With the increasing demand that new technology can satisfy, it is apparent that data-driven innovation will become even more advanced in the very near future. We live in a world where, within the realm of business, automation is the key to getting things done, so why are you still using excel spreadsheets to record and process all your finances? Why aren’t you playing alongside the big brands? Automated systems have constructed a hub for interconnected global network, which gives both start-ups and scale-ups the power they need to run alongside even the biggest companies. Xero is a cloud-based accounting software which provides a diverse range of accounting solutions from managing your employees through to preparing management performance reports. It enables you to share you accounting data with your team, your accountant and bookkeeper, keeping everyone connected in one place. Here are a few ways using the cloud can leverage accounting benefits for your business:
The issue of wasting time whilst growing a business is a no-go area. To minimise this where possible you need to critique your data collection process, as a majority of this can be automated through the cloud. So, say goodbye to tedious efforts collating vast amounts of data that may or may not even be used, instead you can target the data that will be more useful to your company. You can then put more effort into analysing your findings to make more informed business decisions. In addition to actioning results faster and consequently prompt business growth.
Following on from automating your data collection process, you can now also automate your back up system. Manual backup is a chore as it is time-consuming, and heaven forbid if you forget to back up one week and your computer breaks down- the horror!
Using a new software will often bear system updating costs which will be required. These costs can include system upgrades, system administration and the prevention of server failures. However, these fees are reduced if not entirely eradicated when using Cloud software, as all updates for are regular and free. Additionally, any other costs are then monitored and managed by the cloud provider; so no more hidden fees.
Cloud bookkeeping enables you to gain a real-time insight into your finances. You can now view where your money is being spent, invested and saved 24/7. This promotes yours and your managers efficiency at managing cash-flow.
Don’t you hate it when your colleague is using the document that you need to edit? Well the cloud solves this problem. It gives more than one-person access at any one time, thus making it easier to collaborate online with your team and advisers. Fancy some Xero Training? Then BOOK HERE to get some help from the Square Mile team today!