While most people believe that online business translates to digital marketing, social media and a strong web presence, in fact, things are moving much faster with the focus of online business shifting over to unlimited access and automation.
In this trend, many businesses have started transferring their accounting systems online, to streamline a very necessary part of their business without sacrificing the quality of its content.
It has all manner of benefits, among them increased efficiency and reduced financial costs, but how can you ensure that your transition to cloud accounting is a smooth one? Here are 5 rules for successful cloud accounting.
Move it all
“When thinking about accounting, most people only consider one aspect of it, usually invoicing.”
Actually, online accounting aims to transfer all accounting systems to the cloud, which includes all aspects of bookkeeping, including banking, timekeeping, record storage, and transaction management.
Be prepared to jump in headfirst, rather than inching in with small aspects of the accounting process bit by bit.
Ditch your paper
Cloud accounting aims to consolidate all of your accounting processes for several reason, chief among them efficiency.
If your data is stored online, and you only need a functioning internet connection and a device to access it, you no longer need expensive servers, the maintenance that goes along with them, and reams and reams of paper storage space.
Integrate your systems
The best online accounting tools are those that allow themselves to be integrated with other online tools throughout a business, so wherever possible, create a larger online ecosystem and find accounting software providers who are able to integrate with that ecosystem.
Update your recruitment protocols
When implementing a new system in any area of a company, you need to consider the people who will be using the system on a daily basis.
With online solutions, you’ll want your workforce to be tech savvy, and progressive. Make sure you update your hiring systems to reflect this change.
Stay on top of your work processes
“Online accounting is designed to make workflow overviews accessible.”
This means you will be better equipped to forecast numerous things, and have a better handle on successes and failures. Make the most of these features and you’ll continue to benefit from your cloud accounting software.
If you are thinking about making the switch to online accounting software, then contact eFolio Accounts.
eFolio Accounts is an online accounting software designed specifically to make managing your finances and bookkeeping easy and to help you have better cash flow and a more profitable business.
Written by Mark Hegarty. As part of ‘Use Small Business Can as a channel’ eFolio accounts has an exclusive offer for SBC members. To sign up for a 30 day free trial (no credit card required) of www.efolioaccounts.com just visit the website. Use the code SBCEFOLIO2014 as your referral code and if you’re an Ulster Bank customer let us know by email to claim your free trial period.
Get paid on time with easy invoicing and manage client accounts with efficient built in email for invoicing. eFolio Accounts is all your business need!