In case you missed it, the world is constantly advancing further into the digital era. No longer are we doing math on a piece of paper, nor are we sending simple letters to our grandma by mail. It seems like every aspect of human life is becoming digitally streamlined for our comfort. Asia seems to be adjusting to this change very well, with online payment portals becoming more and more popular as the preferred method of paying. However, Southeast Asia still has serious problems when doing accounting. 60% of businesses still do their accounting via an accountant, or god forbid themselves. What most of these businesses do not realize is either, that accounting has entered the digital era, or it is easier to do your own accounting. Here are three reasons why your business needs to wake the hell up, and get cloud accounting.
For most small businesses, hiring an accountant is just too expensive. Business accountants can often time charge up to 500 dollars a month. That is a huge amount of your profit you are just throwing down the drain for a service that is often filled with errors. Traditionally, the only other alternative was to do your accounting yourself. which can be a terrible idea because:
Spending hours sifting through spreadsheets or scribbled papers isn't professional. Neither is waking up your accountant at 2:37 A.M wondering if someone paid that invoice or not. Cloud Accounting was made for universal access, whenever, wherever you are. A lot of businesses, both western and eastern, tend to see accounting as an after thought, something that you could put off. However, this is notion couldn't be more false.You need to know where your business stands at all times, and not knowing could be fatal for your business. You need a system where graphs, pie charts, easy to understand numbers are right at your computer or phone's dashboard.
You need to find a system that works for you.
Cloud Accounting has introduced even more ways to integrate your business and accounting together. Certain platforms give you the option to upload receipts to the cloud and keep it on file or give you the option to pay your invoices directly. No longer will you accidentally miss any payments, thanks to notifications and automated payments that platforms provide. Integrating your accounting system with your business is crucial to success, for those who are terrible at keeping track of their accounting, are doomed to fail.
So no, cloud accounting is not the geeky way to go about accounting, but rather a taste of the future. You need to find the right platform that fits for your business, and finally catch up with technology.