This pandemic has taught us a lot of things. We have seen some of the world’s booming businesses go bankrupt due to the inability to meet ends. On the brighter side, we have seen low-cost businesses outplay their competitors because they had a robust and flexible digital structure.
In today’s competitive business dynamics, having a system in place that simplifies your transactions and makes them accessible anywhere to all relevant parties is vital.
While great accounting software that collects and analyzes thousands of transactions in real-time is out there, a lot of this software functions only on office premises and lacks remote accessibility features. Here comes into play — a cloud-based solution that lets hundreds and thousands of managers and employees generate, view, edit, and analyze business reports remotely.
So, if you are still using excel sheets or conventional desktop accounting software, you might want to consider cloud-based accounting solutions. Automa8e is a cloud accounting software that helps micro, small and medium-sized businesses to solve their accounting problems.
What Is Cloud Accounting?
Cloud accounting, also known as web-based accounting, is a software that is hosted on a remote server. It means all your data is securely stored and processed in the “cloud”. Moreover, the updates are visible in real-time on all devices with access to the cloud.
Cloud Accounting differs from conventional accounting software in that the data in cloud accounting is on an online private server instead of a desktop or hard drive. Basically, it enables employees and managers to access business records and reports without being present in the office or without having to install the software on every specific computer.
It lets you view and edit reports in real-time anywhere merely by having an active internet connection. Here are some salient features of a cloud-based solution in a nutshell:
Mitigates the risk of losing data:
The problem with desktop accounting software is that your data is on a hard drive which means you will lose all business data if the hard drive gets broken or corrupt. In addition, it is more vulnerable to theft since most hard drives are not encrypted. Data on the cloud means your data is stored securely, and regular backups ensure you never lose data.
Less administration, more automation:
When the desktop business solutions were first available, businesses found them fancy & helpful, but as they started relying more on the digital side, they felt the need for more automation. They had to manually forward reports via email, mark and assign tasks in isolation, install the software on the freelance accountant’s computer, etc. The cloud offers an all-in-one solution and has much more automation. The manager or team leader can update data and assign tasks within seconds, and every member gets the updates simultaneously.
Flexibility & Scalability:
When you set up a customized desktop solution, you might have to develop a new one as your business grows or the dynamics change. The cloud-hosted solution offers unlimited flexibility, and you can simply upgrade your plan with a single click without needing to hire experts. All your data, dimensions, accounts, and everything you have put in securely transfers to the new plan. In our case, Automa8e grows as you grow with the pay-per-use system.
While these and tens of other smart cloud features were there for a long time, we have realized their importance during the pandemic. Businesses with cloud-based solutions managed smoothly run their administration in lockdowns since the cloud enables employees to efficiently work from home using laptops, tablets, and even smartphones.
Moreover, migrating to the cloud can significantly reduce IT, maintenance, and accounting costs. In a survey by OpsRamp, nearly 95% of respondents said the use of the cloud would reduce both setup and maintenance costs, and nearly 50% said the cloud apps and infrastructure would drop IT costs by 50%.
How A Cloud Accounting Software Helps Survive Pandemic?
The concept of working from home has become much clearer now, and a lot of businesses are looking for digital shifts. Specifically, small businesses are more into the “work from home” thing since it saves time and significantly cuts costs.
In that respect, a cloud-based solution achieves all of these without compromising the quality of work. It improves it. Statistically, a Forbes study found that employees who could work from home are on average 20% happier than those who were not.
Specifically, it plays a vital role for small and medium-sized businesses since they are usually left with many puzzles in the books after the month-end close. Solving these puzzles requires a thorough understanding by all relevant professionals. Consequently, the business may hire external accountants and end up receiving a fat bill.
The cloud-based solution lets your internal and external accountants and bookkeepers browse reports with a single click even if they are off the premises, thus improving harmony and teamwork.
In addition, small businesses are inherently exposed to cash flow problems since they have limited and restricted budgets. A cloud-based solution ensures harmony, improving the budgeting process and giving the organization an extra layer of safety to survive pandemics.
Cloud Accounting Software
If you are looking for a cloud-based accounting solution for your business, you should check out Automa8e. We are a Singapore-based software company that has developed cloud-based accounting solution for accountants and micro, small and medium-sized businesses.
Automa8e is a fully functional business tool that focuses explicitly on automating tasks such as bookkeeping, accounts payable and receivables, managing invoices and suppliers, and real-time reports that your employees can view in Singapore or the rest of the world. Since we use cloud technology, your employees and accountants can view these reports anywhere at any time with an active internet connection.
With a simple yet dynamic dashboard, Automa8e can take care of your hectic business administrative tasks such as invoicing and banking. With a single click, it can even automatically generate 15+ different types of reports, including balance sheets and profit and loss statements.
We use a pay-per-you-use system to optimize costs for your business and charge you fairly. Try unlimited Automa8e’s functionality. Let us take care of your accounting needs so that you can focus on your business.