As early as its growing years, business start-ups should make time and effort in keeping records of every business transaction including accounts payables and receivables. This might be cumbersome for some business owners, especially those who handle the accounting themselves, but it will eventually yield favourable results for their business, especially come tax time and auditing season.
In a recent study conducted by Microsoft, it was found out that 94% of small and medium enterprises are becoming more confident in using the cloud. In fact, SMEs that have switched to the cloud found that it far exceeded their expectations, especially when it comes to reliability, privacy and security. This only goes to show the many benefits that a cloud can offer to businesses, particularly in the area of data security.
For accountants and bookkeepers, the days of dealing with massive amounts of paperwork were over with the advent of on-premise accounting software. Ledgers and invoices are now replaced with a tool that makes updating financial records fast and easy. However, with the proliferation of cloud computing in recent years, more and more accountants and bookkeepers are switching to cloud-based accounting applications.
Budget is always a concern for cash-strapped business start-ups. While your business is still in its growing phase, you need to save as much money as you can to sustain it. That’s why it is important to set a budget and stick to it to ensure that your business will stay in the market for long.