Give Your Small Business a Jolt of Efficiency with Cloud-Based Accounting
- Contributor
- B. Martin Copeland
Many people need a dose of caffeine – usually in the form of coffee – to be more energized and productive in the morning. Similarly, small businesses have tools at their disposal to help them be more productive.
When it comes to small business efficiency, cloud-based applications have fostered tremendous improvements in processes that are traditionally manual and time-consuming, such as invoicing. In a 2016 survey of U.S. small businesses, 71% of respondents said they run at least one-quarter of their business operations in the cloud. The number of cloud-savvy small businesses is up significantly from 23.5% of respondents in 2015.
Despite the growing adoption of cloud-based applications, monthly and year-end accounting remains a largely manual, inefficient process for many small businesses with potentially negative results. For example, incorrect or missed invoices can lead to declining revenue, and late or unpaid bills can damage vendor relationships or credit. Introducing automated tasks is an excellent way for business owners to create efficiencies with less time-consuming billing processes.
Today’s cloud-based accounting platforms can stimulate a business’ cash flow by enabling a more efficient—and often automated—execution of tasks. Some platforms also have built-in dashboards that present real-time financial data, which can be used to develop key performance indicators. Business owners who are evaluating their accounting software or considering an upgrade should ask the following questions to make sure the platform will live up to its own buzz.
Are you looking to put some pep in your accounting processes? CRI’s combination of experience as a full-service CPA firm plus our client accounting services technology can help invigorate your small business’ growth trajectory by improving efficiencies. Contact us to learn how we can help you implement the right accounting software for your business — plus access real-time data to continually move your business forward.
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