Growing Your Business

Top 5 Reasons to Switch to Cloud Accounting

by
Bob Mason
on
11/28/2022
Top 5 Reasons to Switch to Cloud Accounting

In the modern world, people rely on technology more than ever before. From placing their morning coffee orders with the Starbucks mobile app to ordering household essentials from Amazon Prime with the touch of a button, there are few things our smartphones and computers can’t do. 

So why are you still manually keeping the books for your small business?

The truth is, businesses are sometimes the last to jump on the tech bandwagon simply because they’ve “never done it that way before.” This fear of changing operational policies can lead to stagnation. 

Here are the top five reasons you should take the plunge into cloud accounting software.

1. Real-time data

As money flows in and out of your business accounts, it can be difficult to track using conventional manual methods. Many business owners who haven’t switched to cloud accounting programs find themselves checking multiple accounts every day to figure out whether or not they are turning a profit.

With cloud accounting software at your fingertips, however, you can easily see transactions in real-time, allowing you have peace of mind about your company’s finances. 

2. Collaboration with your team 

As your business grows, the number of people who need access to your financial information may increase. Cloud accounting software will allow you to collaborate with team members on a daily basis with ease. 

3. No updates 

Because cloud accounting software is housed in the cloud – online, for those unfamiliar with the term – you’ll never be asked to run updates or buy a new version. Instead, any new features and product updates will be automatically available when you log in to your account.

4. Automatic backups

While it is still smart to occasionally export your data to an external hard drive or a secure server, cloud accounting software also keeps track of records for you. 

This means you no longer have to maintain file folders filled with documents – everything you need for filing taxes will be in your online account. 

5. Your tax professional can help you

Most CPAs, EAs, and tax preparers have experience with cloud accounting software. This is great news for you as a business owner. If you run into problems, you can contact your tax expert for assistance. 

Furthermore, he or she can easily access your documents at a moment’s notice should any financial issues arise with the IRS or state tax authorities. 

Which cloud accounting software you ultimately choose is up to you. Different products have unique features that you may need depending on your industry. Retail store owners, for example, need a program that can easily reconcile sales tax. 

One thing, though, is certain. There is no time like the present to make the switch to cloud accounting. 

Have you already made the switch to doing bookkeeping in the cloud?

share this post
Search for matches...
Bob Mason

Bob Mason

Bob Mason is the founder of Coast Financial Services Inc. servicing both the Santa Cruz, and San Jose areas. Bob Mason is a skilled financial professional who is fully equipped to assist any of your accounting needs. Founding his firm in Santa Cruz, Bob understands the importance of small businesses and how they form the backbone of the area. Coast Financial Services, Inc. has been dedicated to the growth and profitability of businesses in Santa Cruz for 17 years. To learn more about Bob Mason and the rest of his team, visit their website.

COAST FINANCIAL SERVICES, INC.
1 review

California

Recommended Professionals

In the face of economic uncertainty, TaxBuzz is the industry's most up-to-date tax information.

Join 60,000 who get our weekly newsletter. No spam.

We know tax and accounting issues are complicated.

Do you have additional questions on this topic for this author?

Related Posts

Latest Posts