For some, cloud adoption was forced upon them during lockdown. Others simply transitioned on the wave of digital transformation. Either way, we still encounter businesses who simply aren’t getting the most out of it.
Take cloud accounting. It’s no longer the new kid on the block, but it can be a wasted investment if you don’t get it right. Maximise its potential, though, and the benefits for your business are game-changing.
Here, we provide five simple tips to help you harness the power of cloud accounting and fuel the growth of your business.
1. Go all in
Don’t limit yourself to basic cloud functions like receipt storage. Apply it to all things accounting, business and financial data – such as managing payroll, sorting transaction records, and many other activities made possible through add-on modules. Remove the risk of human error on as many levels as you can, and streamline your processes to great effect.
2. Scale and save
Underestimating the scaling and cost-saving capabilities here is the biggest barrier to maximising potential. Grasp the flexible nature of cloud accounting to scale it up – or down – when and where you want. Need to save money or meet increased demand in certain areas? Turn it on and off like a tap to fine-tune your business.
3. Utilise your IT pros
Of course, this all happens much more smoothly with tech-savvy employees at the helm. While most platforms have been specifically designed so that anyone can get to grips with the basic cloud accounting infrastructure, your IT-literate professionals will operate it more efficiently and take the initiative to explore new benefits. They’ll simplify the technicalities and open your eyes to functions you may never have even known about.
4. Roll it out across your business
Many of your other business functions may also be on the cloud. Don’t isolate the accounting side – incorporate it with other areas like HR and third-party applications to further reduce the number of steps required in your processes. Not only does this kind of internal digital collaboration help you realise smoother and more efficient operations, but it also breaks down silos and boosts employee satisfaction.
5. Use what you know to evaluate success
‘In with the new’ doesn’t always have to mean ‘out with the old’. You can take advantage of automation with real-time figures to do the maths, reduce the admin and build reports. But you can still apply conventional methods to track and analyse cash flow and other metrics within your cloud accounting sphere. It’s one of the reasons we still recommend using an accountant’s trained eye for advisory and future-looking work.
What’s to gain?
You might be tired of hearing that the cloud can save you money, especially if you’re struggling to see an immediate ROI. But once you’re firing from all its cylinders, the cost savings derived from greater efficiency and streamlined processes soon become apparent. You’ll also be able to:
- Stay in ultimate control of your finances
- Benefit other areas of your business and vice versa
- Get ahead on your accounts, giving you the freedom to devote time to other business-critical tasks and focus on the future
Ready to get started? There’s no better way to maximise the potential of cloud accounting than by getting a finance professional on board. At Nabarro Poole, we have full access to (and strong affinity with) multiple software providers, delivering an all-in-one cloud service alongside our expert accounting support.
Call us on 0161 998 4276 or email firstname.lastname@example.org to find out more.