Accounting Software and Cloud Technology the New Business Power Couple
The main feature of Cloud Accounting is that it suits both the Business Owner and the Accountant
Accounting Software: The Past.
The first Software for Accounting appeared in the ’70s and became more mainstream in the eighties as computer hardware became more affordable. There were no Accounts Software vendors at the time. The software was custom engineered to meet the specific needs of the business. As the PC industry grew, more Accounting Software appeared. The pressure to drive down prices resulted in standardized Software. You bought the full package or did without it. As a result, some smaller businesses got left behind, technologically, for a while.
Accounting Software: The Present
Technology has grown at supersonic speeds since then. Computers are 100’s of times more powerful and connected together over the Internet. Businesses are no longer forced to buy expensive software, from a monopolizing vendor. Thanks to the Internet, Cloud Computing is born, opening up a whole new era in the Software Market.
Accounting Software: The Future
Accounting Software and Cloud are the new Power Couple! Accounts Software had come full circle as it becomes customizable once more. Up until recently, you had to pay a small fortune for standardized packages with more features than you needed. Thanks to the emergence of Cloud Accounting, you can use only the features you want to pay for, on a low monthly premium. Infrastructure Costs are also on the decrease. All you need is a Laptop and the Internet to run your business, from anywhere.
The main feature of Cloud Accounting is that it suits both the Business Owner and the Accountant. It is in fact changing the relationship between these two entities. So much of the hard stuff has been simplified and automated that Business Owners are now doing their own Bookkeeping.
Here are a few examples of what SME’s are now doing for themselves with Cloud Accounting Software:
- Accounts payable
- Accounts receivable
- Financial reporting
- Bank and account reconciliations
- Monthly, quarterly, and annual Tax return preparation/compliance
- Cash flow, P&L, Balance Sheet
As a result, Businesses are benefiting from a more specialized relationship with their Accountant. Bookkeeping is already done, your Accountant is best placed to provide insight and courses of action for your Business. This greatly facilitates future planning and growth.
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