The pandemic has undeniably affected the economy and the general business environment. Many small and medium-sized businesses shut down as a consequence.
But it’s true what they say, wherever there’s a transition, there’s a possibility and opportunity to do something bigger and better. And clearly, for the struggling SMEs amidst the COVID-19 crisis, there’s a beaming opportunity up for grabs: Accounting automation.
There’s generous value to implementing cloud accounting software: you can run your firm assured that the records are correct, you have prompt access to all your accounting data, and a team of specialists is taking care of the financial decisions.
Going back to the functions that never got your utmost attention such as accounting and finance, can be the best decision you make amidst this turmoil. By automating and digitizing this key business function, you can not only optimize your biz but also steer it clear from the risks of shutting down or incurring a loss.
Why should you automate bookkeeping during the pandemic? Let’s find out!
1. Leveraging the Cloud
SMEs that suffered unprecedented loss during the pandemic were the ones that didn’t pay attention to accounting automation. Handling accounts manually, in an outdated manner, leads to significant time and productivity loss. Hence, it takes your attention away from what’s more important—generating revenue.
Recommended Read: Leverage Your Accounting Software’s Forecasting Capabilities
Cloud-hosted accounting application such as QuickBooks has boomed during this tumultuous time. The use of cloud storage has helped many SMEs grow during the strong winds of economic turmoil and inflation issues. Using cloud-assisted accounting keeps your data secure, eliminates inaccuracy risks and reduces the cost associated with manual accounting tasks. It also helps you reduce paper waste and enhance employee satisfaction by eliminating job monotony.
2. Making Your Biz Appealing for Investors
The COVID-19 pandemic has slowed down general business hustle and activity. As a result, investors have become highly skeptical of putting their money into businesses.
By automating your accounting or payroll practices, you can make your firm more attractive. Technology implementation and usage is all the rage these days and it’s very beneficial when it comes to securing lucrative business deals and profitable investments.
3. More Pre-emptive, Less Reactionary
The best way to encounter and overcome business challenges is to prepare for them beforehand. COVID-19 crisis has taught businesses how to have an effective response strategy and crisis management plan in place in case of unfavorable market conditions. Right now, you have an inimitable prospect to be preventive and recognize the opportunities, trials, and altering requirements of your clientele.
Recommended Read: Smart Ways to Organize Your Small Business Accounting
So this is the time to focus on optimizing your business. By digitizing operations, you’re not just securing your valuable accounting data, but also protecting your employees and clients. Automated accounting practices enable users to work remotely, schedule payments, track payables and receivables, and conduct accounting operations anytime, anywhere. In a world where physical interactions aren’t safe right now, automation is here to your rescue!
4. Informal Yet Strong Business Performance
Amidst the pandemic, we’ve seen CEOs in their PJs and professional accountants in their bed hair and graphic tees working from home, conducting routine business.
So if the working culture, preferences, and expectations have changed so dramatically, it’s time to let go of old, manual accounting practices too!
With automation comes autonomy, and with autonomy comes higher employee satisfaction. If you want to offer a seamless, unhinged, and robust work experience to your accounting professionals, deploy a digital accounting tool such as QuickBooks. This will allow the users to work as a team by simultaneously accessing the software, analyzing reports, and tracking biz revenues in real-time.
Recommended Read: Digitalization in The Field of Finance and Accounting
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