You know that life, as a small business owner, is hectic. Long days stretch into even longer nights as you put in overtime to keep your business running. It doesn’t matter how many employees you have to help. Ultimately, it’s your business, so there’s a lot resting on your shoulders. This is especially true when it comes to tax time. Unless you’re an accountant, tax preparation is usually the most stressful part of owning your business. Before you let anxiety get the better of you, do yourself a favour by letting the cloud take some of the burden off your shoulders. Cloud-based accounting tech can help de-stress your bookkeeping, so you can keep your head during tax time. Not convinced? Here are two ways the cloud makes your life easier.
- It mobilizes your office.
According to J.D. Harrison of the Washington Post, the average small business owner spends more than 40 hours filing their taxes. Nearly a quarter of them spend at least 120 hours — or the equivalent of three full workweeks — on the task. This is a lot of time to devote when you still have to tend to your other responsibilities.
Put simply, the cloud relocates your data to remote servers, so it’s accessible over the Internet. Cloud technology can help you devote more time to other areas of your business because it simplifies data input. Unlike traditional software technology, which ties your books to a single hard drive, the cloud makes your books available to any authorized smart device. You won’t have to wait to update payroll or compare invoices until you can get to the office. You can do this in real-time on the go from anywhere you have data or Wi-Fi.
The time you save filing taxes could cover the cost of transitioning your books over to the cloud and then some, allowing you to invest any extra cash into your business.
Or you could use these savings to make important personal purchases and household repairs. After all, as the owner of your business, you’re often paid last. When you’re constantly focusing on the business first, your personal finances come a distant second. You’re always on-time for your business’ bills, but it’s not always easy to pay your personal ones.
If the cloud doesn’t save enough to cover these personal financial emergencies, check in with a direct lender like Moneykey. The customer service reps at MoneyKey explain how easy you can secure an online cash loan for your personal bills and repairs. If you don’t have much time to spare, you can visit their website to learn how they’ve simplified the borrowing experience by offering online loans. With quick and convenient access to help, you can finally pay essential bills and repairs you ignored in favor of your business.
- It automates many processes.
Human error is one of the biggest enemies of accurate bookkeeping. According to the National Small Business Association’s survey, over half of its respondents (all of whom were small business owners) said the administrative tasks behind tax season pose the greatest risk to their business. Unfortunately, traditional accounting methods encourage mistakes. You must update documents manually whenever you have a moment to spare. Under a time-crunch, you can easily input the wrong number or update the wrong cell in Excel.
The Internet connects your virtual accounting software, regardless of how many devices have access to your books. There is no master copy held on a single device. Each device shares real-time access to the same information. Any changes you make to these files automatically update on every user’s end instantaneously. This improves your chances of maintaining accurate books.
Accurate books are an essential feature to any business. It doesn’t matter how great you are with customers or how amazing your product is — if your books aren’t accurate, your business risks failure. Make sure you’re at the top of your entrepreneurial game this year by adopting cloud accounting. It can help you keep calm during tax season and beyond.