You might have not really had a lot of experience with cloud accounting in the past, but i guarantee that there is a small business that you frequent which relies on it. Cloud accounting has changed how small businesses do their accounting, giving them the opportunity to be as efficient as a large corporation, for just a fraction of the price. No longer are business owners staying up several hours after closing time, crunching numbers, or figuring out the littlest details. Cloud accounting has solved these problems for businesses, but what about for yourself. Can cloud accounting be the solution for your personal financing as well? Well those looking for a personal solution would be incredibly happy to hear that yes, it can. However, just like accounting for your business, not all platforms are created equal. Here is what you need in your cloud accounting for personal use.
Should you find yourself with a platform without multiple business profile support, you will have an incredibly difficult time differentiating between accounting for yourself and your small business. You will constantly find yourself confusing yourself with numbers, and trying to remember what you bought for which profile. With multiple profiles however, you can easily switch between businesses and your personal account, making this a vital feature for cloud accounting.
Knowing how much money you are spending a day, week, month, or even a year is VITAL to being fiscally responsible. Lack of knowledge on your end can, as many of us are painfully aware, lead you to spending way more than what you actually should each month. Hell, screw up really bad and your going to have to explain to your family why you thought that new gaming PC was a responsible purchase. The old method of keeping all receipts and calculating them as you go or at the end of the month is outdated. Getting a simple expense tracker is not just enough however. You need to know where you stand on your expenses at all times. That is why the cloud solution is the way to go. Simply pull out your smartphone, and input that new T.V, or all the groceries you just bought, or all the money you just lost in gambling. Ideally, you should find a system that takes less than a minute to input, thanks to simple drop-down menus and presets streamlining the process.
Look... I am lazy and careless about receipts. Unless it is something that i might want to return, I end up loosing them as soon as I get them. Now everyone knows why this can be incredibly stupid. One, if you do not have a decent alternative to track expenses, then you could often forget how much exactly was that thing you bought on the 14th of February in 2015. With cloud accounting platforms, receipt tracking is an amazing solution for this problem we all have. Receipt collection allows you to quickly add any receipt into the cloud and be stored for later use. However, your accounting software should ideally have the ability to upload images of your receipt into the system. Now you wont feel so guilty for throwing away receipts.
Finally, what might be the most important for some would be transaction tracking. Depending on who you are, you might find yourself wiring money to other people on a regular basis. Having a good way to track remittance could put a lot of you guys at ease, knowing that everything is going as planned. Should you order anything off of Lazada or Amazon, this cloud accounting tool could help make your experience a lot better!