The best and easiest way to get the most updated information is through cloud accounting.
It provides real-time data thus cloud accounting is often termed real-time accounting.
It gives the company the edge to maneuver and stay ahead of its game.
With the increasing pressure on businesses to be leaner and be more efficient, the ability to know your financial standing is more important than ever.
Thus, cloud accounting through real-time accounting comes into play to an even greater extent.
What used to be counting our fingers in the air to approximate our finances, and tirelessly list down profit, loss and other expenses is now a vital day-to-day task.
What is real-time accounting?
Real-time accounting capitalizes on cloud computing technology.
It provides the accountants and users who have access to be able to connect and access their financial information.
They can view their performance online at any given time and wherever they may be. As long as there is a strong connection to the internet, real-time information is readily available whether you are riding a bus, having a meeting in the coffee shop, working onsite at the office, or working from home.
There is a pressing need to embrace cloud accounting and with cloud-based management software, real-time accounting comes in handy.
Here are the many benefits that you can enjoy with real-time accounting powered by cloud-based management software.
1. Affordability
It used to be very costly with upgrades and maintenance costs but integrated cloud accounting software solutions are now more affordable than ever before.
Seamless cloud accounting software packages available to businesses of every size, shape and business type.
2. Accessibility
Would you like to access and know your financial information even when you are on vacation?
When you are away on a holiday, there is no need to worry.
You can still be on top of it! Business owners, accountants, and bookkeepers alike can now have unlimited access to significant data at any time, from anywhere, and on any device.
3. Flexibility
Cloud-based management software is flexible and customizable.
Accountants and business owners have different needs.
They can tailor-fit their software to meet their specific needs.
4. Accuracy
There is a high level of accuracy in the accounting process because of real-time data that continually updates periodically.
The likelihood of errors being made is reduced significantly.
5. Collaboration
There seems to be better understanding and synergy when accountants, staff, colleagues and clients can coordinate and collaborate in real time using cloud accounting.
They will be on the same page altogether making matters more organized and efficient.
6. Security and Control
Critical information is presented in an instant, there is no room for pilferage, data theft, and manipulation of figures.
Real-time accounting establishes a great deal of security and control.
7. Compliance
Cloud accounting makes a company compliant with government regulations.
In fact, vendors of cloud-based management software offering are BIR-compliant and accredited software for easy filing of taxes and others.
8. Expense Monitoring
Not only sales are recorded in real-time but also expenses as well.
Being mindful of the company’s expenses keeps you on track with your budget and makes you wiser in purchases and business investments.
Most importantly, you control cash flow.
9. Strategies
Making strategic decisions is not an overnight thing.
It comes with practice and reliable data coming from real-time accounting.
Forecasting is being a responsible business owner.
Cloud accounting’s ability to provide real-time accounting helps management become more insightful rather than reactive, creating strategically driven decisions.
10. Real-time profit and loss accounts
Your financial statement is easier made with real-time accounting.
It allows you to see where you stand on a day-to-day basis.
From the data gathered, you can now compare your profitability to another period like last year, and your financial forecast will be based on the past figures and you will see the movement whether it is increasing or decreasing.
So, profit and loss can be better understood.
11. Productivity
Cloud accounting’s real-time accounting function means there is more time and money saved, and more strategies developed which equals greater growth and productivity.
Business owners help build employees up resulting in having happy employees in a productive environment.
Are you searching for the real deal?
Do not just get mediocre software.
The surefire cloud-based management software for your business that can provide you with real-time accounting is EasyFS.
EasyFS is a Software-as-a-service (SAAS) sales, inventory and accounting system designed for Micro, Small and Medium (MSME) Enterprises.
EasyFS can provide you with the many advantages that cloud accounting and real-time accounting can offer.
If you want to manage your business in real-time and in a WFH (Work from Home Setup), EasyFS can provide you all these benefits of affordability, accessibility, flexibility, accuracy, collaboration, security and control, compliance, expense monitoring, strategizing real-time profit and loss accounts monitoring and most of all, productivity.
And EasyFS is BIR CAS (Computerized Accounting System) compliant and ready for government taxation in the Philippines.
Start now and register for a free demo with: https://human-incubator.com/easyfs/
