As we head into summer, many small business owners are looking forward to making up for lost vacation time. Is your business set up to run efficiently while you’re away? Our cloud accounting division, GCT Technology & Accounting, can help you transition your books to the cloud and automate manual processes. Businesses on the cloud benefit from real-time financials and the ability to run the business from anywhere.
Top Benefits of Cloud Accounting
Access tools that grow with your business.
Cloud applications are scalable, meaning that you only pay for the resources that you need. If you’re a small business with only a handful of employees, you don’t need the same software package as a large enterprise with a massive workforce. With cloud-based accounting software, you pay monthly via a subscription model at the level that makes sense for your business today. As your business grows over time, you can add the features you need without migrating to another platform.
Gain accessible, real-time insights into your business.
With cloud-accounting apps, you have the ability to access your financial and accounting information from any digital device, such as your phone or tablet. You now have the ability to view and work with all the relevant financial information about your company from anywhere because it resides in the cloud.
Run a more efficient business.
In today’s digital economy, data is paramount to your company’s success. Every division or unit of your business needs to be able to share and collaborate on projects, from anywhere. Cloud-based accounting software offers a completely mobile and collaborative way of doing business. Your financial and accounting software resides in the cloud, where you can give team members customized levels of access from a remote location or in the office.
Secure your financials.
By moving everything to the cloud, you’re able to run a leaner, more streamlined business because the maintenance, upkeep, and security is handled by experienced staff members who stay on top of threats and bugs. You can also set checks and balances that help to prevent loss. That means you can keep your focus on running your business. Cloud accounting’s popularity is growing by leaps and bounds because of the need to reduce the risk of fraud, both internally and externally.
Top Cloud Accounting Apps
Ready to make the switch? Below is a list of our favorite apps to get you started on the cloud. There are certain accounting functions that just about every business requires, such as payroll, expense tracking, bill pay, and document management. Some of these functions require daily attention, so why not simplify and automate the process?
From onboarding and benefits to payroll and HR management, Gusto has you covered in the office and remotely. Why do we love Gusto? This app is one of our top payroll picks for small businesses, offering plans for those just starting out, as well as small businesses that are growing quickly. Gusto gives you total control over all aspects of payroll and employee management while seamlessly integrating with your cloud-based books.
Bill.com is one of our top choices to help small business owners reduce fraud and theft, while also offering a more efficient way to manage accounts payable. Users can approve and pay business bills on time, from anywhere, 24/7. The average Bill.com user reduces time spent on accounts payable by 50%—that’s 36 days a year! Imagine what you could do with 36 extra days to grow your business.
Hubdoc automatically pulls your bills and invoices into one secure hub. Simply snap an image of your receipt, sync your accounts, and forward your invoices. But what do you do with all of that data? The reason we love Hubdoc is that it converts that information into usable data and seamlessly integrates with Xero. Hubdoc also makes it easy to organize and share information with your accountant.
Expensify improves your back office by simplifying the way employees request expense reimbursements. Users can SmartScan receipts, as well as import personal and business credit card transactions. Expensify will code and report the expense for you before submitting it for approval. Expensify also allows for approval workflows, creating customized expense policy rules to flag expenses that need manager approval. By automating tedious expense reporting tasks, Expensify cuts out the noise and pinpoints the exact next steps that keep you moving forward.
We recommend Xero as a foundation for all of your cloud accounting needs and online collaboration. With Xero, you can access your business finances at any time, from any internet-connected device. Know how you’re doing financially with daily updates from your bank accounts and credit cards. Invite your advisor to collaborate with you on your business in real-time and give your staff access to the areas they need to do their jobs. And most importantly, Xero protects your data using multiple layers of security.
Ready to migrate your accounting to the cloud?
Moving your business accounting to the cloud makes sense for so many reasons, and it’s a critical shift in the new world of remote work. By making the move, business owners free up valuable time and are able to look after the business from anywhere, including a beach vacation with the family. As a business owner, work-life balance tends to get put to the side, cloud-accounting is one way to help you regain that balance. GCT Technology & Accounting offers consultations to help you make the transition as quickly and seamlessly as possible. Contact GCT to get started today.