How To Digitize Your Business With Cloud Accounting

March 24, 2021

Businesses are gradually moving their work practices online or to the cloud, a virtual web server network that collects, maintains and handles data to improve operating performance. This includes accounting which is typically characterized by time-consuming yet monotonous activities, such as logging on spreadsheets.

You will enjoy the following benefits when you digitize your accounting:

•           Speed – The Automation fundamental in cloud computing systems accelerates routine accounting tasks and helps your staff process more data and cover more ground than before.

•           Security – Traditional methods of using accounting systems can compromise security. With cloud-based accounting, though, the data is continually backed up and stored safely off-site.

•           Accessibility – Cloud-based accounting tools are accessible 24/7. Stored data can be accessed from everywhere on any computer or phone with a browser capability.

Do you want to digitize your accounting using cloud computing? Follow the following steps.

Do Your Research

When contemplating a major transition of some sort, outlining your company’s principles and what makes you different is an incredibly beneficial effort. Although this move might seem irrelevant to the day-to-day accounting business, it’s a very effective way to put your business on the path to success.

Change is a lot easier when you understand how things worked for other companies. Consult other bookkeepers or accountants who have already digitized their accounting. Often times you’ll notice a pattern among the businesses that have successfully implemented a cloud based accounting solution.

At MG & Co. we’ve experience great success by using cloud based solutions like Quickbooks Online, Xero, Receiptbank, and Hubdoc. With these solutions we’re able to build a solid financial accounting foundation that integrates seamlessly within our clientele’s business processes.

Start the Change

Begin the move by selecting a cloud champion who will drive organizational change to shift your practice to the selected cloud accounting system. They’re going to improve enthusiasm among your staff and get the software incorporated. The champion maybe you, a staff member, or outside hire.

Scale Up

Conduct client segmentation to decide which clients are suitable for cloud accounting. The ideal customers are more tech-savvy or are currently using online accounting tools. Identify expertise deficiencies in your workforce and employ preparation and advancement for those who are not familiar or less suited with frequent interaction with cloud customers.

Develop Cloud Confidence

To build your employee’s confidence, begin by moving simple accounting tasks such as entering invoices, producing reports, and bank reconciliations to the new accounting software. Proceed and minimize spreadsheet usage for non-accounting tasks. Finally, to build your team’s cloud confidence, ensure everyone is familiar with working on the software.

Improve Cloud Efficiency

Now’s the perfect time to set weekly targets for your employees to move customers to the cloud. Monitor and reward employees who achieve their targets. You should also hold frequent customer events such as webinars on the cloud. This is an effective way of developing rapport and advocacy for cloud accounting.

Cloud computing will improve the way your accounting team offers their services. By following the above steps, you will be able to successfully implement cloud computing for your business that will put you on the path to success.


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