Most companies are inclining toward the use of automation in scaling up due to the convenience and efficiency it offers.
Cloud accounting is among the most applied automation techniques, and it has made a significant contribution to the growth of companies’ profitability.
As the term suggests, cloud accounting refers to doing bookkeeping with cloud-based software. It has been replacing the old desktop versions of accounting software rapidly.
We will inform you on why you need to use cloud accounting software for your retail business.
1. Live access to financial information.
Cloud accounting software is helpful for granting direct access to the company’s bank information. With this feature, transactions recorded in the bank will reflect in the accounting software. It definitely saves time when it comes to uploading bank statements.
Other than that, all types of invoices are also recorded in the cloud system, and you won’t have to worry about losing track of your finances.
Such features will certainly enable you to make quick and thoughtful decisions, resulting in a more effective business.
2. Stay connected across multiple devices.
With cloud accounting, bookkeeping is not limited by space and time anymore, and you can work from anywhere in the world and whenever you want.
In addition, it allows you to log in from any device with an Internet connection without having to be bound to a computer in the office.
3. Informative and fast reporting and analytics.
Imagine producing thorough management reports with just a few clicks. The accounting software comes with great reporting tools that can generate informative graphs, variance reports, key metrics, etc., to make a financial dashboard for your company.
The dashboard can also be customized to allow all stakeholders to track the key performance metrics easily.
4. Direct access for your advisors, investors, and board
Credible advisors play huge roles in managing company finances. Cloud accounting software allows you to share the information with your advisors, and both you and your team of professionals will have a comprehensive overview of the company’s finances.
Moreover, it also gives investors insights into your company’s financial performance, and the board of directors receive the relevant information required for decision-making.
5. Auto-allocations through machine learning.
It has the ability to detect recurring transactions and auto-allocate them. Imagine having to process millions of accounts worldwide and still be able to allocate transactions into the correct accounts. That’s the power of machine learning.
Machine learning does the bookkeeping for you so that you can focus on doing business. Other than benefiting the leaders, employees like accountants can also focus more on advisory matters instead of recording transactions.
6. Safe and secure.
Cloud technology often comes with top-end encryption that secures data. You can also access the data instantly without any obstacles.
Physical risks such as a computer crashing, being stolen, or having liquid spilt over it are neutralized. Online data is also less likely to be corrupt than its offline counterpart.
7. Save time and effort.
Time is money and this statement certainly holds true in the business world. It is the key resource in defeating the competition and growth. With automated financial management, accounts are recorded faster and with less effort.
Since all the documents can be uploaded digitally, you can save tons of time on those tedious tasks, such as auditing queries. Furthermore, it also saves paper since it is fully digitized; thus, eliminating the chaos that comes from having to stack documents all over your desk or cram them into your briefcase.
Switch to cloud accounting for better efficiency.
Having understood why you should opt for cloud accounting software to manage your business’s finances, now it is time to take a great leap forward to digitize your business for greater efficiency.
The math is self-evident: greater efficiency equals faster and more significant growth. Be sure to visit or speak to us. We offer one of the best accounting software in Malaysia that aims to provide your business with the best-automated tool for scaling up. For more information, feel free to get in touch with us.