How cloud technology can help you keep on top of your business finances

My Post - 2019-11-12T151938.730.pngDonna Torres is an international leader in small business and is responsible for growing the Xero subscriber base throughout Europe, Middle East & Africa.

She is passionate about helping SMEs to succeed and is focussed on supporting them through the challenges they face today with the latest technology.

Cloud technology is a very effective tool that can save small businesses time and resources. It delivers servers, storage, databases, networking, software, analytics and intelligence over the internet.  You can tailor your cloud usage and subscriptions to suit your business’ needs and budget, delivering fast and flexible results.

When it comes to finances, cloud-based technology can save businesses money and help them manage finances more effectively in a number of different ways.

Reduced costs

By taking certain business operations into the cloud, businesses can save a lot of money on setting up a costly server and storage system on their premises. Logistical costs like setting up a server can wipe out a lot of business’ budgets when they’re starting out – it will also cut down ongoing repair and maintenance costs. Enabling the cloud helps save capital for other aspects of the business that need your attention and TLC.

Real time data

Cloud technology can give business owners an accurate and up to date look at data like cash flow, to the minute. This can also be accessed remotely and from any device. This prevents financial mistakes and going into overdraft – as the business is aware of how much cash they have at their disposal at any given time.

Cloud accounting platforms like Xero will help you track and report on key business metrics in real-time. These include accounts receivables, operating margins and inventory turnover. Having a good handle on these business metrics will help you manage your cash like a pro – and take advantage of new opportunities.

Save time

Team time and resources can be one of the most costly aspects of running a business. Cloud technology unlocks the power of automation. Employees can spend less time on time consuming tasks like bookkeeping, logging expenses or invoicing. For example, businesses can now send an invoice as soon as it’s ready, see when it’s been opened and viewed, and send automated reminder notices.

Cloud technology also makes sharing large files much easier as all data is backed up using the internet. This means large assets can be shared with a simple link and with no delay.

This gives employees more time to spend on creative thinking and problem solving for your business, leading to quicker growth and expansion, and, let’s face it – happier employees!

Scalability

The cloud is entirely scalable so businesses only pay for the exact technology and services they need. For example, you may only initially want cloud accounting, like Xero, and a simple storage solution when you’re starting. You can then upscale your cloud usage as your business grows.

Xero currently has 800 apps on its ecosystem which integrate with its software, featuring innovative technology for every industry. For example, farmers could use Xero’s integration with Farmflo to improve the speed and accuracy of keeping their farm records for reporting and compliance. Retailers can access seamless point of sale and inventory keeping with Vend, which feeds into Xero to give you an accurate look at business performance. – Read more

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