It seems like everyone is using the cloud these days, and for good reason. Cloud systems provide scalable, pay-as-you-go solutions, increase collaboration, streamline processes and increase overall efficiency. Still not sure what the cloud is? Essentially, it’s a network of servers allowing you to store and access data at any time or place with an Internet connection, granting you the flexibility to safely store and access your data from anywhere, at any time. Here are a few of our favorite ways you can use the cloud to increase your business’ efficiency.
Automate Manual Processes (That You Hate)
The cloud grants you the opportunity to automate those tedious, manual bookkeeping functions that (probably) drive you crazy. You can use cloud software to match expenses, pay bills, manage inventory and more, saving you time and stress. If you’re doing your own accounting, you’ll save yourself the time and headache. If you have an accountant, automating these functions allows them to focus on your more complex accounting needs—such as cleaning up past financial data, providing monthly financials and delivering actionable financial insights—ultimately saving you time and money spent.
Minimize Data Entry Errors
Let’s face it, data entry is boring. Plus, when data is entered manually there’s a lot of room for human error. Duplicate and erroneous entries are typical occurrences in manual, non-cloud based systems. These errors are frustrating to find and fix, and if gone unnoticed will end up being more costly in the long run. Cloud accounting software minimizes room for human error by integrating with your bank and credit card accounts, utilizing the camera on your phone and integrating with other cloud software. Some systems even have built-in automation to identify duplicate entries. With automated bank feeds and built-in automation to identify duplicate entries, common errors can be avoided and you can rest assured that your financial data is accurate and up to date.
Convenient & Secure, 24/7
Perhaps one of the greatest attributes of cloud based systems is convenience. With the cloud, you can access your important financial data—securely—anytime, anywhere. Have an impromptu meeting with a potential investor? Take a look at your budget, accounts and cash flow on the spot. Working remote? You can access all your information from your current location. Plus, cloud based systems require less maintenance than desktop versions. Older, non-cloud based systems require manual updates and buying expensive new software each year to stay up to date with the latest developments. Cloud software is automatically updated, saving you the hassle (and cost) of upgrading your software each year.
Let’s talk security for a minute. There’s a common misconception that the cloud is less secure than on-site systems. In reality, cloud based systems are more secure. Cloud based systems make data security a top priority, storing all information in highly secured server farms. Non-cloud systems are forced to store data locally, where it is vulnerable to hackers and data thieves. Bottom line, when using cloud systems you can rest assured that your data is secure.
Convenience, security and data accuracy are just a few ways you can leverage the cloud to increase your business’ efficiency. Not sure where to start? Give us a shout—our experts can help you find and implement the perfect systems for your business. Already using cloud accounting? Connect your Xero or QBO account with ScaleFactor to access your free KPI dashboard!