Why cloud accounting is your startup’s best friend
It’s exhilarating when you start seeing your business ideas come to life, slowly gaining momentum and attracting new clients. We understand that it’s not easy to manage your company finances in this period. While you’re grappling with cash flow to fulfil orders and pay staff, there is no time to try out a new tool or system. You might even ask yourself why you need an accounting tool. After all, your Excel spreadsheet is keeping everything on track.
The reality is that while you’re trying to run your daily operations, your financial management may be letting you down or frustrating your clients. And it might be affecting your ability to maintain a healthy cash flow.
These are the main reasons a cloud accounting tool can benefit your startup:
Cloud accounting does not need a long-term licence or complicated installation
Cloud accounting simply means that you log into an accounting service online, a similar process to Facebook where you log in to use the service. These services offer enterprise-quality accounting software on a per-user basis making it an affordable tool for any startup.
Centralise your finances and get the data from Excel
Neglecting your business’s financial health can be the worst decision you make, you cannot just contact your clients when you realise you don’t have the funds to pay for an order. A cloud accounting tool will allow you to centralise your finances, quoting, invoicing and following up with payments from the same tool. Some of these elements can be automated to save you time. Cloud accounting tools are much more secure than your Excel spreadsheet. Only you, or a designated person, can access the data, giving you greater control over your financial data.
Improve cash flow management
No small business is immune from cash flow problems. One sure way to improve this is to use an accounting tool that will help you to see the real state of your cash flow. Being able to easily manage your incoming and projected outgoing cash will afford you greater peace of mind.
Manage your finances on your time, wherever you are
Cloud accounting tools are available to you on demand, whenever and wherever you are. As long as you have an internet connection, you can access your accounting tool from anywhere. It is designed to allow you to work well with your team or financial manager even if they are in a different location. These tools work in real time, so any changes your bookkeeper may make will immediately be shown in the tool and can be tracked on every adjustment made in it.
At Rae & Associates, we have worked with many startup business owners and know that the financial management burden is one of the biggest stress factors for any business. Any small improvement in this area will free you up to work on your business and the things that matter most to you. We are able to assist you in choosing the best, most affordable, accounting solution for your business. Why not implement a cloud accounting tool to see how this will improve your financial management?
