In-house Bookkeeping And Accounting Can Stress You Out
For a small business, it is of utmost importance that the business should be running smoothly and earning profits. As a business owner, you have to be aware and guard your processes from any harm that can be caused, be it competition or data loss or any other factor. You may think that doing your accounting and bookkeeping in-house means you it under control, but that may not be true. The best solution is to opt for Cloud-Based QuickBooks. The highly advanced software is laden with easy-to-use features, plus when hosted on cloud gives you the ultimate QuickBooks experience. Accounting is a crucial part of any business. Managing finances and streamlining the cash-flow is part of the foundation and if not carried out properly, can have an adverse effect on your company. Here are a few reasons in-house accounting can be unfavorable for your business. 1. Costly Mistakes In a traditional scenario, you employ a bookkeeper to handle your financials on a daily basis. Relying on a single person for this critical task can be problematic. Human beings are error-prone, mistakes can happen. If your bookkeeper or accountant identifies the error within time and corrects them, then you’re fine. But if not, this means all the reports and analysis will be created on inaccurate data. With the help of reliable accounting software, the risk of errors is considerably reduced to nil. QuickBooks comes with amazing tools and features. Also, hosting the software on the cloud means you get remote access, so you can log in to check your accounts from your device anytime, anywhere. 2. Financial Training Out-of-date There are new laws for tax and accounts that are passed every year. Accounting professionals need to stay updated about these laws and amended regulations. Also, about new software that can be integrated for better efficiency at work. Unfortunately, when you bookkeeper is overloaded with work, it can be a challenge for them to stay updated while doing their job. With QuickBooks on Cloud, you need to worry less about these issues. The software is updated regularly according to new policies, which means your accounts stay up-to-date. 3. Risk of Internal Fraud On an average, an organization loses five percent of its revenue to fraud in a year. Small businesses are more prone to fraud as they do not have the resources to perform regular checks to prevent this from happening. No matter how much you trust your employees; there is always a risk of someone stealing sensitive information, or a cyber attack. When your data is in cloud-hosted QuickBooks, it is the host provider’s duty to keep your data safe. They typically have multiple layers of encrypted platforms with firewalls that help to keep your data safe and secure. 4. High Costs for Extra Staff and Tech QuickBooks has been proved to increase efficiency and productivity of a business. Thus, you can hire less accounting staff but do more work with reliable software to help. Also, QuickBooks on the cloud means no technical hassle. You have a dedicated support team to help you with the software or any technical glitches that may arise. Cloud hosting also reduces the cost of technical equipment and system wear-and-tear. Since your software is on the cloud, you are technically working on the internet. So need for individual installation on each system. And your software updates are already taken care of by your host provider. Watch this space for more QuickBooks and Cloud hosting related articles.