2018-02-13 00:00:00Finance and AccountingEnglishDiscover how online, cloud-based accounting platforms can help small business owners save time and money, leaving more room for "hands on...https://quickbooks.intuit.com/ca/resources/ca_qrc/uploads/2018/03/small-business-owner-uses-cloud-based-accounting-app.jpghttps://quickbooks.intuit.com/ca/resources/finance-accounting/small-business-cloud-based-accounting/Cloud-based Accounting: Take Control of Your Small Business

Cloud-based Accounting: Take Control of Your Small Business

2 min read

Do you run a small business? If you do, then you know the business goes as you go. Every sale, each detail, all of the successes and failures, it is all up to you. In a sense, you actually live out all of those old aphorisms (…put in your blood, sweat, and tears…) because you own it.

QuickBooks gets that, which is why its cloud-based accounting software lets you take full control, saving you headaches on tedious finance tasks and leaving more time for “hands-on” work.

Why Efficient Bookkeeping Is so Powerful

As experienced business owners can attest, proper bookkeeping is a necessary building block for continuity and growth. It can also demand a lot of time. There is a big opportunity cost there because every hour spent on accounting or tax preparation is an hour that can’t be used to generate revenue, market, provide customer service, or build out more inventory. Businesses that needlessly dedicate a large amount of time to bookkeeping risk falling behind their competitors or short-changing their customers.

Imagine if you could reduce the time you had to spend on basic accounting tasks. What if you could automate billing, payments, and past-due notices? Or what if your taxes were instantly calculated and reported? What if you could sync your accounting software with point of sale systems, e-commerce tools, credit card processing, customer relationship management, and inventory? Not to mention, be able to access all of this information on the go through your mobile device.

Not only can the right accounting software do all of this for you, but there are several other powerful benefits to consider, such as:

  • Learn and adjust more quickly with real-time data
  • Save money on taxes and inventory management by identifying deductions and redundancies
  • Take control of your cash flow
  • Improve payment collection by streamlining invoices and receivables
  • Receive updates about better technology, system management, or tax law

Working on the Cloud

Increasingly, small business owners in Canada are turning to cloud-based accounting solutions. To operate on “a cloud” means the business’ data and accounting functions are carried out through the internet rather than on a hard drive or physical paper. Modern cloud accounting platforms use online dashboards to organise data and simplify tasks. They tend to avoid complicated accounting or tax jargon, which is a major step up from the first generation of accounting software in the 1990s that could often be overly technical to the point of confusion.

Think of cloud accounting as if it were internet banking. Just as each internet banking transaction can be completed online, standard accounting functions can be done remotely thanks to the cloud software. Cloud accounting is not a panacea. Data security is a major concern whether data is stored locally or online. It is very important for small business owners to know and trust the name of the company that safeguards their data.

Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

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