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5 Reasons Your Business Should Be Using Cloud Accounting Software

expense reporting software

Amy Furr is the Senior Marketing Associate at ScaleFactor, an online business solution simplifying accounting and finance for modern businesses. Connect with ScaleFactor on Twitter, Facebook or Instagram!

Running a business is exhilarating and fulfilling, but it can also be complicated and time consuming. As a business owner, you have hundreds of important things to evaluate and prioritize every day, and your time is valuable and limited. Tracking your income and expenses is critical, but can quickly become tedious and bothersome. Luckily, it’s easier than ever to use a cloud accounting software to keep up with your accounts on a daily basis.

Easy To Use

Accounting software programs are designed to be used by everyone, not just accountants. Most cloud accounting software does not require any prior experience. Plus, online tutorials, digital support (chat and email) and phone support make it easy to get your questions answered quickly and efficiently.

Most cloud accounting options make it very easy to import your current accounting and finance information into their system. This allows you to keep your historical data, which is very important for strategic decision making, with just a few clicks. Many cloud accounting programs integrate with a wide network of business solutions, such as expense reporting and payroll software, so you can seamlessly run your business.

Automated Bookkeeping

Bookkeeping can be one of the most tedious parts of running a business. It’s also one of the most important processes to guarantee your financial records are accurate and your business is healthy. Investing in quality accounting software is often far more economical than hiring a traditional bookkeeper. Plus, many cloud accounting solutions connect directly with your financial institutions, decreasing the amount of manual work (and human error!) required.

Improved Accuracy

Using accounting software will help you keep clean books. Disorganized books can cause you to miss important tax deductions and give you a skewed picture of your financial health, jeopardizing your decision making. Accounting software improves the accuracy of tedious tasks such as bank reconciliations and tracking expenses. Organizing your information within the software makes it easy to export reports and generate financial statements. This comes in handy when you’re applying for loans, raising money or looking to sell your business.

Greater Accessibility

Cloud accounting solutions make it easy for you to keep track of every aspect of your accounting file anytime, anywhere. There are different levels of accounting software, ranging from basic online accounting files to comprehensive solutions. Some options allow you to manage your accounting file, while also giving you easy access to bill pay, invoicing, tax compliance and financial insights in one place. Make sure to evaluate your needs and browse around to ensure you choose the software that will benefit your business the most.

Better Security

Manually storing your important records in boxes or filing cabinets makes them vulnerable to damage from fire, flooding or theft. It’s also easy to accidentally throw out a receipt or to misplace a form. Storing your data on the cloud helps to ensure that it isn’t compromised, and systematic backups protect your business from data losses.

To protect your business, check your software provider’s encryption levels. Don’t settle for anything other than 128-bit SSL encryption, a high level of security that will protect your data from unauthorized users and hackers.

Save Time and Get Peace Of Mind

Whether you’re looking for a basic accounting software or a comprehensive way to manage your financial operations, you should strongly consider moving to a cloud accounting software to improve accuracy and security. Plus, accounting software solutions save you the time you’d spend doing it yourself while giving you peace of mind that your business is running in tip-top shape. You can use cloud accounting solutions yourself, or as the system of record for your accountant or bookkeeper (if you have one). Bottom line, it’s no longer acceptable to rely on last month’s data to make today’s business decisions. Don’t wait—move your business to the cloud!

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