The move to cloud-based accounting is a big jump, especially for small businesses. Even though it delivers big results, it doesn’t have to be a large, painful process. In fact, most see the switch as an opportunity to increase their return on investment from traditional accounting practices and software. Here are three good areas to look for ROI comparisons.
Software and System Upgrades
While this may seem like a small cost at first glance, hardware updates, software subscription renewal cost, security upgrades and maintenance fees from IT personnel add up to a slow money leak in your accounting system. The speed and automation of cloud financial software not only saves you frustration from direct spending but frustration through taking time (and again, money) to deal with keeping your system up-to-date.
Deeper and Quicker Understanding of Your Business Positioning
The speed and efficiency of cloud-based accounting greatly improves previous turnaround time for basic reporting and allows time for more in-depth view of your business’ financials. You can now close monthly or quarterly books days, if not weeks, earlier. Because of this, you can make business decisions faster with better forecasting information, possibly saving you money you would have lost waiting on reports generated by traditional methods.
Another area where speed allows better decision making comes with your ability to access your financial information from any place at any time. If your team is away at a conference and you’re off on vacation, you can still review up-to-the-minute financial data and make crucial emergency decisions in a timely manner. Traditional financial reports that once took days to request and receive are now generated on your computer or mobile device within seconds, and that makes all the sense in the world.
Streamlined Integration with Key Partner Systems
While we’re on the subject of saving valuable time, lets talk about streamline integration with vendor’s systems for faster collections. With online banking technology, your cloud-based systems reduce user errors of amounts and dates. It also allows for faster communication between processing systems so that closing out an account payable or receivable happens quicker without taking staff time to check due dates or chase down funds.
Decreased Employee Expense
As your business grows, the need for expanding data-entry and bookkeeping tasks across multiple employees not only results in hard costs, such as salary and benefits but also the cost of potential errors. With multiple people working on different aspects of your company’s financial health you run a risk for inefficient transfers of information and inconsistencies in reporting classifications. Your cloud-based accounting system stays consistent in method and return despite growth. And, it never takes a sick day!
If you’re convinced that it’s time for your business to explore cloud-based accounting options, let one of our professionals consult with you to show you the exact benefits the system can bring to your business.