Bookkeeping has changed a bunch from the old days when pen and paper were the norms. There were times when bookkeepers had that trusty old calculator by their sides all the time. Today, however, pen and paper have become mice and keyboards. With the rising popularity of the “cloud”, bookkeeping for many small businesses has become much easier, yet far more advanced.
Many bookkeepers and small business owners alike have started to see some of the wonders working online can do. Luckily, there’s a wide array of available software options devoted to making the process of bookkeeping in the cloud a snap. The benefits of cloud bookkeeping include ease of access to bookkeeping data as well as not having to purchase and install programs. The cloud allows bookkeeper to work on her books from anywhere with internet access.
Many cloud accounting applications tend to do more than just keep track of financial records. For example, allows you to invoice your customers directly from within the software. You can even set up automatically recurring invoices for ultimate convenience. A nice thing to remember is that each account on a balance sheet is its own kind of management. Many cloud accounting apps have features tailored to specific accounts. For example; Xero allows users to invoice customers. Invoicing customers is part of accounts receivable management. Another example would be inventory tracking in QuickBooks Online. Similarly, this is inventory management. Interestingly, the power of the cloud allows you to use other applications that seamlessly synchronize with your cloud accounting software. In essence, one program is enough to support an entire business.
Small business owners tend to not have a lot of time on their hands. Today, a lot of accounting and bookkeeping processes are performed online because it’s more convenient for everybody. With that said, working in the cloud is not right for everybody. The complexity of a business and its financial records may warrant an on-site bookkeeper or accountant.
Author: Tayyaba Arshad