The last 5 years has brought about a seismic shift in the industry with something we like to call The Industrial Revolution of Accounting – Cloud Accounting.
Just as with the industrial revolution in the 18th and 19th centuries when we moved away from manual processes to automation, cloud-based accounting software has taken away many of the time-consuming accounting processes and replaced these with smart, precise, automated activities. Not only does it allow you to hone in on business expenditure and processes, but with its timesaving nature, cloud based accounting also allows you to spend more time focusing on business growth in other areas too.
Even the smallest of businesses benefit greatly from cloud accounting:
- It eliminates excess paperwork
- Automated feeds from your bank account means easy reconciling
- Real time reporting at your fingertips
- Software design makes it simple to use
- Staff issues are minimised or eliminated in your accounting department
- Cost savings
Still not convinced it’s right for your business? Think of it this way: If there were a way to change your manufacturing process to decrease costs and increase productivity and profit (for example by purchasing a new machine) you’d be very motivated to work that into your plan for the business. The same applies to the world of cloud accounting.
Why is it so hard to change?
It’s scary – at present you may have a bookkeeper or an internal accounting system that is working – but is it working efficiently? Ask the question of your business “how can the people doing the accounting function add value to the business or help the business improve such as improving cashflow or customer relationships?”
It’s a riddle – For those not in the industry, the profession of accounting is often shrouded in mystery. Business owners are often not sure how it all happens, but knowing it’s in the hands of a professional accountant helps them sleep at night. They know the BAS will be lodged on time and all taxation matters dealt with for their business. But just because you don’t fully understand the ins and outs of accounting, doesn’t mean you don’t have the power to ensure excellent systems are in place for those who use it. Cloud based accounting dispels the mystery and gives you back control to oversee the big picture.
It’s just too hard – Changing processes and shifting our minds to a new way of doing things is hard. Humans don’t particularly like change and will put it off (regardless of the gains) and put it in the too-hard basket. But, if we think of our accounting system just as we do the other critical systems in our business, we realise that to adapt and change is the only way to improve and find better solutions.
If you know you’ve been using these excuses to turn away from the move to cloud accounting for your business, we can help you easily see the benefits for your business and show you how easy it is to integrate it into your current processes. Get in touch with us.