As an e-commerce business owner, you have enough on your plate without having to worry about bookkeeping. Trying to work with outdated or cumbersome bookkeeping methods can slow your efforts and reduce your overall business efficiency.
Enter cloud-based accounting software!
It may just be the "secret sauce" to creating a more streamlined method of e-commerce bookkeeping. The benefits are numerous and varied. Read on to learn about 8 of the most pivotal benefits of using e-commerce accounting software via the cloud.
E-commerce Bookkeeping 101
E-commerce bookkeeping via the cloud is a secure method for keeping all your business records in one place. Not only that, but the cloud makes them accessible from anywhere. You can organize and report all necessary business records for official purposes like taxes or IRS audits.
Understand your business' financial progress over time, and see where each dime is going. You no longer need to keep track of these records via pen and paper. This brings us to the first benefit of using cloud-based e-commerce accounting software...
1. Access Data Anywhere
Traveling for business but need access to your company's financial records? Not to worry, with e-commerce bookkeeping on the cloud, you don't have to request documents from the accounting department and wait for their reply.
Just log in and BAM, you've got what you need.
You can use various devices to download or view your data be it a smartphone, laptop, iPad, etc. This benefit is especially appealing to teams who work remotely or have departments or personnel working in different locations.
All you need to access the data are the approved credentials and an internet connection.
2. Automated Processes
Accounts will love the automated processes that eliminate repetitive record-keeping tasks. With cloud e-commerce accounting software, you will have automated reminders for things like bill-pay, invoices, or syncing data.
Bank transactions, invoices, and reports are automatically updated so you can focus your attention on running the business instead of keeping up on record-keeping.
3. No More "Updating" Software
Built-in accounting software can be more of a headache than a help when you have to manually update the software every few months. Eliminate this entirely by using instant-push updates available with cloud-based accounting software.
No more data-loss risks because you failed to update on time. No more device-compatibility issues preventing you from accessing your data.
Cloud-based software provides you with the newest version every time and keeps your data safe as it automatically updates for you.
4. Secure and Compliant Records
Always stay GAAP compliant. The best accounting software for small businesses comes with applications that allow double-entry tax, accounting, and form filing. That way the IRS and local authorities can easily access what they need and you don't have to stress about major tax fines.
Your business will always be in line with proper standards.
This leads to the question of security. Despite the fact that cloud-based accounting software allows you to access your records anywhere, you can rest assured that your data is safe.
Enjoy the benefits of advanced data encryption. With access control, you can decide who on your team has access to specific data and from where. Only authorized users on authorized devices can access your data.
One of the biggest benefits of cloud-based, secured data, is that it is automatically backed up. It won't be lost! Losing your phone on a business trip also doesn't have to impede your access if you have the correct credentials.
6. No More Paper Records
This may seem like a minimal benefit, but with cloud-based bookkeeping for your e-commerce site, you no longer need room to store all your records. No more physical books, folders, or paper.
You can free up physical space and be more eco-friendly.
Don't worry about capturing receipts either. With minimal, basic information, you can keep track of everything.
7. Record Accuracy
For an accountant, and especially for a business owner, accurate bookkeeping is an absolute must. Human error is much more common when keeping records via pen and paper.
Without accurate record-keeping for your small e-commerce business, you could face serious fines or tax issues down the line.
Protect yourself and your business with the enhanced accuracy available through cloud-based software. Web-based accounting software automatically categorizes transactions for you. This also applies when prepping accounts on a double-entry system.
Automate reconciliation processes. Split or connect invoices easily.
Eliminate errors that can occur when these tasks are done by hand.
8. Scale Your Business
E-commerce accounting software enables your business to grow. No more clunky built-in software or hand-written records to hassle with as your business expands.
The continual updates and automation of cloud-based software keep your records and the ability to track them currently. It provides you with the necessary tools and applications to grow and advance.
Avoid one of the common pitfalls to business growth by using outdated methods of accounting. Cloud-based accounting software also ensures you are providing top-level service to your customers.
Smooth online transactions and accurate record-keeping build confidence in your customers and keep them coming back for more.
Improve Your E-Commerce Bookkeeping Today
The benefits of cloud-based e-commerce bookkeeping are undeniable. If you're ready to bring your business into the future, to see it grow, and to improve your processes, it's time for cloud-based accounting.
Our team of experts is here to answer all your questions and help you understand how Link My Books can benefit your business.
Contact us today to start your free 14-day trial. It's our job to make your job easier.