Humans normally don’t associate clouds with something positive. We all want that sunny day without a cloud in the sky. Dark clouds are associated with the approach of stormy weather. We have sayings about “getting your head out of the cloud” and not to “build castles in the sky” – both as negative connotations. I would argue that every cloud does have a silver lining and that’s all we should focus on when we see a cloud on the horizon.
Why am I rambling on about clouds, you might think? Well, in the accounting world, the word “cloud” is actually nothing but positive. As cloud based accounting software and other financial tools have entered the market, businesses who have adopted them have realized the incredible value they can bring. Not only can you run your business from anywhere – you also have updated information at your fingertips at all times. Invoicing, paying bills, payroll, and employee expense reports can all be managed from any computer and device.
Covid-19 has thrown us all for a loop and most of us will make it through to the other side, while some may not. It’s safe to say that the businesses who were already using cloud based financial software have fared much better – being able to have their employees access the files and information needed to be able to continue to perform their tasks and duties. These businesses will have an easier time seeing or imagining what the silver lining could potentially be. The ones who have had the company software held hostage in the office that nobody can get into or would prefer not to go to at the moment, will have a harder time keeping the business going as employees won’t be able to keep up with their tasks and projects will fall behind. For these businesses, it will be much more difficult to see the silver lining – and even harder to imagine it. I would argue that there is still a silver lining – maybe an even stronger one – because they could come out on the other side with better systems which will set them up for growth beyond their expectations. Cloud based accounting and financial software will bring efficiency, flexibility, and ease of access to up to date information for solid decision making. There may never be a better time to switch from desktop to cloud based software. I would also say that it’s never too late to go cloud based. You will start reaping the benefits immediately and you can set your business up to run smoothly no matter where your employees are working.
Xero has become our first choice for cloud based accounting software. It will increase efficiency and streamline the way you manage your business. It is also very user friendly, easy to navigate, and has very flexible report formatting. Along with Xero, we use HubDoc as a central location for all your electronic bills and captures of receipts. All your HubDoc documents get converted into usable data and pulled into Xero. Xero also links to a wide variety of third party apps – from Point of Sale to Project Management – which syncs all your business functions into one financial software.
Covid-19 may have given us a bit of a push to go cloud based and that is the silver lining. As difficult of a time we are currently in, there will be better days ahead – and now is the time to evaluate how your business fared in this situation and look ahead to how you can emerge better and stronger and be prepared for whatever else gets thrown at us.
If you are interested in finding out how a cloud based financial software could allow you to run your business efficiently from anywhere, contact us to book a free consultation.