Lana Bandoim| Technorati
A recent survey of 750 small businesses found that they are still wasting too much time on administrative tasks that can be handled with new technology. Smart Company reports on June 14 that many of the tasks are related to accounting.
However, more businesses are beginning to move to the cloud, and the Sydney Morning Herald reports that cloud accounting software is becoming a popular choice.
The survey revealed that some businesses are wasting valuable time on tasks ranging from transaction records to billing forms, and they are not relying on technology to make these processes simpler. Nevertheless, there are businesses aware of the advantages of the cloud and accounting software, and the Sydney Morning Herald notes more companies are beginning to recognize these benefits.
Cloud accounting software is saving money and time for businesses that make the switch. In addition, it often reduces the cost that is associated with licensing regular accounting software because more people can access the cloud without extra costs. The recent survey found tax reporting is one of the main accounting areas that businesses focus on, and it explains why more cloud accounting software companies are integrating tax features. For example, Acumatica recently added sales tax options to its cloud accounting products.
The cloud ERP provider modified its software to include real-time rates for sales tax, so businesses do not have to waste time searching for the latest tax code updates and can simply rely on the cloud. However, the cloud can provide help beyond taxes. The CPA Practice Advisor reports that Manufacturing Information Systems (MISys) is integrating features from Intacct to help manufacturing businesses keep track of inventory and cut costs while using the cloud. In addition, Accounting Today recently reported that CCH Axcess is adding practice management services to its cloud options. The cloud is expanding to include more features and eliminating the need to use multiple programs.
Cloud adoption is beginning to accelerate among businesses as more of them become aware of the advantages of using this technology. Accounting and financial management continue to be at the top of cloud software needs.