The global economy is reeling under the threat of Coronavirus, a pandemic that has infected 193 nations, disrupting people's livelihoods worldwide.
For more than 7, 81,842 positive cases and about 37,000 deaths from COVID-19 worldwide, the main issue is how to monitor the number of patients that get multiplied by the hour. In order to stop the spread of this highly infectious disease, towns and villages in India have been driven into a lockdown.
As social distancing and staying at home is the only way to combat this deadly virus, it is challenging for all businesses, whether big or small to run smoothly. This condition has broken the world economies, and billions of dollars have already been washed out as markets have been kept under lockdown.
Businesses are free for experiments
Businesses are walking on a tightrope; while on one hand, they have to ensure the health of their employees, on the other, they can’t afford to falter in terms of accounting and legislation. The pandemic has given rise to an ongoing crisis in businesses. But a strong business leader is one who is able to manage effectively around these adverse twists and turns. This is the most ideal time to take assistance from technology and follow the path of success.
Blessing in disguise for companies
Most small businesses find it difficult to handle their accounting processes while companies who have opted for SaaS-based solutions are doing well.
Through cloud accounting software, businesses can fix the discomfort created by this situation. They can interact, delegate, and track all work from their homes, ensuring the safety of their team. Therefore, even in this period of great uncertainty, companies can keep track of accounting and compliance.
Benefits of Business Accounting Software
Cloud is a versatile method where an application is hosted by a service provider, which eliminates the problem of software deployment and maintenance. The automated cloud accounting program has various advantages for all companies:
Global Accessibility: If you want to display your data, access your bank accounts, monitor your inventory, expenditures, revenues, etc. at any time and from anywhere, then choose Cloud Accounting Software. This technology enables you to monitor and access your data in real-time without any difficulties.
All of your data is stored at one place that allows people to access it on the go. You can even choose who can access the data. In circumstances like these, where COVID-19 has created chaos and your employees are at home, this program lets you keep all accounting and compliance-related problems up-to-date.
Work Smarter and Faster: Accounting has some of the most tedious activities and those who deal with it are fed up with day-to-day payroll, and transaction reconciliations. The automated cloud accounting program provides freedom from all of this and also guarantees maximum accuracy.
Even if you're a small business owner and don't want to spend too much time keeping your books and don't want to spend money on a Bookkeeper, go for a smart business accounting software. The implementation of this program would release you from all obligations and set you free to spend your time and resources on critical issues.
Hassle-Free Data Storage & Backup: The main advantage gained from the automated cloud accounting software is that you are free from all data storage and backup issues. Small companies that have taken wise steps to implement high-quality, low-cost cloud accounting software are not impacted by their staff staying at home. They are able to run their accounting operations smoothly and make plans on how to navigate the storm in these tough times.
Secured Privacy & Data: When cloud accounting software offers you special access-based control positions, there is no need to worry about data leaks or privacy breaches. The AI-assisted Smart Business Tools further simplify compliance.
Economic crises, natural disasters, medical emergencies are circumstances that can impact a company without warning and lead to a drastic disruption in their future plans. Therefore, the challenge for the hour is to welcome technological innovations as soon as possible and be ready for the future at all times.
If you have not yet made use of SaaS-based accounting and compliance solutions, then it is time to move quickly and implement the right accounting tools.
According to the 'Accounting Age' by 2020, 78% of small businesses will rely solely on cloud technology, so why should you be left out?
Go digital today!