Among the many advantages associated with Cloud Accounting, time saving is one of the most important. As a business owner, you want to focus on what you do best – running your business. Now you can let the software do the bookkeeping for you and you can spend more time growing your business.
Through Cloud accounting software you are able to use bank feeds which lets you connect to your bank and download transactions automatically. Not only does this mean that you don’t need to enter these manually but the AI in the software will also then go some way to reconciling your bank to your sales and purchases automatically. This whole process takes minutes to setup and saves you hours every month.
Some Cloud Accounting software will allow you to see your bank transactions up to 44% quicker and lets you see how your business is doing in less than 30 seconds. You can even set up rules to make the software deal with regular income and expenditure for you and saving even more time.
The link between the bank and QuickBooks is as secure as your bank’s system and fully encrypted. If you’d like to find out if your bank links today then you can see the full list in our blog here.
The reporting feature in Cloud Accounting software allows you to get quality information about the performance of your business at a glance. You can personalise your reports to tell you what you want to know in relation to your own business and access all the required information quickly and efficiently. This kind of information was never available in such a timely fashion to small businesses and would have only been available at the year end. The time saved in simply compiling these reports is incredible even if you disregard the positive impact they can have on your business decision making which we will explore in a later blog.
Cloud Accounting software now allows you to simply photograph your receipts and click ‘upload’. The data entry is done almost entirely for you. Again the time savings involved here can be exceptionally large. Considering that a typical small business owner will spend 10 hours a month on data entry then this feature frees up lots of time to work on taking more business in.
On top of the time savings mentioned here and throughout this article there is the consideration of human error. The fact is when anyone (no matter how good they are) is entering large quantities of data by hand there is bound to be mistakes. Cutting the human element out of the equation drastically reduces this and in some cases eliminates it completely.
It is clear to see that using Cloud Accounting software can save time, but it is also important to be aware that it can therefore save you money. As we have discussed before there are also hundreds of apps to help automate processes and save time. Less time spent on data input and manual processes means you can focus on the important stuff – growing your business, spending more time with the family or simply putting your feet up.
We will be posting more about the other benefits of Cloud Accounting Software in the next few weeks so look out for those posts as they come out.
As always, if you have any questions or queries, please do not hesitate to contact us. We’d love to hear from you.