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Why should Small Business Owners shift to Cloud-Based Accounting Software?

Why should Small Business Owners shift to Cloud-Based Accounting Software?

Running a successful business depends on a few key strength points. Your work has to be of extremely good quality to ensure client satisfaction but, other than that, managing your finances efficiently and public relations are two other pillars on which a good business rests.

Managing a company’s accounts is a very complex job but hiring a professional accountant to manage the books can be a huge drain on the funds too. This has contributed to the rise of accounting software, which has made the work much easier. But there are some disadvantages to the traditional accounting software.[1]

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  • It is expensive to upgrade your current software every time a new update comes.
  • It works on one computer and if the data has to be accessed by another computer, it requires a portable device, which is a huge security concern.
  • Since it works on one computer, only one person has access to it. In the absence of that person, other key people may not be able to access the data.
  • Customer service is usually expensive and slow.

Cloud-based accounting is the brand new technology[2] that is cheaper and also aims to do away with the issues raised by traditional accounting software.

Cloud-Based Accounting

Cloud-based accounting software is the latest technology in managing accounts and finances. It is a dynamic system where the software provider securely stores all the necessary data, which can be accessed by the business owner using Internet connection. It is cheap, easy to use and makes your finances easier to manage.  A good cloud-based accounting software can save you a lot of money and effort and yet provide you world class support. However, with cloud-based computing, there is a big question regarding who actually owns the stored data. Therefore, those who are more concerned about security and privacy still may prefer traditional locally based desktop accounting software.[3]

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There has been a huge shift to cloud-based accounting by small business owners. If you are on the fence about shifting to cloud-based accounting here are a few advantages that might just convince you to take the leap today.

Upfront business cost is less

Since your entire account is managed by your service provider you do not have to spend time worrying about version upgrades, maintenance, system administration costs and server failures. Everything runs online so you do not have to install anything. This saves time, money and space. Moreover, with the latest cloud-based accounting software, updates are usually free and everything is automatically backed up. So, you don’t have to invest on backup separately.

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Multiple user access

All the relevant data is stored in the cloud and hence it can be accessed, edited, updated and used by anyone who has been granted access to the information. Moreover, since you can control who gets access to what information, security is watertight. The data can also be accessed from anywhere as long as you have access to Internet connection.

View your accounts in real time

Since everything is maintained and organized in the cloud you can see your accounts and get the updates in real time. A simple search will tell you which payments have been already made and which are due. Therefore you do not have to go through piles of records. Moreover, it reduces the chances of human errors as the database is updated instantly. The advanced cloud tools allow you search virtually and, therefore, you can find any discrepancy or error in seconds.

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Uses a broader suite of secure apps

Cloud-based accounting software is extremely versatile as cloud applications not only provide access to information and documents from any device, but also integrate with other cloud-based tools. It is very easy to set up and sync, making it very user friendly as well. With the use of cloud-based accounting, it’s you who can effortlessly extract and control data across a number of different platforms and reduce time spent on manual data entry.

Migrating your accounts from traditional software to a good and stable cloud-based accounting software can work wonders when it comes to saving time and effort. In the long run, it is proven to be cheaper as well. So, embrace this new technology today and spend your time and effort in making your business better and bigger.

Featured photo credit: NordWood Themes via unsplash.com

Reference

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Last Updated on March 29, 2021

5 Types of Horrible Bosses and How to Beat Them All

5 Types of Horrible Bosses and How to Beat Them All

When I left university I took a job immediately, I had been lucky as I had spent a year earning almost nothing as an intern so I was offered a role. On my first day I found that I had not been allocated a desk, there was no one to greet me so I was left for some hours ignored. I happened to snipe about this to another employee at the coffee machine two things happened. The first was that the person I had complained to was my new manager’s wife, and the second was, in his own words, ‘that he would come down on me like a ton of bricks if I crossed him…’

What a great start to a job! I had moved to a new city, and had been at work for less than a morning when I had my first run in with the first style of bad manager. I didn’t stay long enough to find out what Mr Agressive would do next. Bad managers are a major issue. Research from Approved Index shows that more than four in ten employees (42%) state that they have previously quit a job because of a bad manager.

