Nothing stays still for very long, especially in the business world. The constant shifting and evolution of technology means that we are always out of date to some degree. What you can do however, is make sure that you utilise the most useful pieces of technology for you, and therefore create an up to date scenario for your business.

Accounting is one area where most businesses like to stick to the old tried and tested techniques. But, have you ever stopped to think that maybe your old routine isn’t the most time effective or productive?

Let’s Look at Cloud Accounting

Cloud accounting allows you to do all of your financial accounting online and store it in the Cloud, i.e. somewhere in the ether. This is backed up over several servers and encrypted, making it ultra-safe and secure. The plus point of this is that you can update your records at any time, making it the most accurate and up to date way of completing your accounts. You can also use extras, such as scanning receipts to cut down on paperwork and even use automatic invoicing, to save you a huge amount of time throughout your working day.

Cloud accountants are also growing in popularity, i.e. qualified and skilled accountant who uses your Cloud accounting software to access your records and carry out your regular accounting tasks. This means you don’t have to do anything, other than keep watch and monitor anything you see fit.

There really isn't a downside to any of this, yet so many businesses stick to the old tried and tested routines out of fear of change.

Fear of change will stop your business from flourishing and growing into something which could turn out to be hugely successful. Time spent on accounting tasks could be better spent on marketing and sourcing new clients and customers. Mistakes could be hugely reduced because you no longer have to rely on complicated spreadsheets and paper-based record-keeping systems. You can also get a very up to date and accurate snapshot of your financial status by choosing a more technological based method, rather than having to go through endless pieces of paper to try and work out how you’re doing and to understand what improvements can be made.

Another example is to think about the end of the tax year, when you’re scrambling to get your returns in and your tax bills paid. How long does that process take you when you have a paper-based or spreadsheet-type of accounting system? A very long time. Perhaps it’s time to think about the more technological-based options instead, and save you time and stress.

Most businesses are scared of change, because they’re worried that there is an element of risk to introduce to their already finely tuned ship. The truth is that by making changes, you’re actually reducing risks and you’re increasing the chances of growth and accuracy.

Perhaps it’s time you made a change?

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- Written by: Jag Bath