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What Are the Main Benefits of Cloud-Based Accounting Tools for Small Business Owners?

What Are the Main Benefits of Cloud-Based Accounting Tools for Small Business Owners?

There are a wide range of different benefits that cloud accounting systems bring to the table that most people won't be able to find anywhere else. In terms of data storage, they're being used both personally and professionally thanks to advantages like automatic backups. When information is stored in a secure, off-site location, you no longer have to worry about things like theft and hard drive failure.

The cloud also brings a number of unique advantages to small business owners in particular, especially when you consider one of the most important topics they deal with on a daily basis: their financials.

Access Anywhere, Anytime, No Exceptions

Perhaps the biggest benefit of cloud-based accounting tools for small business owners is the fact that their information is no longer siloed. If they need to be able to generate an important invoice or look up a past record to bring their accounts receivable in order, they don't have to be sitting in front of a computer in their office in order to do so. They can access every last kilobyte of data from any device, at any time, with no exceptions.

This also has the added benefit of making it easier than ever to work with a CPA or other financial professional - something that even the most successful small business owners often struggle with. Elizabeth P. Davies, CPA of Taxes Untangled, Inc. echoed these sentiments and went a step further. "The 24/7 access allows the business owner's advisor to provide guidance throughout the year."

She would go on to say that "tax time is NOT the time to seek business advice. It should be sought year round. Most business owners think of their CPA as someone who gives tax advice only. In actuality, CPAs should be involved in the business more frequently."

Janette Press of Cirrus Accounting, LLC agreed. "The main benefits of accounting in the cloud include real-time collaboration with your accounting professionals and bookkeeper so you can be assured that your financials are in good order." She went further, saying that additional benefits like the ability to "work anywhere you have Internet access, cross platform compatibility and less data entry with banking downloads" all go a long way towards both guaranteeing that a small business' financials are in order and removing a lot of stress from their plate at the same time.

A Scalable Solution Build With Specific Businesses in Mind

Even going beyond these ideas, another one of the significant benefits that small business owners won't find anywhere else can be summed up in a single word: malleability. Brian Dela Cruz of Take Flight Business Solutions, LLC expanded on this idea, saying that the true value of a cloud-based accounting tool is that "it's a customizable solution that can be tailored towards the needs of small business owners."

It's a way to shatter the myth of the "one size fits all" approach to small business accounting for now and for all time, allowing owners to come up with something that addresses their unique needs and puts them in line with their own long-term objectives in the most straightforward way possible.

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Lee Reams II

Lee Reams II

CEO

I am a tax and business news junkie who has spent the last 20 years developing and executing "best in class" word-of-mouth marketing campaigns for tax and accounting professionals. With TaxBuzz and CountingWorks we have taken that same commitment to quality content directly to the consumer. Keeping you up-to-date with the latest tax law changes, business growth tips and planning strategies to help you reach your best financial outcome.

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