Cloud accounting software is one of the easiest ways to push your business’s financial management into the future. It saves you time by simplifying daily accounting formalities. It saves you money by leveraging cost-effective cloud technology. It also saves you from a potential disaster with automated backups and sophisticated security features.

The benefits of cloud accounting software are clear, but what isn’t clear for some is how to choose the right cloud accounting solution. Is the most affordable one the smart option for a small business or do you get what you pay for?

Thankfully, we have some answers to your questions. It’s very important to choose cloud accounting software that gives your business the edge. To do that, it has to achieve the following functions.

Seamless invoicing

Invoicing has a direct impact on your business’s cash flow. Invoices that are sent out on time with regular follow-ups and reminders lead to consistent payments. But it’s time-consuming to do this on your own, which is why you need an intelligent cloud accounting solution that can do it for you.

Organised inventory

Your business could haemorrhage money without proper inventory management. Everything in a business from consumable stock to equipment and merchandise needs to be accounted for and tracked to protect your bottom line. Just like invoicing, inventory management is an onerous manual task, but it doesn’t have to be if you have the right cloud accounting tool.

Automatic bank reconciliations

Bank reconciliations are important for highlighting inconsistencies between a business’s balance sheets and account statements. If they aren’t carried out regularly, fraud can easily go unchecked. Bank reconciliations require careful attention to detail and an unerring hand, which is why they benefit greatly from automation.

Tight security

Your business’s finances should never fall into the wrong hands or be destroyed without a backup. Some businesses still choose to stick to manual bookkeeping and desktop-based accounting systems that are a serious security risk. A worthwhile cloud accounting system will have access controls to keep unauthorised users out and regularly scheduled backups to preserve your data in case of a disaster.

Insightful reporting

One of the best value-adds of cloud accounting software is the reporting functionality. A good cloud accounting solution will give you a detailed look at various aspects of your business’s performance. It should be able to provide account summaries, track annual budgets and paint a clear picture of your business’s financial progress.

We can help you find the perfect fit

Rae & Associates are experts in cloud accounting solutions. We can help you find the best system by doing a complete analysis of your business to discern your accounting needs. We also assist with software implementation and staff training so you can see just how easy it is to manage your business’s finances in a secure and connected cloud environment.

Speak to us for professional and skilled advice that will help you find the cloud accounting that will take your business to the next level.