The business accounting field is one of the slowest sectors to seize upon advantages of the emerging technologies. And many company owners are skeptical about having their finances managed in the cloud.*
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“Even in-house accounting systems are not invincible to damages or catastrophes. But technology has changed the business process of many industries for the better, including accounting, and there are many benefits to cloud bookkeeping,” blogs Yaritza Delorenzo.
Yaritza Delorenzo’s five reasons for cloud bookkeeping
1. Savings of 50% or more in operating costs allows more time devoted to strategic functions. For example, more time could be devoted to implementing new accounting rules, including production of new reports in a timely fashion.
3. Business process improvement. All users work from the same set of data, creating real-time environment when decisions must be made quickly.
4. Reduced IT costs
5. Reduced travel costs from their CPA or Bookkeeper.
Cloud bookkeeping is not for every company, mainly larger sized businesses. However, it has many benefits for start-up and small businesses that do not have larger cash flow and can’t afford to have an in-house bookkeeper. Accounting tends to be a conservative industry but it’s only a matter of time before industry professionals catch up.
What do you think about cloud bookkeeping?
Are you afraid to place your finances in the cloud or have you already implemented it within your business?