Accounting mainly was all about working with physical receipts, storing them in files, and arranging those files in large cabinets. Then, when required, shuffle through those large cabinets, identify the file, and find the relevant document. As businesses scaled and their accounts grew, this approach to accounting started taking the backseat. Then, with the introduction and amalgamation of the cloud with other technologies, bookkeeping software made storing and organizing documents easier than ever.
Today’s bookkeeping software comes with in-built tools and features to help you manage most of your bookkeeping-related tasks – from invoicing to expense management, cash flow management to report generation, and so much more. Further, being automated, bookkeeping software eliminates the chances of human errors and ensures that your books are pristine and accurate. Bookkeeping software is highly scalable, and you can choose the modules or tools your business requires. All in all, bookkeeping software has been a blessing for companies and accountants around the globe. They have helped entrepreneurs save a lot of time, energy, and money that they would have otherwise spent on performing mundane accounting tasks.
In this article, let’s look at how cloud bookkeeping software helps you save time and simplify your workday!
Automating Routine Tasks – Focusing on What Matters
A large chunk of tasks under the entire accounting umbrella is mundane, time-consuming, yet extremely important to keep the business afloat. These include creating invoices for every sale, tracking every transaction, following up with clients regarding late invoices, etc. If these tasks aren’t performed well, it hurts the business’s finances in the long run. As a result, these tasks can’t be avoided, but they are too mundane to be done manually. The solution? Automation!
Cloud bookkeeping software lets you automate most of these seemingly mundane tasks so that you and your accounts team can focus on other, more critical work. Bookkeeping software also enables you to automate your tracking and reporting – so that you have the report with you, when you need it, on-demand. This saves a lot of time and helps you simplify your workday a lot.
Round-the-Clock Data Availability
With cloud-based bookkeeping software, you get all of your data at your fingertips. You need the internet and any compatible device and login into your software to see your financial data at any time, from anywhere. Such convenience of accessing financial data saves a lot of time when it comes to situations where some financial documents are urgently needed. It also fosters better teamwork and collaboration by providing people with the ability to share relevant documents quickly,
Simplified Data Tracking
When it comes to financial management and forecasting, data tracking is an important aspect. Without proper tracking mechanisms for your data, it will be difficult for you to forecast or predict future possibilities. With bookkeeping software, this becomes extremely easy. The software connects to your bank account and other software, too, if needed. In doing so, the bookkeeping software brings all of your data onto one platform. This saves you a lot of time when you want to track payables, receivables, inventory lifecycle, and such. Again, this saves a lot of time in a day-to-day scenario,
Shared, Multi-User Access
Multi-user access is one of the features of bookkeeping software that fosters real-time communication and collaboration between teams and helps them speed up their work and simplify their workday. Using this feature, the admin of the bookkeeping software can share access with different users, depending on their needs. So, for example, if a company requires financial data to be accessible to all teams like sales, marketing, finance, HR, and such – they can select one POC from each department and share access with them. That way, all the teams will have real-time information on company finances and can use that information as and when required.
Accurate Data Leads to Better Decision Making
Decision-making takes a lot of time in any entrepreneur’s workday. And making good decisions requires you to have access to accurate data which can be analyzed. Doing this manually is indeed time-taking and near-impossible. However, with bookkeeping software, this becomes a breeze. The software accurately keeps track of all of your data, which allows you to prepare much more informed forecasts and predictions. Bookkeeping software also generates on-demand reports if you require a more comprehensive overview of the dynamics of your business’s finances. That, too, aids the decision-making process and makes things faster and more informed.
Unparalleled Scalability with Additional Integration
Apart from the basic features that will no doubt save you a lot of time, bookkeeping software also supports additional integrations that improve the functionality of your software manifolds. Your business probably uses different software for different tasks – like, such a CRM, an HR management tool, a marketing tool, and so on. Bookkeeping software easily integrates with all of these tools and more to provide you with a comprehensive ecosystem of your business’s financial affairs. It also makes it easier for information to travel from one department to another seamlessly, without any friction. This is one of those features that you may not require when you start, but as your business scales and your requirements increase, additional integration will help you keep track of your business’s moving elements.
In conclusion, cloud bookkeeping software is a boon for all businesses and entrepreneurs. Traditionally, books were riddled with errors if not prepared properly. But now, with cloud bookkeeping, business owners finally have a chance to look beyond keeping and maintaining books and sincerely focus on more important tasks. Bookkeeping software eliminates any chance of manual errors and automates most routine tasks, thereby completely removing the human element. To add to that, their ability to create on-demand charts, graphs, and reports is extremely helpful in communicating financial information to other teams or stakeholders. All in all, bookkeeping software is the need of the hour for businesses that are still using manual ways of bookkeeping. If you are looking for bookkeeping software for your business, check here for bookkeeping software!