The onset of COVID-19 pandemic has changed how the world functions. It has brought on uncertainties to businesses across the world, especially to small businesses. They are dealing with changing business landscape and faltering sales. Moreover, it has not only normalized work from home for employees, but also changed various business operations on a daily basis. The small business owners have adopted new ways to thrive in the pandemic and have started to invest heavily in technologies. Since finance is the backbone of every business, the need for automation and intelligent analysis is rising across verticals. The cloud-based accounting provides businesses with an online platform that offers real-time data and software accessible and is likely to help small businesses in post-COVID world. The remote access of data provided by cloud, helps companies to save a ton on maintaining an IT infrastructure of their own.
Here are 4 benefits of Cloud Accounting in COVID-19:
1. Remote access to real-time data
The COVID-19 pandemic has forced people to work remotely instead of coming to the office. The finance department of every business needs accurate and reliable information to execute their operations. This is now possible with cloud accounting applications which enable real-time reporting and accessibility of financial data for employees from any location.
2. Integrated business applications
The cutting-edge cloud accounting applications like XERO, QuickBooks etc., help small businesses manage their accounting and finance by reducing their time, expenses and labour needed. These applications are built in such a way that they can be integrated with third-party business apps in order to fit into the original ecosystem. Therefore, a company doesn’t have to hire a new employer for every other application when it can integrate and extend its applications on the same platform.
3. Increased security
In cloud accounting applications, all operations are streamlined and are supervised by the manager in real-time. Many applications now have multiple layers of security to keep data safe and also provide two-factor and three-factor authentication facilities to users of a particular organization. This ensures high-level of security for the data stored in their cloud. Also, it eliminates the risk of data being lost due to manual error or hazards like fire.
4. Seamless cash-flow management
Every business needs to monitor its cash-flow now and then to maintain the financial records up-to-date. The cloud-accounting software helps maintain real-time data to keep track of cash-flows on a real-time basis. These applications are designed to predict and optimize future cash-flows of an organization. The business owners benefit largely from this as they are able to make more informed financial decisions and predict sales.
The impact of COVID-19 has left many small businesses struggling to stay afloat. As a result, many of them are moving to cloud to cut costs and improve efficiency. We are expert in helping small and medium –sized businesses apply the power of cloud technology to take their business further. Cloud-accounting applications like Xero, ZohoBooks and QuickBooks help your business automate and simplify bookkeeping. Feel free to contact us for further information.