Goodbye, desktop. Hello, cloud.
In case you haven't heard, there’s a huge shift happening in the accounting world these days. Cloud-based systems like QuickBooks Online, Xero, and FreshBooks are taking over the world because they help people save time, eliminate IT issues, and radically streamline their accounting processes. As a result, cloud accounting is rapidly becoming the go-to choice for most small to midsize businesses.
If you’re already doing things in the cloud, you know it’s a completely different ecosystem: lighter, faster, and easier. If you’re still using desktop software, here are five reasons to consider making the switch:
1. Easier to deploy
No more networks, servers, or software upgrades. Cloud accounting systems are easy to set up, work on any device, and require minimal IT expertise or maintenance.
2. bank feeds
So long, data entry! Cloud-based systems allow you to automate huge portions of your manual bookkeeping work by using bank feeds and auto-coding rules.
3. unlimited access
With cloud-based accounting, you can access your system and get work from anywhere you want: home, office, wifi hotspot, small cabin in the woods, you name it.
4. faster financial reporting
Thanks to bank feeds, it's easier than ever to keep your accounting accurate and up-to-date at all times. As a result, business owners can get financial reports whenever they need them.
The app ecosystem enables small businesses to start with a basic accounting system and add more functions as needed: payroll, time tracking, A/P and A/R management, e-commerce add-ons, etc.
If you’re starting a new business from scratch, cloud accounting is practically a no-brainer. It's faster, easier, and more efficient than desktop software. If you have an established business and you're thinking of moving to the cloud, it will involve some conversion costs and a 2-4 month learning curve — but the payoff will be worth it. The bank feeds and unlimited access alone will make you glad you switched.