Small business owners are often wearers of multiple hats. When you start your business you may only want to focus on what drove you to become an entrepreneur.
However, very soon on the journey you discover that your main purpose is just one of multiple demands on your business time. You quickly realise that you need to be a master of many different skills.
A small business owner needs to be able to turn their hand to anything from marketing to human resources to accounting. The choice is stark: do it yourself, hire someone or outsource. Many entrepreneurs try to manage everything from social media accounts to running payroll themselves to keep costs down.
However, with this comes the possible problem of spreading yourself too thinly, not dedicating yourself to the central thrust of your business, and potentially making costly mistakes. No one is expert and efficient at everything.
Not everyone is cut out for book-keeping
One of those tasks that quickly eats up your time is book-keeping. In reality it’s a skill by itself. Unless it’s the purpose of your business or you have experience in it, there’s no reason why it should be a piece of cake.
Many people who start bookkeeping come up with their own unique system that they understand. However, a lack of knowledge of bookkeeping and unwieldy systems mean that things can get confusing, particularly if anyone else needs to use your system.
The best solution for simple bookkeeping is cloud accounting. Here’s why.
You save time
Time is in short supply when you’re running your own business. Working life can seem a constant juggle of priorities.
This is where technology comes in. Technology and more importantly automation can help you to save time so that you can turn your attention to other matters that need it more.
Cloud accounting is no exception. Much of the book-keeping process is time consuming manual tasks like data entry. Get cloud accounting tools and you reduce time wasted on it.
Cloud accounting is more efficient
Alongside time reductions come increases in efficiency. How many times are you re-entering the same information in different places in your book-keeping system? Each of these touchpoints is an area where mistakes can be made.
Cloud accounting links your records directly to bank feeds, reducing errors and maximising efficiency. Furthermore, calculations are completed automatically removing errors being compounded over time.
Cloud accounting is accessible where you are
You don’t have to be sat at your desk to update your accounts. Instead, by using the cloud, you can keep on top of bookkeeping wherever you are at whatever time suits. This means that you’re less likely to forget about transactions or expenses while working away from the office, you can update your records from your smartphone or laptop with ease.
Good cloud accounting software will allow you to set different access levels for each staff member who requires access. This means the right people have the right data at the right time. As cloud accounting works in real-time it means no one is doubling up or working on outdated information.
A business which tracks itself is a successful one
Bookkeeping and records aren’t simply about keeping the tax man happy. They are also powerful tools for analysing business success over time, identifying areas for change, and as a springboard for strategic decisions.
Cloud accounting systems enable you to create customised reports on what you need from current cash flow to future projections based on historical data.
Cloud accounting is revolutionising the way businesses manage their finances. The reasons above enable us to easily see how cloud accounting can truly free up your time as well as giving you peace of mind. What’s more, it doesn’t cost the earth.
Interested in cloud accounting for your business? Check out Pandle, free and simple to use bookkeeping software with tons of features to help you manage your accounts with ease.