Why Cloud Accounting Software is Best for Small Business

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Juggling all your work responsibilities as a business owner, entrepreneur or self-employed individual can be exhausting. Most solopreneurs have trouble staying on top of social media and customer service while fulfilling orders on time and meeting deadlines.  

Consequently, many business owners seek help to take care of one of their most difficult responsibilities – their business accounts. Bookkeeping can be a real thorn in the side of any individual who’s new to managing their own business finances.

Invoices, receipts, cash flow forecasting, tax and compliance issues, when you have little experience, it makes sense to find professional assistance.

Many individuals go down the traditional route of a physical accountant. But more solopreneurs are investing in Sage accounting software to better manage and understand their bookkeeping responsibilities. This variance highlights the question:

Accountant vs accounting software program – which is better?

Many would argue that cloud-based accountancy is the ideal companion for any SME or self-employed individual. Let’s explore some interesting reasons why cloud-based options always come out on top.

The Advantages of Using Accounting Software

Access to All Your Information

When you’re running a business, you need access to all your financial information as quickly as possible.   In your effort to reach your accountant, you’re only going to complicate things. Making endless phone calls, and waiting for emails.

Accounting software that uses the cloud makes your financial position easily accessible in a single place.   And as this software is available in app form, you can take your financial data on the go.

Cost Efficiency

For many small businesses and entrepreneurs, hiring an accountant is a luxury. Effectively pricing out those who need guidance and support the most.

With accounting software, users pay a monthly fee for a service that is tailored to their current requirements. Helping small businesses get ahead whilst keeping costs as low as possible.

Better Understanding

When you hand over your accounts to an accountant, they’re doing all the hard work for you. And while this may sound preferable, you’re unable to learn the fundamentals of bookkeeping and place yourself at a disadvantage.

With cloud-based options, you get the benefit of learning more every day. This is without paying for an expensive service or the risk of making expensive mistakes. A stronger understanding of your financial position means a better insight into potential growth and future decision making.

It’s Collaborative

Just because you’re using cloud-based accountancy services, doesn’t mean you’re on your own. This software is made to be collaborative. It is easy to sync your computer software with your bank applications and share your data with your accountant.

Final Thoughts

In this accountant or accounting software battle, entrepreneurs and self-employed individuals alike can benefit from cloud-based accounting software. For many larger businesses, they go with physical accountants are preferred. But for many SMEs, this software offers an excellent foundation and a competitive edge.