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The Impact of COVID-19 on Bookkeeping - What to Know

Staying operational amid the coronavirus pandemic has been challenging for businesses across the globe, particularly the brick-and-mortar stores. With the implemented guidelines on social distancing, everyone was urged to shift to online platforms to keep their business running.


Before the pandemic, small business accountants typically use bookkeeping software installed on a designated computer drive. Only a licensed user can access this software through the desktop application. Many are still reliant on paper trails, including physical copies of receipts and invoices. But due to the health crisis, many are encouraged to move to cloud-based accounting software.


The Significance of Cloud-Based Accounting Software during the Pandemic


Cloud-based accounting software had been seeing growth even before the health crisis took place. Businesses considered the differences between traditional and cloud accounting software, which include accessibility, cost, and business scalability and growth. Now that many were left with no choice to resolve the accessibility issues, many business accountants now made the shift to cloud-based accounting software.


Granting You and Your Team Access to Your Bookkeeping Data during Lockdown


Cloud-based accounting software allows businesses to access their bookkeeping data on a remote server.


Unlike traditional accounting software that grants access to only one licensed user, the cloud-based option allows multiple authorised users to access the data. This means your location, time zone, and machine or device does not matter. You can still access your data in real-time as long as you have an internet connection, providing you and your team with convenience and helping you monitor and control the finances of your business.


If you are concerned about the safety and security of the online platform used by the cloud accounting software, you don’t have to worry. You are assured that your sensitive business information is safe.


Making Your Business Prosper with Cloud-Based Accounting Software


Using traditional accounting software can slow down your operation. This can also cost you more since you need to hire multiple bookkeepers.


What you can do instead is to keep up with the times and grow your business using cloud-based accounting software. Instead of hiring bookkeepers, you may consider investing in upgrading your local server, purchasing additional computer storage, and increasing your bandwidth access.


Scalability

Switching from traditional to cloud-based accounting software offers you convenience. Since this accounting software is versatile and easily scalable, you can adjust it accordingly based on the growing needs of your business.


Cost-effective

Cloud-based accounting software is a more cost-effective option than traditional. Using this software means you will need fewer local servers and less office space, which can help you reduce your expenses.


Many software providers also offer you financial flexibility. You can make your payments for your subscription fees monthly or annually. Furthermore, since your software updates automatically, you no longer need to hire IT professionals to help you install updates on your every device.


Conclusion


Making your business flourish in the middle of a pandemic can be seen as next to impossible. But with innovation, the positive change that you are aiming for can happen. To help you get started with this kind of growth, consider switching to cloud-based accounting software.


On the other hand, you may also scale your business with accounting and bookkeeping services by our experienced business accountants in Gold Coast. Contact us to learn more about how we can help you!

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