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Hopefully when you start your small business in Michigan, you have money coming in and going out. It doesn’t take long for most business owners to realize that tracking the flow of money takes up a lot of time and energy. 

Large companies often have in-house accountants doing all that work for them, but a small business doesn’t have that luxury. That’s where cloud-based bookkeeping comes in. It’s a huge timesaver and, by adopting it early on, can make your business more efficient and more profitable.

Here are some ways that cloud-based bookkeeping can streamline your Michigan small business:

 

Track changes in real time

When you switch to cloud-based bookkeeping, your inventory, expenses, and income are all accessible and accurate at any given moment. This is one of the most life-changing features for small business owners when they make the switch because it is done in real-time.

You can check your critical numbers whenever you want. There’s no longer any need to wait for something to post or until you’ve updated your books. Because these numbers are constantly updated, you can make smart decisions on the fly without worrying about how accurate and recent the numbers are. 

 

Eliminate manual entry

Cloud-based accounting systems seamlessly integrate your transactions and accounts. This means that you no longer need to spend time arranging and submitting receipts.

When you connect your accounts to your cloud-based accounting system, that work is done for you. If you need to add a receipt manually, you can do it by taking a quick photo with your mobile device. It’s then uploaded to the cloud and it’s done. 

 

Go paperless

Paper receipts can get lost or damaged, or the ink on them fades over time so you can’t read them when you need to. By putting it all in the cloud, you completely eliminate that risk. Everything is available at your fingertips with a click, so nothing gets lost in the shuffle.

What’s more, you have the ability to integrate your payment systems so there’s no need to generate a paper copy at all. You can forget the added expense of buying paper, toner, or filing systems, and instead redirect that money into your small business.

 

Access from anywhere

Gone are the days of a bulky accounting program hosted on a local server in-house – and so is the expense that comes with it. With cloud-based bookkeeping, you can access your reports and ledgers anytime, anywhere.

Without surrendering control of your books, you can check in whenever you want. When you hire a bookkeeper for your Michigan small business, cloud-based accounting software makes it easy to hand over the reins, too. You can outsource your bookkeeping without a hiccup.

 

Scale easily

The goal of any small business is to grow. When you start using a cloud-based system early on, you can scale seamlessly. Most cloud-based software is set up to work for your business on day one, and grow from there. The tools your small business will need in the future are already built in, so there’s no need to reevaluate your systems as time goes on.

Michigan small business owners are quickly realizing the benefits of cloud accounting because it’s so easy to scale. It’s a smart move to adopt this software early on.

 

Automate tasks

Automating is a huge timesaver. With cloud-based bookkeeping, you can let go of multiple tasks that used to take up a huge amount of your time and attention. Invoicing can be set up to be done automatically. Card payments post automatically. Receipts are uploaded automatically. The amount of time this saves can not be stressed enough.

 

Final thoughts

When you’re thinking about how to set up your small business–or are looking for more help with your financials–consider cloud-based bookkeeping. It makes your days easier, cuts out a lot of time-intensive tasks, and helps your small business get off the ground.