The reporting feature available with Cloud Accounting is one of the widely recognised benefits of using such software. It allows you to see current and accurate information easily and quickly. It takes out the leg work by automatically generating customised reports and allows you to make smarter business decisions.
Benefits of reporting
With Cloud software, you have access to a wealth of pre-made reports. However, there is also the option to customise these reports and create your own. It is even possible to schedule recurring reports that the software will email to you whenever you choose. This enables you to receive useful and accurate reports exactly when you need them to positively impact your business.
Using this feature allows you to generate up to date financial reports to give you a clear idea of how your business is doing with real-time information. This allows you to have a bird’s eye view of your business and easily identify the information you require. This all contributes to the growth and improvement of the running of your business.
Similarly to our previous post about the time-saving benefit of Cloud Accounting, using the reporting features available can save you and your business valuable time. You can generate and view information quickly and easily with the ready-to-use reports available.
Better decision making
Not only is reporting a fast and easy solution to managing your finances but it can help you make better business decisions.
Reporting allows you to compare and analyse everything that goes into the software with a bit of foresight and creativity. For example, if you wanted to examine which services that you offer are most profitable you can tag invoices to help you analyse the profit, expenses and time taken for each different service your business offers.
If you spend the time putting quality information into your bookkeeping system then you will be rewarded with good quality insights coming out. By keeping this software up to date and accurate you will receive vital business information when you need it. Knowing this kind of information allows you to make more informed business decisions. For example knowing which of your services are most profitable from above allows you to choose which services you want to provide when your time is restricted or you are busy to maximise your profits.
As mentioned above there are standard reports inside the packages which can be run whenever needed; such as your profit and loss, balance sheet, debtors and creditors reports etc. You can customise these reports to provide comparisons of prior periods, displaying only figures for last month or quarter. If you still can’t report on what you need then you can move into the slightly more advanced report builder and take information, that you have provided, back out of the cloud.
We have discussed other benefits of Cloud Accounting software in our other blog posts on the topic. We will continue to discuss further benefits in upcoming posts. As usual, if you have any questions regarding this post, please do not hesitate to contact us.