date, you now have a real-time view of your profit and loss (or income statement) and cash position.
- An easy way to collaborate with your advisers – it couldn’t be easier to invite your accountant, tax adviser or business coach into your accounts. In the cloud, you can all access the same numbers and have one point of truth for all your financial metrics. Adding and removing access for employees and partners happens with a couple clicks of the mouse.
Going beyond the basics of your cloud accounting platform
Managing your bookkeeping and accounts with cloud accounting software gets the job done. But you could be doing so much more. If you’re just using your cloud accounting to do the accounts, you are just scratching the surface of the potential value.
Here are just a few of the deeper benefits:
- A growing ecosystem of add-on apps – Most of the big players in the accounting space have sizable app stores, where you can choose from hundreds of different ‘add-on apps’ and integrations. These apps add different functionality to your basic accounting system, allowing you to add apps to help with bill pay, receipt capture, employee expenses, bank statement fetching, and more.
- Extensive forecasting and scenario-planning – there are plenty of sophisticated forecasting tools that integrate with your cloud accounting. These tools allow you to extrapolate your cash numbers forward in time. And because these forecasts and projections are based on your own historic and real-time data, they’re based on solid information that’s a sound basis for your future cash management and business decision-making.
- Job management and industry specific apps – a helping hand with your operations and project management is always going to be welcome. Most app stores will have a wide selection of industry specific apps, that help you manage the operations in your specific business sector. For example there are apps designed specifically for job management for trade and service businesses, property management, or dental practices.
- A fully integrated tech stack to manage your whole business – by picking and choosing the most helpful and relevant apps from your platform’s ecosystem, you can quickly build up an entire tech stack that becomes the operational heart of your business. Whatever your industry, you can create a bespoke business system that does far more than keep your bookkeeping in check. With an evolving tech stack, you’re ready to streamline and automate each process and operation, so you end up with a lithe and agile business that’s ready to scale as your business prospers.
Talk to us about maximizing your business tech stack
Getting your accounts done and dusted in the cloud is a great start. But we’d advise digging a little deeper into your cloud accounting platform to really get the best value.
We’ll help you find the most useful apps to add to your tech stack. We’ll also help you get integrated, automated and connected – putting you in complete control of your business.
Schedule a chat – as always, consultations are complementary, no-pressure, and no-obligation. We look forward to hearing from you!
