At a time when small businesses are looking to cope with the side effects of GST, technical experts are of the opinions that cloud accounting software can come to their rescue. But, how?
When someone thinks of how software applications have benefited a business, he / she is likely to fall short of praises because they are used almost everywhere. Businesses may have used software earlier and consider it as a waste of money to get another software. But, benefits of cloud software are so many, that it is difficult to ignore them for small to large scale businesses.
Before moving to the benefits, let’s take a look at the drawbacks of the traditional software that was used for accounting purposes:
Software applications have always been expensive and so far it was a burden for almost every small company. Moreover, it was rather complicated to use and hardly had any backup options.
This is one of the major drawbacks of the traditional software used to manage company’s financial transactions. Only one person could use the software as it had to be installed in a single system with one username and password. If anyone else other than the user had to get access to the details, it would become a hindrance.
Now, let’s take a look at why businessmen should go for cloud bookkeeping software even when there is some pessimism in the air because of GST.
Top Reasons to Opt for Cloud Accounting Software
The security of cloud software is far superior than one can think of. In fact, it can be a storage option for all the business data of a manufacturing enterprise. It works on cloud software and can only be accessed with a static login id and password. However, that does not mean it can be used from a system only. It is possible to access it from anywhere.
Get real-time financial position
There are times when the management and finance team has to assess the financial position of a company instantly. It is not possible to get a profit and loss statement after calculating the entire year’s accounts. But, using cloud software, there is the option to check the real-time status of a company’s business.
Talking about GST and how it has impacted small scale businessmen, cloud software has been a respite for one and all. One does not have to spend money on the maintenance as it is the third-party software; there are no version upgrades in this software and neither does it come with any kind of system administration costs.
Probably the best reason why cloud computing services are becoming so popular each day – even with the bookkeeping software, it is not required to do a manual backup of the data that is being created. Everything is done automatically and no hard drive is necessary to keep the data safe. The cloud servers work in tandem to keep a copy in the server so that one can access them remotely, on demand. For accounting, one would need profit and loss statements, as well as balance sheets handy. Even if the concerned personnel is in a different location, there will be no trouble to access the files and folders or do the math quickly.
GST has had its fair share of pros and cons after it was implemented. But, since everyone has to live with it, it is better to opt for something that will come in handy in the years to come. Cloud accounting software is one such option that every businessman should get for their business, and we have seen enough reasons above.