It goes without saying that your business should have an online presence. But should you take your business online? And what does that even mean? Simply put, the future of business management is in the cloud. No, not “up in the clouds,” actually ON THE CLOUD — using business cloud accounting software or apps.
If you’re not yet familiar with the cloud, then in the simplest terms according to PC Magazine, “cloud computing means storing and accessing data and programs over the Internet instead of your computer’s hard drive.” From file storage, back-ups, and software updates to group collaboration and client management, business cloud solutions offer companies enormous benefits. And while every aspect of cloud computing may not be a fit for your business, business cloud accounting will be.
Cloud applications effectively streamline business accounting functions, so let’s take a look at some apps that may benefit your company in the following areas:
Integrated Cloud Accounting Platform
The first step in establishing a business cloud accounting system is to select a cloud-based platform from which all of your other applications will be managed. Our preferred choice is QuickBooks Online (QBO). It’s easy to learn, and it integrates with thousands of other applications.
Point of Sales (POS) System
If you need a POS, then Square is a great choice. It has a very simple cost structure, and a beautiful interface suitable for most retail operations. If you don’t need a POS, you can email invoices directly from QBO, which handily offers your customers the option to pay by credit card.Cloud applications effectively streamline business accounting functions Click To Tweet
Never lose a receipt again! HubDoc and Receipt Bank are mobile applications that allow you to take photos of receipts and store that information digitally. As soon you as you digitize your receipts, you can throw away the original rather than store it in a shoe box under your desk.
Data Analysis and Reporting
QBO has great native reports, from simple profit and loss statements and balance sheets to more complex reports that can break down your profits and losses by month, by customer, by class, or against your budget. Unfortunately, QBO’s dashboard and visuals aren’t as impressive as its data. If looks matter, another option is Fathom, which allows you to generate both insightful and beautiful reports.
Transfer and Storage of Data
Your financial team can’t accurately process the information they don’t have or can’t read. Receipts, invoices, statements and other paper documents are easily lost or garbled, but there are tools that can digitize and upload these to your cloud accounting system. On the go, you can use the mobile app CamScanner to upload items you’ve just received. If you’ve got a backlog of paperwork in the office, you can digitize it with the Scansnap scanner and never look back.
Looking for more tips on how to set up a business cloud accounting system? Legacy Advantage would love to help.