April 24, 2018 Starting Up en_SG The cloud might be what you and your business are looking for https://quickbooks.intuit.com/cas/dam/IMAGE/A9gil4tVP/cda5eaced80773edb3fdf4b8013364e72.jpg https://quickbooks.intuit.com/sg/r/starting-up/how-to-know-if-cloud-ready-accounting-is-right-for-you How to know if cloud-ready accounting is right for you
Starting Up

How to know if cloud-ready accounting is right for you

Staff Writer April 24, 2018

You might have heard of cloud-ready accounting as you were starting up your business, but opted for more conventional bookkeeping methods for one reason or another. But now you’ve been building your business for a while, you’re probably seeing some inefficiencies in your backend that you’d like to rectify. If any of the following thoughts has crossed your mind, it may just be time for you to level up your administration to cloud-based technology.

You want to know how your business is tracking. Whenever, wherever

You’ve probably been in a situation where you were having a meal with a potential business partner or investor and midway through, were asked about some data or statistic on your business that you didn’t have off the top of your head. Not a situation we’d wish anyone to be in.

If only you had a way of pulling up all your business digits from your mobile device as and when you need, or even the option of generating reports from that same mobile device for a real-time snapshot of your business health. Wouldn’t that be pretty awesome?

You’re trying to reduce your company spend

Time spent handling paperwork is time not spent dealing with aspects of the business that require your personal attention like business development or investor relations. You think that by handling the day-to-day bookkeeping on your own you’re saving money, but you could be missing out on possible business opportunities with your head buried in numbers.

Cloud-based accounting shaves off the time you spend dealing with your backend administration so you can focus on the work you really need to do. Remember –it’s your own business, your time is its most valuable asset. Spend it wisely.

You procrastinate with all the paperwork

So you don’t enjoy paperwork. Very few people do. Company claims get brushed aside and you tell yourself you’ll send out that invoice once you’re done with this other thing. Before you know it, you uncover a sizable stack of now-blank thermal paper on your work desk (probably under even more miscellaneous documents), and you can’t understand why your company bank account balance is so low.

The one effective way to stop this unending cycle of paperwork is to literally reduce the amount of paper you have to work with — cloud-based accounting like QuickBooks Online lets you take a snap of your receipts once you get them for easy digital consolidation. Plus you can create and send invoices to customers directly from your mobile device right after you’ve made a delivery. This way, you don’t have to worry about fussing with chits and sheets. All you need to figure out is what to do with all the space you now have on your work desk.

You’re always worried about backing up your information

One key strength of working with cloud-based tech is the automatic back-up of information and updates you upload. So you don’t have to worry about losing your data if your laptop crashes or you drop your mobile phone into a hotpot while attempting to shoot a #foodporn flat lay at dinner. Think about it — you back-up contacts, photos and videos on your mobile phone in the cloud, why wouldn’t you do the same with the important information of your business?

You wish your business tech would just get along

Cloud-based software easily integrates with other business technology that helps consolidate the different aspects of your business so they work well together. For example, QuickBooks Online can easily sync with web and mobile apps from ecommerce to payroll and provides you with consolidated reports that are actively updated. It’s the same feeling you get when you’ve figured out all the formulas in Microsoft Excel and don’t require a separate calculation to tally things up.

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