While keeping a close eye on your financials is a no-brainer for first-time CEOs, the task is quite time-consuming and overly complicated for some. Hiring a committed full time accountant is also a hassle during the bootstrapping phase and to be frank, many startups cannot afford a qualified one. This is where cloud accounting comes in.
Cloud accounting is a technology that enables you to manage your accounting and financial reporting online. It is usually packaged with a user-friendly interface and has different report templates which pulls your financial data in seconds. Furthermore, this tool can help you significantly reduce time and people resources taken by external audit queries, compliance reporting and strategic planning.
Here are some key benefits of using cloud accounting:
By virtue of being in the 'cloud', you can access your financial data from anywhere with an internet connection. This provides real-time access to your accounting records making it easier to keep track of KPIs and produce timely reports. As a CEO, this also allows you to make informed decisions quickly and easily, without having to wait for manual updates from your accounting team.
Cloud accounting automates many manual processes, reducing the time and resources needed to manage your finances. This frees up your team to focus on higher-value tasks such as analyzing financial data and making strategic decisions.
Popular software brands like XERO or Quickbooks can be integrated with other systems for inventory management, customer relationship management, POS or virtual fiscal devices improving efficiency and accuracy across your business operations.
Cloud accounting enables multiple users to access and work on the same financial data simultaneously, improving collaboration and reducing the risk of errors and duplications. This can be especially useful for businesses with remote teams or multiple offices.
Cloud accounting providers offer robust security measures to protect your financial data from cyber threats and data breaches. It also minimizes your exposure to data loss from physical reporting and filing systems as all receipts and key documents are backed up. This provides peace of mind that your financial data is secure and reduces the risk of potential financial losses.
Enea Advisors can help you migrate to a suitable cloud accounting software in order to leverage this powerful tool for your business. We have 5 licences on offer from Quickbooks Intuit Online that are available to eligible startups. Contact us today to take advantage of this offer and learn more about how we can support your business!