There are many moving parts to consider when launching a startup, but having a good handle on accounting is arguably one of the most important features of a thriving startup. Poor handling on the accounting side can lead to serious issues, unhappy customers, and failure to thrive in the competitive market.
Fortunately, many startups are taking advantage of cloud accounting, allowing them to keep cleaner books with more accurate financial data—and saving time for juggling other aspects of launching a startup.
What are the major benefits of cloud accounting for startups?
There are a few ways cloud-based solutions help startups manage their accounting practices better than traditional on-site accounting software.
- More accessibility
One of cloud accounting’s biggest draws is the accessibility factor. Rather than relying on software installed on each user’s desktop, any user can access the cloud (as long as they have an internet connection). It can be accessed from all devices, including phones and tablets. And, the data is always current and updated in real time, meaning all users are working off the same numbers and the same reports. With a centralized data hub like this, errors are reduced and the reliance on manual data entry is minimized.
- Increased security
Security is always a factor wherever confidential financial data is concerned, and startups often don’t have robust or developed systems to protect this data. Furthermore, it may feel risky to have data stored off-premises on remote servers rather than in-house, but in fact, cloud-based solutions are often more secure than traditional solutions. Cloud-based accounting services provide automatic backup, encrypted data storage, firewalls, and customer support.
- The gift of time
Startups often have a lean crew, with fewer dedicated resources for managing the books. By automating so many accounting processes with cloud-based solutions, more of your team’s focus can be spent on your startup’s goals—like customer growth and retention. Cloud-based solutions like FYIsoft help your business close the books faster and run quicker, more accurate reports, offering your team the gift of time.
What can FYIsoft do for you
FYIsoft is an industry leader in cloud-based accounting software and can help your startup wrangle its finances. FYIsoft’s easy-to-use cloud solutions simplify even the most complex financial reporting demands by automating manual processes and enabling users to get the right information to the right people.
FYIsoft solutions help users with financial reporting, management reporting, financial consolidation, close management and reconciliation, report distribution, and more.
To start reaping the positive benefits of cloud software, including improved data accuracy, security, 24/7 access, automation, and improved communication, contact FYIsoft for a demo today.