Only half of small businesses are still running after their first five years, a figure that is no surprise to anyone familiar with business. Small businesses struggle to develop a brand, products, and a market while dealing with the hundreds of small tasks needed to remain viable. Because of limited time and resources many small business owners dedicate just ten hours or less to accounting every month.
This lack of attention can be disastrous to a business, but most small business owners cannot afford to spend more time on accounting nor to hire a dedicated accountant on staff. Cloud-based accounting services offer an affordable solution that can allow a small business to thrive while letting owners spend more time building their business.
Cloud-Based Accounting: A Way to Thrive
Cloud-based accounting allows small business owners to get the benefits of a staff accountant without hiring full time staff. This solution allows small business owners and accountants to share information in real time. Accountants are not just important to a small business at tax time, but throughout the year. An accountant can keep the finances of a business in good form while offering advice on almost every financial aspect of running and growing a company, such as projected earnings and developing new income streams.
How to Make Accounting in the Cloud Work for a Small Business
There are a few ways to use cloud-based accountant services to the greatest benefit for a business. First, ensure that the accountant is willing to deal with everyday small business issues and not just taxes. Second, the small business owner should be willing to learn good finance habits, as these will help in future endeavors. Last, instill good communication habits from the beginning so all parties are on the same page.
Cloud-based accounting allows small business owners to always have a complete understanding of the finances of their business, including future projections and goals. This insight is so valuable that it can make the difference between success and bankruptcy. In the modern business world, small businesses need to have the advantage of professional accounting and finance services.
