New technology used by cloud based software will impact small business in 2019. It may seem intimidating to make the move to a cloud accounting solution such as Quickbooks Online, but the process can be seamless and very cost effective. The innovation of artificial intelligence and machine learning will change the way you access and understand financial reporting.
Save time and money
The workflow process for tracking receipts, receiving payments from customers, and reconciling bank statements is increasing becoming a virtual, paperless system. You no longer have to worry about storing boxes of documents. You can use the cloud to create a virtual environment to store, retrieve and do the work in less time. The information will be accessible from many locations.
We have clients who track copies of all receipts and invoices in an app called Receipt Bank. This simple app has reduced the stress of categorizing expenses. It makes the process of entering expenses fast and painless, yet you still have full control to view, change and see your documents. I love this simple app!
Cloud Adoption and Security
Small Business Trends reported that McAfee’s third annual cloud adoption and security report says 97 percent of organizations, including small businesses, now use cloud services from public, private, or a combination of both platforms. With cloud adoption nearing 100 percent, the technology is being used by organizations of all sizes. This includes small businesses who are beginning to appreciate the full benefit of cloud computing despite the risks.
The article also highlights how businesses must counteract the risk by having the right security protocols in place. Implement good passwords, change passwords often, use dual authentication when available and stay educated about the best practices for protecting your data.
Take the first step
We can help you navigate the transition to cloud based accounting software. We have witnessed our clients thrive in the new cloud environment. Time consuming tasks can be automated and you will reduce your risk of accounting errors. We can advise and help you utilize the power of the technology. The decision to move to the cloud will save you money over time and reduce the headache of storing, accessing and processing data.