How Cloud Storage Benefits Your Small Business

KATA Accounting Solutions Professional Corporation Cloud Storage Connections

Cloud Storage is More Versatile than Desktop

Cloud storage allows you to work anywhere there is an internet signal and smart device. It provides for faster workflows and more accurate data than traditional desktop or server-based setups. You’re already on the cloud to some degree, whether you realize it or not, and you’re probably already enjoying some of the benefits.

The Best Reason to Use Cloud Technology

Focus on what matters most to you.

Small business owners have way too many things on their plates at the best of times. Leveraging cloud computing allows you to focus on the things that have the highest value for your business. Using cloud technology can improve security, save time and money, and even make you more money.

Top Three Cloud Storage Systems

There are a lot of reputable and affordable options provided by big companies.

Google

Microsoft

Amazon Web Services

Save Time Using Cloud Technology

Convenient Connectivity & Collaboration

Cloud technology can allow for more connectivity, convenience and collaboration when used in a healthy manner – remember, it is important to unplug and rest. Just because you receive a notification doesn’t mean you need to respond immediately.

Cloud accounting software works in near real-time. The salesperson on the road can provide a quote on the spot, and the customer can accept it immediately. Your team can initiate the work right away too. Invoicing and payment can happen at the same time.

The sales team and the head office will communicate to ensure that customers are getting what they need quickly and accurately. Even some payment systems can automate collection and integrate directly with cloud accounting software to match payments to invoices. You can build whatever you need if it doesn’t already exist.

Easier Solutions to Solve Complex Problems

Data integration creates more time for collaborating to solve complex problems. Using templates with Google Slides & Sheets can save you a lot of time in setup for many types of documents from sales presentations to financial statements. You can also gather information specific to their situation from other Google Sheets on file, providing your sales team with real-time data to close the sale.

Cloud Video Conferencing Software Saves Money

Zoom has gained a lot of traction since COVID. We’ve been using it since 2016. It allows you to have a meeting, host a webinar, and attend a conference with breakout rooms. Never mind all the screen sharing and whiteboard possibilities. How much driving time do you save? How much money do you save on gas, maintenance and parking? And how many toxic emissions will you reduce? (One short car trip uses 126 kg of CO2; whereas, a standard definition video call will use 0.6 kg of CO2.)

Cloud Software Allows Communication Anywhere

The key factor for success in these situations is communication. Defined processes & policies for how your team will use the tech are important. For instance, as an owner, it’s often tempting to respond to every notification as they occur. But this isn’t always the best use of your time.

It’s also tempting to interject in every conversation you see happening, but that erodes empowerment and sends mixed signals. Setting expectations about communication helps your work flow smoothly.

Automation Means Less Work for You

Apps can communicate with one another. Sometimes, there are direct integrations through Application Programming Interface (API) that allow two or more pieces of software to speak to each other almost seamlessly.

For instance, traditional bookkeeping models had many steps. Bank transactions are entered manually one at a time. Transactions are confirmed against documentation to make sure they are entered correctly. After that a bank reconciliation ties it all together. Now, cloud accounting software gets the transactions straight from the bank and can sometimes even pull a copy of the bank statement for you.

The Best Cloud Accounting Software

Intuit QuickBooks Online

Xero

Sage 50 Cloud

Wave

FreshBooks

Administration and Data Automation Software

Using this tech can make you audit-proof.

How much time do you save when you automate small and repetitive processes?

Optical Character Recognition (OCR) technologies can read documents, extract necessary information and communicate them to the accounting software. Then, the human just has to review the transactions to make sure they are correct and accept them into the software, doing a monthly bank reconciliation to ensure everything is accurate.

When a direct integration isn’t available, there are tools like Zapier that can often help your apps speak to each other in basic ways.

Best Cloud Administration Software

Dext

Hubdoc

Auto Entry

Disaster Recovery is Faster and Easier

Have you ever had a computer hard-drive crash? Lost data is a huge problem. All the work must be redone. Using cloud storage can help protect your data from user error, broken hardware or even mal- & ransom-ware attacks.

At KATA Accounting Solutions Professional Corporation, we have had computers go down. Half a day was lost at most. Usually, the longest part of the process is going out to buy a new laptop. We had one user who was back up and running in 45 minutes.

Small Business Saves Money Using Cloud Technology

In the old days, a small business would either have a single computer or a set of servers that needed to be monitored and maintained. This knowledge was held by IT professionals who advocated for complex and costly systems that only they could maintain.

Now, cloud storage is available for as little as five dollars per month! Not only does this include storage and global access – these platforms often come with enhanced security and a set of usable applications.

Time savings can really add up. Issuing a paper cheque can easily cost a lot in hidden fees. Electronic payments can save a significant amount of money, never mind the bank fees, and are easier and faster to track than traditional cheques.

Keep Up With the World

The key takeaway here is the world is changing and you need to keep up. If your small business isn’t actively trying to take advantage of what cloud storage has to offer, you are at a competitive disadvantage. You’re paying more for less and spending more time dealing with it.

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