Australian small businesses are adopting cloud accounting software faster than other countries, with 14 per cent already managing their accounts with cloud software compared to 11 per cent globally.
And perhaps more telling are the statistics about the accounting industry. Nearly 70 percent of Australian accountants use cloud-based software.
New clients come to us umming and aahing about taking the next step and moving from a traditional desktop based accounting process to the cloud.
We get it. Cloud accounting sounds scary and daunting. I’m sure these thoughts have run through your head.
“That looks like it will take ages to set up. We are already short on time.”
“If I move everything to the cloud, is my business information safe?”
“What does moving to the cloud actually mean?”
“A new platform sounds expensive. How can I afford that when cash flow is already tight?”
“I don’t even know what cloud accounting is. I’ll just stick to what I know.”
All valid questions and ones that we at Cornerstone have answers for thanks to our years of experience in cloud bookkeeping and the decision we made to move ourselves across to this streamlined way of operating (and never looked back).
One of the key drivers for businesses moving across to the cloud is functionality cited by 42% of businesses as the main reason they made the switch. Functionality translates into money saved and time reclaimed.
And as a business owner those two things are vital to your business moving forward.
So if you’re thinking of taking the plunge, what’s the next step? Ask yourself (or us!) these questions:
- How can cloud accounting benefit the business?
- How can it benefit our clients and the way we do business with them?
- Who are the key providers in the cloud accounting market?
- What features does the offering provide?
- Should I choose one provider or are there are a number of offerings in the market that would suit the way we do business?
- What solution is user-friendly and cost effective?
- Who is offering a pure and real cloud solution? Can I REALLY sit on my iPad in the airport and access current data in real time? Can I REALLY invoice a client for a completed job while I’m still onsite?
- How can I save time & money?
You can decide to dip your toe into the world of cloud accounting or leap right in. Whatever suits your business and your strategies.
Remember to ask for expert help, take advantage of the ongoing support companies such as Intuit QuickBooks and Xero provide and get your people prepared for change.
One of our clients recently described the switch to Cloud accounting as putting himself back in the driver’s seat of his business. He said the real time data and information he now had available to him was like having a dashboard of data in front of him that allowed him to make strategic and smart decisions. Fast.
Group certificates are submitted with a click, financial reporting is presented in a user-friendly way, receipts are electronic, invoices are created on a job site and paid sooner. All these things that previously used to be pain points for him are now streamlined.
Cloud Accounting provides visibility and allows the business owner to manage on the go and be in control but relaxed with one hand on the wheel and the window open instead of with the foot permanently on the business growth brake.