No matter the type of business you own or operate, effective record keeping is vital. Whether your system of record keeping is paper based, online or a mixture of both, it is important to ensure your system is efficient and accurate.
Ongoing advancements in technology has seen cloud-based accounting platforms becoming the new norm for many businesses recordkeeping. While making the change to an online cloud based platform may feel unsettling, it has many benefits that can help streamline systems and procedures in your business.
- Reduce the amount of manual data entry and paperwork
- Access your business’s finances in real time
- Cost effective
Reduce the amount of manual data entry and paperwork
Cloud based accounting platforms eliminate the need to sort through piles of hard copies of receipts and bank statements. It can also eliminate having to manually input figures into spreadsheets. Paperwork can significantly reduce as clients can send invoices via email, and incoming receipts, bills, financial statements, reports and other financial data can be saved in the cloud based software.
Access your business’s finances in real time
Cloud based accounting platforms can provide an overview of your business’s finances in real time. If you have access to mobile data or wi-fi, you can access this real time information on any compatible device. Accessing your business’s finances in real time can provide flexible work practices such as invoices, financial reports, debtors, revenue, expenses and statements available at the touch of a button while on the go.
Cost effective
Business owners may be hesitant to make the switch to cloud based accounting platforms due to initial and ongoing costs. Many platforms charge a monthly or annual fee to use their software however as it operates online, everything is backed up automatically. This eliminates the possibility of losing data due to hard drive failure and saves companies from the cost of data retrieval in these scenarios.
FREED UP Accounting & Bookkeeping Solutions are your registered and certified bookkeeping experts in Perth, Western Australia
At FREED UP Accounting & Bookkeeping Solutions, our main principal, Naomi is a registered BAS Agent (#25959844) with the ATO. She is also a qualified Accountant with a Bachelor of Financial Admin (Accounting) and a member of the Institute of Certified Bookkeepers and the Australian Bookkeepers Network.
Our mission is to add value to your business and contribute to your success, whilst freeing up your time to enjoy your life. Call our team today to discuss how we can help you on 0438 977 767.
Disclaimer: The information in this article is general information only.