3 Cloud Accounting Tips To Save Your Business Time And Money

Written by Elements Advisory Group
July 21, 2023
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accounting, automation, bookkeeping, processes, software, technology

Maintaining an effective and efficient financial management system is indispensable to operating a lucrative business.

As a business owner, your focus should be dedicated to nurturing customer relationships and innovating new products. Yet, many owners get mired in intricate accounting tasks.

How can you ensure financial discipline while diminishing the time spent managing your accounts?

Digitisation of Accounting Procedures

The transition to cloud-based accounting marks a radical transformation for numerous SME proprietors. New systems are optimising and mechanising rudimentary accounting duties.

Platforms such as Xero, QuickBooks, MYOB or Sage not only provide the foundational aspects of financial management to small businesses. They also enhance these capabilities with intelligent automation.

Among the functionalities offered by contemporary cloud accounting systems, you can:

  • Automate the scanning and digitisation of your expenditure and receipt documentation
  • Effortlessly align your bank transactions with your invoices and bills
  • Integrate your accounts with other efficiency-driven applications for managing travel expenses or staff costs
  • View potential profitable business ideas and opportunities.

Expediting Payment Processes and Reducing Administrative Work

Employing a cloud accounting platform to navigate your business simplifies the accounting process. By disbursing electronic invoices, they facilitate quicker and more efficient payments.

Enhancing your payment collection and cash inflow can significantly impact your liquidity position and set the tone for your customer relations – underlining the expectation of prompt payments.

Leveraging the invoicing capabilities of your business software, you can:

  • Instantaneously distribute electronic invoices upon project completion
  • Schedule automated invoices to be dispatched at pre-determined intervals in a project
  • Incorporate payment buttons on your invoice, thus enabling payment via PayPal or credit card
  • Alleviate any obstacles to payment and accelerate the payment cycle.

Gaining an Insightful Perspective on Your Key Financials

Cloud accounting is more than just a tool for mechanising laborious financial administrative tasks. By recording and tracking the gamut of financial and non-financial data processed through your system, your accounting platform can actually offer a wealth of actionable real-time data—a digital finance manager.

It provides a great service to the business while servicing the business.

Using the reporting capabilities provided by cloud accounting, you can:

  • Access real-time, up-to-date information to enhance your decision-making process
  • Measure your performance against pre-set targets to assess the performance of your enterprise
  • Keep track of expenditures and budgets to ensure liquidity management
  • Gauge your return on investment for sales and marketing endeavours
  • Understand the impact of promotional activities on sales and profit margins, considering discounts.

Engage with Us to Streamline Your Accounting Practices

If your objective is to gain comprehensive control over your financial management and business decision-making, modernising your accounting software and procedures is a strategic step forward.

Elements Advisory Group are equipped to advise you on best practices and software aligned with your business needs. We will guide you to maximise the benefits derived from automation and real-time data.

Reach out to discuss the enhancement of your accounting processes.

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