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Why your SME needs to use cloud accounting

Published on 19th April 2017 - Last update on 3rd December 2019

Running a business in an industry you know inside out can be highly rewarding and extremely enjoyable. However, in order to reap the benefits both you and your staff need to put the extra effort in. Of the most arduous and time-consuming aspects involved in any business, accounting can be the most trying. However, with the growing popularity of accounting software and online cloud servers, reviewing your business’s finances can be as simple as ABC.

Cloud Accounting

As technology grew and the many uses of the Internet-of-Things expanded, one of the many benefits that arose came in the form of cloud accounting. The result is that accounting is now much easier to undertake, doesn’t take as much time and can be worked around your busy schedule. There are many reasons why you should consider such services for your business but, to summarise, here are 5 key points to consider:

1. Do business on the go

Thanks to technology, business owners nowadays can now work on the go. With smart devices, it’s now possible to review business finances and day-to-day performance in real time wherever and whenever you want.

2. Team collaboration

With your financial data safely and tidily stored online, your accountant, solicitor and other associated partners can review, edit and raise issues in real time. As a result, you could dramatically increase your ability to react, alter and make crucial decisions much, much, faster. Plus, all the files, data and sensitive information that all parties can access will automatically be synchronised.

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3. Save money

As an SME business owner, you simply cannot afford to waste money. That is why cloud accounting is so intrinsic to success. Being able to review your finances on the go, you are in the best position to spot emerging issues, transfer money into higher yielding accounts and review the success rate of any completed projects. But, most importantly, it dramatically reduces your operating costs on account of its speed and efficiency alone. Savings all round!

4. Risk and recovery

As any cloud user, for business or general use, will tell you cloud services can be an absolute life safer. Without it, files and crucial data on your system could be lost if you become a victim of cybercrime, get your device stolen, suffer damage and so on. By having data safely stored online, you can easily recover valuable data without giving yourself a headache.

5. Ready for business finance

Additionally, because your files and valuable financial data are stored in one place and organised, you can easily find whatever you need without any additional aggravation or stress. That is why cloud accounting is so valuable when applying for business finance. Lenders will often ask to review your financial records and it is wise to note that the time taken can often make or break a deal.

Our values are simple – We’re on your side

At Rangewell, our services are clear and transparent. We support a wide range of SME businesses of every shape and size, for finding every type of finance. So if you are looking for funding for your own accountancy business, or for your clients, see how becoming a funding partner could benefit and grow your business. Follow us on Twitter and LinkedIn for business tips and tricks, and feel free to call us on 0203 637 2340 if you’d like to chat about what we can do for you.

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David Harrison

David Harrison

Content writer