The Dream Type Of Manager

My best manager was a total opposite. A man who had been the head of the UK tax system and was working his retirement running a company I was a very junior and green employee for. I made a stupid mistake, one which cost a lot of time and money and I felt I was going to be sacked without doubt.

I was nervous, beating myself up about what I had done, what would happen. At the end of the day I was called to his office, he had made me wait and I had spent that day talking to other employees, trying to understand where I had gone wrong. It had been a simple mistyped line of code which sent a massive print job out totally wrong. I learn how I should have done it and I fretted.

My boss asked me to step into his office, he asked me to sit down. “Do you know what you did?” I babbled, yes, I had been stupid, I had not double-checked or asked for advice when I was doing something I had not really understood. It was totally my fault. He paused. “Will you do that again?” Of course I told him I would not, I would always double check, ask for help and not try to be so clever when I was not!

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“Okay…”

That was it. I paused and asked, should I clear my desk. He smiled. “You have learnt a valuable lesson, I can be sure that you will never make a mistake like that again. Why would I want to get rid of an employee who knows that?”

I stayed with that company for many years, the way I was treated was a real object lesson in good management. Sadly, far too many poor managers exist out there.

The Complete Catalogue of Bad Managers

The Bully

My first boss fitted into the classic bully class. This is so often the ‘old school’ management by power style. I encountered this style again in the retail sector where one manager felt the only way to get the best from staff was to bawl and yell.

However, like so many bullies you will often find that this can be someone who either knows no better or is under stress and they are themselves running scared of the situation they have found themselves in.

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The Invisible Boss

This can either present itself as management from afar (usually the golf course or ‘important meetings) or just a boss who is too busy being important to deal with their staff.

It can feel refreshing as you will often have almost total freedom with your manager taking little or no interest in your activities, however you will soon find that you also lack the support that a good manager will provide. Without direction you may feel you are doing well just to find that you are not delivering against expectations you were not told about and suddenly it is all your fault.

The Micro Manager

The frustration of having a manager who feels the need to be involved in everything you do. The polar opposite to the Invisible Boss you will feel that there is no trust in your work as they will want to meddle in everything you do.

Dealing with the micro-manager can be difficult. Often their management style comes from their own insecurity. You can try confronting them, tell them that you can do your job however in many cases this will not succeed and can in fact make things worse.

The Over Promoted Boss

The Over promoted boss categorises someone who has no idea. They have found themselves in a management position through service, family or some corporate mystery. They are people who are not only highly unqualified to be managers they will generally be unable to do even your job.

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You can find yourself persistently frustrated by the situation you are in, however it can seem impossible to get out without handing over your resignation.

The Credit Stealer

The credit stealer is the boss who will never publically acknowledge the work you do. You will put in the extra hours working on a project and you know that, in the ‘big meeting’ it will be your credit stealing boss who will take all of the credit!

Again it is demoralising, you see all of the credit for your labour being stolen and this can often lead to good employees looking for new careers.

3 Essential Ways to Work (Cope) with Bad Managers

Whatever type of bad boss you have there are certain things that you can do to ensure that you get the recognition and protection you require to not only remain sane but to also build your career.

1. Keep evidence

Whether it is incidents with the bully or examples of projects you have completed with the credit stealer you will always be well served to keep notes and supporting evidence for projects you are working on.

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Buy your own notebook and ensure that you are always making notes, it becomes a habit and a very useful one as you have a constant reminder as well as somewhere to explore ideas.

Importantly, if you do have to go to HR or stand-up for yourself you will have clear records! Also, don’t always trust that corporate servers or emails will always be available or not tampered with. Keep your own content.

2. Hold regular meetings

Ensure that you make time for regular meetings with your boss. This is especially useful for the over-promoted or the invisible boss to allow you to ‘manage upwards’. Take charge where you can to set your objectives and use these meetings to set clear objectives and document the status of your work.

3. Stand your ground, but be ready to jump…

Remember that you don’t have to put up with poor management. If you have issues you should face them with your boss, maybe they do not know that they are coming across in a bad way.

However, be ready to recognise if the situation is not going to change. If that is the case, keep your head down and get working on polishing your CV! If it isn’t working, there will be something better out there for you!

Good luck!

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