According to a recent article by Smallbusiness.co.uk, 2015 was a great year for small businesses, and part of the reason why it was such a good year was that cloud accounting made “huge inroads” into the market. Sage, they reported, has 130,000 users in the UK, and Xero has 100,000.
11% of surveyed small businesses used cloud accounting software, and PANALITIX predicts that number will rise to 35% in 2016. That’s a huge proportion of small businesses that are streamlining their accounting processes and saving money by not having to pay loads to a bookkeeper.
Of course, just having cloud accounting software doesn’t mean that your accounting will be perfect—you have to put work in on the front end to really enjoy the benefits. Making sure that you’re recording invoices, receipts, payments, and other transactions quickly and efficiently will go a long way toward helping you take advantage of the benefits of cloud accounting software.
Accountingweb states that accounting errors are serious issues for small businesses, and can “undermine decision making, lead to financial losses and, in some cases, even force companies to lay off staff or shut their doors.” Those are some serious consequences for making a simple mistake.
Using an advanced accounting solution like Xero, Sage, QuickBooks, or another accounting package will help a lot, but you still need to be on your game when it comes to invoicing, recording costs, and keeping track of your finances.
That’s why the features you get with the Lone Ranger and Biz Squad subscriptions to SmartTrade are so valuable. All of your quotes, invoices, and payments are recorded, you can easily look at your cashflow with the web dashboard, and you can download all of your information so you can import it directly to your accounting package.
Using SmartTrade’s advanced accounting features will help you avoid costly accounting errors that could cause serious problems for your business. Don’t leave it up to chance! Take advantage of accounting software and the convenient accounting help you can get from the SmartTrade app.
Image credit:SeniorLiving.org via flickr.