Is cloud accounting right for your business?
Six telltale signs that cloud accounting is right for your business
1. You often find yourself manually entering a backlog of data (which often gets left to the last minute)
Most accounting software allows you to automate labour intensive data-driven tasks. Find an accounting solution that allows you to process a large number of transactions quickly, set up direct bank feeds from your bank accounts and send automated invoice reminders for you at a minimum.
A good cloud accounting platform, such as Xero, will also have working integrations with other business apps. This means you can let the technology fetch and reconcile accurate data for you, instead of having to do so manually. Which means you can spend more time on what’s important for your business. Xero also integrates with more than 700 business apps in our app marketplace too.
2. Life would be so much easier if you could access your financial data all in one place, on demand
When you switch to cloud accounting, your financial data is stored in one place online, which means you can log in to access them anywhere there is internet connection — be it your desktop, tablet or mobile. You can be confident that you have an up-to-date picture of how your business is doing, no matter where you are. Having the right data on demand can help you identify opportunities, make strategic decisions, and improve business performance, quickly.
3. Your business does not have a backup plan in the event of data loss
If your financial data is backed up on Xero, we can guarantee that everything is backed up safely, securely and automatically, giving you peace of mind.
4. You’ve thought about switching but don’t want the burden of upfront monetary and time investment
Cloud accounting means that upfront business costs are in fact reduced – installation, hardware, version upgrades, maintenance, system administration costs and server failures are no longer issues. Instead, they are managed by the cloud service provider.
Everything runs online, so there’s nothing to install on your desktop. Updates are free and instantly available. Automatic updates also mean you always have access to the latest features and benefits, without extra upgrade costs.
Most importantly, Xero doesn’t charge over-the-top prices, only for what you need. The most premium business subscription at Xero is only USD 40 a month per company, and there are lower pricing options as well depending on business needs.
We also offer a 30-day free trial so businesses can try out all the functions that Xero has to offer, and then pick the subscription most suited to their needs based on their usage during the trial month. In addition to that, we have no lock-in contracts — businesses are free to terminate their subscription at any time with a 30-day notice period.
5. Security and Privacy is one your top priorities and you want to stay in control of this
Your data is actually much safer in the cloud than on your computer. Your computer can be stolen or corrupted quite easily, but cloud companies spend millions on systems and experts to protect your data. Learn more about Xero’s secure data protection here.
6. You have more than one person in your small business that needs to access the company’s financial data — be your accountant, financial controller or another staff member
Multiple user access, one cost makes it easy to collaborate online with your team and advisors. It’s a bonus if your cloud accounting platform, like Xero, lets you have unlimited users in your business! Compared to desktop accounting software where you need to manually save the report onto a thumb drive before handing it over to your accountant etc.