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How cloud accounting can help you make better business decisions

By Prime Advisory, 20 September 2016

I recently attended a Business Insights presentation with other business owners, software providers, accountants and advisers.

Of course, it wasn’t long before the conversation turned to cloud accounting, and how its real-time data can really help businesses. The presenters talked about its importance, and how it can not only improve business performance but also change the relationship between business owners and their accountant/adviser.

The decision: To move your accounting to the cloud, or not?

But despite these advantages, a lot of businesses seem hesitant about making the move to cloud accounting. More than half of businesses still use Excel spreadsheets, and almost half of them are working with data that’s either inaccurate or incomplete. And 40% of business don’t have access to any real-time data, and rely completely on their accountant or adviser.

So why aren’t they making the switch to cloud accounting? Well, it seems a lot of business owners are worried about the costs (both to implement and maintain), how much it will interrupt their business, and how easy it will be for everyone to use once it’s in place.

But the statistics I found most disturbing were about those about to make the switch.

Who business owners talk to, about moving their accounting to the cloud

Now you’d think the first person these people would talk to would be their accountant/adviser. After all, they’re supposed to be the business’ Trusted Adviser. But according to the statistics given at the presentation:

  • 64% will do an in-house review
  • 42% will do online research
  • 35% will consult with their peers
  • 24% will consult with their accountant/adviser.

That’s right: less than one in four owners will be talking to their accountants or advisers about moving their business to a cloud accounting system.

4 reasons to make the switch to a cloud-based (online) accounting system

Make no mistake: Cloud accounting—and cloud computing generally—can provide your business with some amazing benefits. It can help you:

  1. identify and solve small problems before they become big ones
  2. capitalise on upcoming business opportunities
  3. make timely and informed business decisions
  4. gain a competitive advantage (or at least keep up with pack).

But you can only do it if you have the right information. And that’s why it’s so important to talk to your accountant/adviser when moving your business to cloud accounting.

Of course, to really drive change in your business, and get the results you’re after, you need someone to interpret the data and tell you what’s it’s really saying about your business. Without that expertise, the best you can hope for is informed ignorance.

Need a hand?

Ready to move your business to cloud accounting? Need a hand interpreting the real-time data it’s giving you so you can drive real change through your business? Then our Business Ontrack service may be just what you need.

To find out more, get in touch with us today and let us help you use cloud accounting to take your business to the next level.


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      The information contained on this website has been provided as general advice only. The contents have been prepared without taking into account your personal objectives, financial situation or needs. You should, before you make any decision regarding any information, strategies or products mentioned on this website, consult your own financial advisor to consider whether that is appropriate having regard to your own objectives, financial situation and needs.