In today’s work world where we’re constantly being asked to “do more with less.” The complexities of a typical day dictate that you’ve got to be ready to wear many different hats. At the same time, small- to medium-sized businesses (SMBs) also face the challenge of cobbling together a “patchwork quilt” of databases, spreadsheets and manual processes that may work when you’re a one-person show, but won’t enable a business to grow.
The result: The better portion of your workweek is dedicated to tasks and activities that only serve to distract you from your main responsibility of growing a successful and scalable business.
For every distraction, it takes an average of 25 minutes to re-frame your brain on the original task, which can reduce productivity by up to 40%. And that’s before factoring in the potential for introducing errors into your work when your attention is split between at least two different items on your to-do list.
And above and beyond the psychological break in your productivity, there is actually a hit to your bottom-line. If you focus less on the work that grows your business, you are decreasing revenue potential. This can hurt your business, financially.
The good news: There are ways to simplify your workday, so you can re-focus on the bigger picture! More SMBs are turning to digital technology—and particularly, cloud-based solutions—to streamline operations and increase employee productivity. All of which will help you safe-keep (and improve) your bottom-line.
In fact, the vast majority of SMBs surveyed are already using cloud-based accounting solutions to improve their business processes. This includes more than 70% of companies with 10–99 employees and more than 90% of companies with 100–499 employees. And this number is only expected to grow as more forward-thinking business leaders seek out ways to take their companies to the next level.
Whether you’ve already adopted cloud accounting or are still considering it, here are nine benefits of using the right cloud-based solution for your business:
Built-in notifications and advanced invoicing features save you the burden of completing manual tasks when your time is better spent on driving the business forward. And, because most cloud accounting solutions are designed to integrate with other systems, you’ll have access to more accurate reporting than cobbled-together systems can deliver.
Lower capital investment at the outset means you can save your money for other business-critical activities that will help you grow. Plus, upgrades and updates are completed for you, so you’ll save on IT and HR costs.
Manage your KPIs in real time with built-in dashboards and comprehensive reporting. You’ll spend less time finding and delivering info to accountants and other stakeholders because all your data is stored in one place.
Think of how much brain-space you would save if you could be more efficient by automating a few of the often-tedious and always time-consuming tasks that compete for your attention, such as:
Always on, always available from any internet-connected device, so staff can access the solution while in the field, on the go or otherwise.
Streamlined digital platforms make it easy for any size or type of organization to upload their information and get started right away. Some even offer a virtual on-boarding team on standby!
Most cloud solutions support fluctuating workloads (e.g., seasonal peaks and troughs) and offer customizable settings and features to meet the unique needs of your business as it grows and evolves.
Network backups and redundancy are built right into the system. Plus, up-to-the-minute security updates protect credit cards, transactional details and other sensitive business information from being hacked or otherwise compromised.
Any claims of “easy integration” should be backed up by an open API structure. An open API makes it easier for different tech systems to “speak” to each other and sync their data in real time. This means that your crucial business information can do double-duty in more than one system at a time. You’ll also have an accurate snapshot of your business from any angle.
Many SMB owners and employees try to “make due” with inefficient processes and workflows. You put the time in, do what you have to do to get the job done, even if it means that you have to build hacks to get around clunky systems. But workplace inefficiency comes at a cost: to your time and work-life balance, to your focus, and ultimately, to your business’s long-term scalability.
If companies lose an average of 20% to 30% in revenue each year due to process inefficiencies, think of all the time and revenue you could win back into your work if you switched to a cloud-based solution that’s integrated and automates processes for you. That way, you can get back to focusing on core business goals and improving your productivity and the long-term success of your company, while leaving the tiresome distractions to automation.
Curious to see how cloud-based solutions make a difference for companies like yours? Check out this case study of an SMB that uses cloud accounting to stay focused and support their growing business.