Top 5 Reasons Why Cloud Accounting for SMEs is a Rising Trend
Starting a business is a difficult feat. The registration of a business is meticulous. Additionally, planning operations for the first few years is daunting. Enticing the market is critical. Then there’s the financial part of the business, which is not an easy thing at all. Accounting in itself is an entirely alien world that you would have to face as a starting or small business owner.
Keeping your books and accounting for your business is hard, especially if you have little to no knowledge of how to go about it. As a small or starting business, it is also a heavy expense to hire your accountant to handle the accounting of your books.
Fortunately, technology is up to date in providing a solution to the problems faced by Small and Medium Enterprises (SMEs). Cloud Accounting has proved to help assist SMEs in keeping their records and in other tasks.
The Modern Age Solution: Cloud Accounting for SMEs
Cloud Accounting is a new platform for accounting. It is where you do the usual accounting tasks, except your data is stored on the remote storage. You access this storage through the internet. Simply, you are accounting online.
Many cloud accounting software has risen since the birth of cloud accounting. Quickbooks Online and Xero are the two most popular cloud accounting solutions. These solutions are very user friendly. Their assistance functions are very enhanced that users can use them even with little knowledge of accounting.
These cloud solutions are the reason why Cloud Accounting for SMEs is becoming a thing. Small and medium business owners are embracing cloud accounting to simplify their accounting responsibilities. With many things and decisions they have to juggle, cloud accounting making accounting easier and simpler is a miracle in itself.
Here are the top 5 reasons why Cloud Accounting is becoming famous for SMEs.
1. Simple but Efficient
With only a few inputs and verification steps, you can already create your account with Quickbooks or Xero. The makers of these accounting tools have made it extra easy and user-friendly to cater most especially to SMEs.
It would still be quite overwhelming with no experience with accounting software. But it only takes a bit of getting used to. Compared to those systems used by professionals, these cloud accounting solutions are blessings. With complete functionalities, cloud accounting for SMEs is guaranteed good and covered.
2. Safe Data Storage
Users use cloud accounting online. As such, data is also secured online. Cloud accounting solutions have solved user issues with power outages or internet connection. There’s also no problem with animals or floods or power outages destroying your data because it’s safely secured on the remote storage. Additionally, accounting solutions are offering bigger storage capacity to its users. You can easily upgrade your package if you need to upgrade your storage to stock data.
3. Real-time Update
Users adding or changing details in the records are convenient and real-time with cloud accounting. As a result, redundancy is eliminated. This feature allows many people to use the platform without missing any information from another user.
4. Better Accuracy of Records
Cloud accounting software has provided better functions to its users ensuring the accuracy of records. For example, users can use a customer’s invoice to directly record a credit sales transaction. Without manually typing the details of the transaction, records are free of human error. Thus resulting reports are also accurate.
5. Reasonable Cost
With the functions and convenience users get from cloud accounting solutions, business owners can say they get what they paid for. Moreover, users can choose an array of package choices to purchase, based on their budget.
Accounting is extra daunting for those with no experience with it. And small entrepreneurs have to face this challenge head-on. Luckily, Cloud Accounting for SMEs is becoming more prominent and accessible. With one less problem off their plate, business owners can have more time on more critical matters.
Do you need advice on starting your business? Do you need assistance in using cloud accounting for SMEs? 3E Accounting is always available to help. Contact us today and receive guidance from the top Cloud Accounting service provider in the Philippines.