Cloud accounting software is a brilliant tool for any business, big or small, wanting to manage their taxes, accounting and finances more effectively and efficiently. However, we’ve noticed some business owners not using it to its full potential – and accountants who fail to tell their clients how to do so. As such, we’ve put together this guide for you that we hope could be useful to you so you can maximise the benefits of cloud accounting software.

1. Automate routine tasks

One of the key advantages of cloud accounting software is its automation capabilities, which you can use to automate routine tasks. Too often though, we still see business owners keying in data or creating reports one scratch when the software could handle that for you. Our key piece of advice, therefore, is to take advantage of all the automation tools your software offers, including:

  • Invoice creation: Set up recurring invoices and automate email dispatch for regular clients and services.
  • Expense tracking: Use receipt scanning to automatically capture and categorise expenses.
  • Payroll entries: Automate payroll calculations and direct deposit through integrated payroll systems.
  • Tax calculations: Use your software’s built-in tax calculation features to automatically compute sales and income taxes.
  • Financial reports: Use real-time reporting features to generate up-to-date financial reports automatically.
  • Recurring expenses: Set up recurring entries for these expenses to be automatically logged.

2. Integrate with other systems

Did you know you can connect cloud accounting software to other apps that are designed for specific processes? Doing this prevents you from managing various programmes and accounts while connecting everything under one roof. Make one change in an app, and it will be reflected in your main cloud accounting software. You should consider connecting it to apps for:

  • Inventory management
  • Payroll systems
  • Financial reporting
  • eCommerce sales platforms
  • Expense management
  • Project management
  • Payment gateways

3. Collaboration tools

You’ll know that cloud accounting software lets you view your financial data in real time, letting you stay on top of your business wherever you are. But have you used that feature to facilitate effective collaboration with your accountant and wider team?

You can give limited access to some of your team members, allowing them to see the parts of the business they need to know to plan and strategise properly. Facilitating collaboration is at the heart of cloud accounting software, so make sure to take advantage of it.

4. Monitor performance metrics

Cloud accounting software allows you to monitor performance metrics, such as revenue growth, net profit margin, operating expenses, and cashflow, with precision and real-time insights through customisable dashboards.

These dashboards provide instant access to critical financial data, helping you make informed decisions quickly. Automated reports and visualisations simplify the process of financial analysis. By leveraging these features, businesses can ensure they stay on track with their financial goals, efficiently manage resources, and swiftly address any issues that arise while reducing the need for manual data analysis.

Need help with cloud accounting? We can help

As the business landscape continues to evolve and digital solutions become increasingly essential, leveraging cloud accounting software effectively can transform your financial management. From automating routine tasks to monitoring key performance metrics, the right tools can save time, reduce errors, and provide valuable insights into your business operations – if you use them effectively.

If you need help navigating cloud accounting or optimising your setup, we’re here to help you. Our expertise in cloud accounting can help you streamline processes, integrate essential systems, and maximise your financial efficiency.

Contact us today to take your business’s accounting to the next level.