Managing your business finances on the move

By Jake Martin

2 min read

As a small business owner, it makes sense to be able to manage your business finances from work, home or even from your sunbed while on holiday. This will give you the freedom of being able to enjoy flexible working, no matter where you find yourself.

Cloud-based financial management solutions

The good news is that the rise of cloud computing and mobility has brought with it a range of benefits for financial management software (FMS).

Cloud financial management applications, such as Intuit’s QuickBooks Online, are now available for technology-savvy small businesses (as well as for medium and large enterprises).

By moving your financial management to the cloud – and taking advantage of the mobile capabilities of cloud FMS – you can manage your business finances from any computer or device in the world, anywhere and at any time.

 What are the benefits?

Modern cloud solutions enable businesses to embrace the future and offer many benefits, including a lot more flexibility than desktop accounting solutions.

With traditional desktop software, your data lives on your computer or laptop and so is only available at limited times, on limited devices and to a limited number of people. This can often be quite cumbersome.

With cloud-based software, multiple users can access data at the same time from different locations – and even across different time-zones – saving you both time and money.

You can also view a host of different reports or documents in one place, enabling you to analyse business performance and make business decisions more quickly.

Easy access to your business finances

By signing up to cloud-based FMS, you can get easy access to your finances through an internet-connected computer or data-plan enabled smartphone.

Software should be easy to set up and, once it’s in place, you will be able to instantly access your accounts and invoices, while getting clear visibility of customers, suppliers, products, services and cash-flow.

You will also be able to check the health of your business while on the go.

Automatic upgrades

Once you have made the move to cloud-based FMS, you will no longer have to worry about being on the latest version, as your software will automatically upgrade with new features and tools. This will eliminate the hassle and disruption involved in upgrading on-premise software. Upgrades should also occur more frequently in response to changing market dynamics.

What about the cost?

If you are thinking about moving your financial management to the cloud, you may be concerned that this will cost a lot more than a traditional desktop solution.

But this needn’t be the case, as there are now systems which offer great value over time – along with flexible pricing packages.

Plus you need to bear in mind that you will no longer be paying for endless upgrades, system maintenance or additional hardware, such as back-up systems.

Make the move

If you are looking to simplify the running of your business finance and streamline your mobile payments, then now is the time to consider a cloud-based FMS where you can just log in and go, anytime and anywhere.

This will save you time, meaning you can focus on running your enterprise and boosting its performance.

Streamlining the management of your business finance by moving your FMS to the cloud will have a noticeable impact on your bottom line. See for yourself by signing up for a 30-day free trial with QuickBooks Online.

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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