The main reason for setting up any business is to make profit. Businesses can only make profit when they consistently meets the demands of their customers. Administration and compliance are essential parts of a business that attention should be paid to, but should not stand in the way of the business achieving its core mandate.
Accurate bookkeeping is imperative for the financial buoyancy of a business, hence the role of cloud accounting solutions like sage cannot be overemphasized in businesses, especially small and medium size enterprises. Also, accurate bookkeeping not only ensures that the business meets the demands of tax authorities, it also ensures that business owners stay adequately informed about trends and developments in their line of business. All these are made possible due to the automation of cloud accounting softwares.
In Nigeria, as at August 2016, there were about 37 million micro, small, and medium size enterprises, and their contribution to economic growth and job creation is laudable.
Cloud accounting software gives you the opportunity to manage your business anywhere you are. You do not necessarily have to be in the office to work, because all the financial information you need are stored in the cloud. You also get first hand information from your service provider on the progress of your business. This information would help you take the best decisions for your business.
These benefits might be seen as an unnecessary luxury, but this is not the case. The business world gets more competitive everyday. Meeting up with customer’s teeming demands would be difficult when you spend more time attending to the security of your financial information. Due to this, your business could lose customers to competitors who have more time to attend to core business issues. Other than the competition, regulatory compliance gets tougher daily. Cloud accounting softwares takes care of your business compliance, and ensures that your business does not fall on the wrong side of the law.
Listed below are some of the benefits SMEs derive from using cloud accounting softwares.
- Easy access to financial information: You can easily access financial information using a notebook or a mobile application. This means that you can do business without having to leave your home. The cloud has made financial information readily available whenever, and wherever you may need it.
- Access to world-class software: You don’t have to bother yourself with installation of software, updating software or backing up data. All you need to do is access the software through a web browser, while your service provider takes care of security, backups, and updates. There is an array of cloud accounting software plans that your business can choose from.
- Cost efficient: With cloud accounting softwares, you only pay for what you use. Subscriptions are quite affordable, with quality assurance from expert service providers. You don’t have to spend your capital on software licenses. What’s more, you probably won’t need the help of an IT expert to install and manage the software, since the software works on automation. This will save your business money that would be spent in addressing other key areas of the business.
- Financial information update: A good cloud accounting software service provider will offer your business timely and relevant financial information. This information will enable you ascertain if there are any worrying financial trends about your business that you need to address.
The world is developing at a fast pace. Businesses are beginning to see the need to become digitalized. Moving your business to the cloud helps your business succeed amidst competition.