How technology helps business growth is in the power of the cloud and mobile bookkeeping.
Technology has evolved into a powerful tool improving small business efficiency. Cloud computing and mobile technology revolutionized how we do business today.
Any small business with big dreams shoots for long-term business success. And that could mean long hours of work on bookkeeping, dealing with numbers and reports. It’s never a glorious job. Even with a successful product launch, your success in growing your business ultimately leans heavily on money and numbers; and how you can strategically manage your business bookkeepingessentials will make or break your business success story.
All that has changed to make your business adventure less excruciatingly tedious.
Technological advancement in business operations used to be some kind of reserved privilege for Fortune 500 companies listed on the top tier. But not anymore. The recent tech trend is all about the power of cloud and mobile bookkeepingsimplifying your business operations and optimizing your profitability that you can control at the tip of your fingers anywhere, anytime keeping your business always on top of the game.
"Companies that invest in technology are outpacing those that don't." ~ Brian Casazza, CIO of Vistage Worldwide, In an interview with Small Business Computing
To thrive in the modern day business competition, the new entrepreneur should be proactively engaged in setting up systems that will help you mobilize your small business at a competitive speed.
Aiming for business success in today’s market is no longer a talk about instincts and becoming a lot less about trial and error. The extensive technological advancements have created productivity tools that deliver business intelligence for small business owners. These smart tools provide for a guide that helps you make sound business decisions thrusted towards profitable growth with calculated risks that you can prepare for.
Keep educating yourself about the latest technology improving business operations. That will keep you ahead of your competition.
The digital revolution has created a new platform for client bookkeeping services -- one that transforms it from a necessary evil to an attractive business opportunity. ~George Moore
Driving business to success means refusing to accept low profit margin. And therefore, for a small business growth strategy, the smart route would be to explore attractive business opportunities embracing this digital revolution to keep up with the demands of the new economic landscape characterized by speed and mobility.
1. Migrating to cloud-based system. If you are still keeping records in your PC, this is the best time to shift to cloud. Changing the venue for your records, particularly your financial records, offers a string of benefits for your business:
You get immediate access whenever you are plugged to the internet, anywhere. This means you don’t get stuck in your office PC just to access your financial data to finish reports.
You reduce if not completely eliminate unnecessary waste of time associated with accessibility and data exchanges between and among employees of your business. You can directly grant access to authorized employees that eliminates the time-consuming process of data exchange. For businesses that practice collaboration, cloud-based solutions feature real-time changes speeding up the work process.
With a single source of data, there is only one version of truth avoiding the tedious process of comparing duplicate records to track errors.
2. Online connectivity for improved productivity. Implement online communication systems that allow you to conduct online business interactions such as email, instant messaging, video and web conferencing, and other similar communications tools. Employees can remotely interact with clients using the same infrastructure that does not require their physical presence to perform effectively, improving your customer-business relationship.
3. Capitalizing on business intelligence. With a growing selection of software-as-a-service products out in the market, it offers an interesting business opportunity that you can capitalize. Business intelligence provides sophisticated reporting and analytics that you can apply to identify key performance factors and explore the opportunities it presents.
Power of Bookkeeping on Cloud
Cloud technology is becoming mainstream and the demand is at hypergrowth. It allows you to manage your small business operations, accessing important data without confining entrepreneurs in the four corners of an office setting where you cannot make active social engagement to improve business growth and profitability.
It provides small business owners the power to work smart and fast.
A non-cloud bookkeepingsoftware can take too much of your time — time that you will be needing in making profitable business transactions essential to your business success. There are many other disservice of a non-cloud bookkeepingtool such as —
Outdated data in the system
Outdated software that can be vulnerable to security threats
Limitation to physical space that proves to be inefficient in a competitive market
Unreasonable costly and time-consuming to operate
By 2020, a corporate "No-Cloud" policy will be as rare as a "No-Internet" policy is today ~Gartner
2016 data from the Synergy Research Group as shown on the above graph has six main cloud services along with infrastructure market segments demonstrating annual growth by 28%. This cloud revenue growth report suggests that more and more businesses are embracing the cloud to power their businesses. And if your business is not yet on the cloud, you could be behind the competition.
When you opened your shop for business, you probably did not intend to dedicate all your time to bookkeeping tasks. Cloud bookkeeping saves you all the tedious financial recording, monitoring and reporting workload. These tools and systems empower small business owners to manage cash flow and generate financial reports in a fraction of time that increases opportunities to pursue profit-growing activities.
One credible bookkeepingsoftwares with an option to relocate data to the cloud system is QuickBooks. Most financial advisors and small business owners trust QuickBooks system to manage important financial data.
What makes the Online QuickBooks system ideal for your small business is that it offers a versatile functionality with long-term viability, which is a good investment in consideration of costing. While many desktop bookkeeping solutions begin to phase-out, cloud-based bookkeeping systems receive continued product support.
Optimizing the Power of Mobile Bookkeeping
While some cloud-based bookkeepingsoliutions can still be accessed through mobile devices, there may be applications with display issues on mobile interface creating an unpleasant user experience.
The graph above shows the statistical data of smartphone users in the US from 2010 to 2021. For the year 2017 alone, the forecasted number of smartphone users in the US could reach over 200 million. But while more and more Americans are leaning towards the advances in telecommunications technology, the more important question is: how do they use it? A 2016 survey reported that,
73% uses mobile device for social media marketing
71% uses mobile device for email marketing
44% uses mobile device for advertising
34% uses mobile device for mobile websites
18% uses mobile device for mobile/tablet based POS system
18% uses mobile device for managing business operations
What’s more interesting about mobile technology is that small businesses reported in a survey conducted by AT&T in partnership with Small Business & Entrepreneurship Council that smartphone applications are real partners for increased productivity. It also saves business owners significant amount of money.
Clearly, mobile technology revolutionizes the way entrepreneurs conduct business. The fast-paced modern business lifestyle demands for a level of connectivity that powers entrepreneurs to better manage business operations and interact with the new wave of tech-savvy customers.
With mobile technology in the palm of your hands, you hold the opportunity to engage with your customers. Mobile bookkeeping is a powerful tool that you can optimize to a profitable advantage.
We help you plan, forecast and analyze your financial data
so you can get on top of your finances today to grow your small business big tomorrow.
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