Manual tasks waste your all-too valuable time and money and do nothing for your productivity or your image. Cloud accounting is one of our Secret Weapons and can be one of yours. This is because as soon as all of your business transactions such as sales, bill payments, inventory, employee timesheets and so on, feed into Cloud-based accounting systems in real-time, you start benefiting right away.

Put simply, the Cloud is a streamlined way of storing all your data and accessing all of your dynamic business applications online, from anywhere. Cloud applications are supplied to you under a software licensing and delivery model known as SaaS (software as a service) or sometimes PaaS (platform as a service), which really means ‘software on demand’. You access these kinds of applications simply through your web browser. Examples of cloud computing services are Amazon AWS, Apple iCloud, Google, IBM Cloud and Microsoft Azure, and there are many more. So if you have dreams of working from a beach, or from your boat, or simply getting more flexibility into your working locations, moving all your important systems into the Cloud are the only way to go.

You may have started seeing some of these 12 top Cloud benefits in your business already. When you get it all done, there’s no reason why you can’t check off every one of these items below.

People make mistakes sometimes, even for your accounting professional. When you’re recording transactions and handling payments via a manual, physical system, it’s not only tedious but also prone to errors. Let’s not forget the duplicated files and junk items, which makes it so easy to make mistakes. You might find yourself working on the wrong version of a document. 

You can get rid of manual tasks across the board, because of integration between systems. For example, Optical Character Recognition (OCR) software used by accounts payable can pull bills to be paid regularly error-free and as soon as they are received, or regular recurring items can be auto-posted.

Surely you want to spend time growing the business, rather than solving complicated data storage and access problems. Manual systems are only as good as your bookkeeper’s and accounting team’s ability to get to tasks quickly and accurately.  Implemented well, online accounting and systems makes your operation run seamlessly, and eliminates all that wasted effort and lost time from the old days. There’s no need for complex installation and software updates either, as that’s done automatically for you.

Here’s a couple of efficiency examples that may have been causing you some pain so far:

• Instead of being in a drawer, or shoebox (yes it still happens), receipts and invoices are permanently attached and available to view within the Cloud software. This gives you easy access for reference at any time, perhaps for year-end, or in the case of an audit.
• You can integrate applications for employee expense reimbursements. This is a sure-fire way to reduce lost or missing receipts. On the plus side for employees, they can get their business expenses entered accurately, approved easily, and paid quicker.

Whatever kind of business you’re growing, your data could be under threat at any time. When you completely digitize your infrastructure, you get peace of mind because all of your data is secure. You also eliminate physical loss because there are no storage devices to get lost or damaged.

The most obvious plus when you move to the Cloud is measurable cost savings. For starters, you don’t have the expense of physical storage, IT systems and maintenance. This means no more paper, no piles of paperwork, and no more paper storage. You’ll also see reduced hardware costs, no need for an IT department if you need help, and reduced storage, back-up and disaster recovery costs as well. When you add in reduced errors, and better productivity, you’re on to a winner. The beauty of cloud accounting and integrated cloud systems is you can often pay for usage of the platforms and only pay for what you need at the time. This puts you firmly back in control.

When the Entreflow team was putting this Blog together, several of us could look at it and update the file at the same time, regardless of where we were in the world (in this case Vancouver and Toronto). And because there were no duplicate or out-of-date versions, it made our collaboration really efficient. Why’s that? Because it’s stored in the Cloud – in our case on Google Drive – and team members could all collaborate simultaneously, or separately, with the confidence that we were working on the same, current, version. The same goes for accounting processes.

Talk about streamlined! Cloud accounting systems offer simple integration with a whole ecosystem of thousands of apps. They also have nifty add-ons which make end-to-end operations seamless and fast. For example, you can install a payroll management add-on, or integrate it with your HR systems.

As many of us have been forced to work away from the office during the 2021 pandemic, you’ve already figured out that you don’t need to be in the office to access Cloud accounting. Access your files while you’re traveling, from your bedroom, or anywhere that has internet access. Flexibility is a great reason to get everything online and in the Cloud.

SaaS-based cloud software operates on a different style of development, i.e. agile development. Rather than one to two large releases each year as is common with desktop based accounting applications, cloud accounting software will launch smaller features regularly, allowing you to gain the benefits more quickly.

So much work has gone into creating user-friendly applications and interfaces, that navigation has become almost intuitive. When use is as straightforward as this, your team becomes that much more productive, accurate and fast. Everyone can see the relevant financial information and be freed up to spend time on solving more complex business issues. 

You can get to your Cloud technology from any device that’s connected to the internet. Cloud accounting solutions usually come with a useful mobile app.

This will be good news for anyone who has unpredictable growth patterns and needs tight control over budget expenditures. Cloud systems are scalable and reduce manual data entry.

You’re never really alone in the Cloud. Sure, all applications have ‘Help’ buttons which are a good place to go first. If you’re a new user and have a lot of questions, you’ll find the user community forums a great place to go. Other users are always keen to help and have almost definitely faced similar initial questions like yours.

If you’re new to Cloud accounting and business applications, or even if you’ve already started and have hit some roadblocks, Entreflow has got you covered. We can recommend the right accounting systems for you, based on your current and future needs, and we can provide implementation services to get you on track for massive returns on investment. Please take a look at our Accounting Software Setup services for startups and ERP Implementation Services for small businesses.

Check out the quick descriptions of a few recommended third-party business applications below. There are a lot more, and we’ve worked with many clients to provide a streamlined implementation process required for these systems, as well as using them ourselves at Entreflow. 

Quickbooks Online

a great cloud based accounting solution for most small businesses and startups. It scales surprisingly well.

Hubdoc

takes all of your physical documents, scans them, and accumulates them into data. This data can then be organized and distributed to your other integrated applications as needed. So, the era of files, paper contracts, and printed statements is in the past. You can go completely paperless.

Fathom

is a relatively easy-to-use management reporting and financial analysis tool, which helps you to assess business performance, monitor trends and identify improvement opportunities. Fathom helps you provide creative and compelling business analysis and reports. For you, that means huge business insights, made easy.

Jirav

is an all-in-one FP&A financial forecasting software with departmental budgeting, reporting, and dashboards.

T-Sheets

is a time tracking solution that integrates with cloud accounting software for payroll and client invoicing purposes

Veem

is for smooth transfer of payments, it avoids intermediary bank networks. Veem transports payments through cutting-edge blockchain technology. One-touch payments, therefore, allow a single charge-back per transaction. Fewer touches mean fewer fees and faster payments.

DEAR Inventory

This online inventory management system gives you instant visibility into stock levels and order status, for up-to-the-minute tracking of inventory. Having accurate information and robust automation processes saves you time and keeps you in the know.