There are many different types of challenges that a small business has to deal with but even with all the risks and challenges lurking around small businesses, the number of small businesses is increasing at a very fast pace. There is no denial in the fact that the number of small businesses is not low in developed countries but when you will consider the GDP of developing countries then you will find out that small businesses are making a big contribution to the GDP of developing countries and this trend will keep on growing in the upcoming future.
Well, if you have already started a business or planning to run a business then you need to know that even 24 hours in a day will prove to be less to you since there will be many things that you will have to take care of and that too in limited budget and resources. You will surely start looking for examples and tips that will help you firm in becoming successful. But in addition to this, you will also need to start looking for mistakes that others made. And one such mistake that you will need to avoid while running a small business is overlooking your accounting operation.
While running a business, the sales strategy along with a unique marketing strategy looks enticing and this is what you will always wish to work on but the same can’t be said for accounting. This is one of the main reasons why many small businesses are not able to deal with their accounting operation effectively.
But if you are looking forward to streamlining your small business and its accounting department then the one thing that you will need to do, apart from working with experienced accountants is to choose cloud accounting solutions.
Here are some of the benefits that small businesses can harness by using cloud accounting solution.
Access from any corner of the world
One of the biggest benefits that all the small businesses will be able to harness by using cloud accounting solution is access from anywhere and at anytime. While using the desktop installed software solution, you will always have to be limited to your office desktop and every time you need to work on your books, you will have to return back to your office. This acts as a big obstacle, especially when you are bogged down with work.
But when you will start using cloud accounting solutions like QuickBooks hosting then you will just need to use any device like your laptop, mobile, or tablet, put in your login credentials, and then you will have your accounting solution at your fingertips. Everything, in this case, is stored on the cloud platform like your data and software and this is how you will be able to access it from any corner of the world.
Level up the security
Security is surely one of the biggest concerns for small businesses since they don’t have enough knowledge and resources to support bank-level security in their firm. This is one of the main reasons why we are witnessing a rise in the security breaches on small businesses. All the online criminals know that small and medium sized businesses don’t spend enough money on their security measures and that’s why getting their hands on the sensitive data of small businesses like their financial data is very easy.
But by using cloud accounting solutions, you will be making sure that there is no way criminals can get their hands on your data sine cloud is currently the safest platform for storing each and every type of sensitive data, like financial data. The cloud comes with various security layers that will allow you to keep your data secure. From end-to-end encryption to two factor authentication, there will be many things that will keep your data completely secure and safe.
All the data in the modern era has moved to the digital platform and this is why you will need to make sure that you don’t’ have to deal with complete data loss. But since the data has moved to the digital platform, you will have to start using new ways for keeping the data safe if your firm is hit by a disaster. But manual backup is a costly, time taking and complex affair for small businesses and you will be surprised to know that cloud accounting can help you in solving this problem as well.
Most of the cloud hosting providers will offer you nightly backup and this means that you will never have to deal with manual backup creation. Your data will be stored at multiple locations and this will make sure that even after being hit by a disaster, you will be able to restore your data without any delay. And the best part is you will not have to pay even a single extra penny for this automatic backup service provided by cloud hosting providers.
Improved team work
If you are running a small business then you must be aware of the fact that accounting is one of those aspects of a business that can never be managed if there is no team work. And there are maximum chances that you will never be able to make everyone sit under one roof since as a small business, you must be having a small office. But you can deal with this problem with the help of cloud accounting.
Cloud accounting comes with the power of multi-user access and this feature of cloud accounting will allow you to add multiple people to your books and they can start working in real-time. You can also use this feature during the tax season for giving access to a tax professional so that you can easily file your taxes without missing the deadline. The multi-user access will never compromise the security of your financial data since there are many features that will help you in keeping your data secure like the admin power.
Saurabh Gupta is currently working as a senior content writer at MyQBHost, a QuickBooks cloud hosting company and the two things which matters the most to him is technology and writing. Cloud computing, Artificial intelligence and cybersecurity is what he loves the most.