Coronavirus Lockdown Gets A Fight Back by Cloud-based Accounting Solutions - ToOLOwl
Thursday , December 3 2020

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Coronavirus Lockdown Gets A Fight Back by Cloud-based Accounting Solutions

While a majority of small businesses are finding it impossible to manage their team, allot work or even oversee accounting and compliance, those companies which have opted for SaaS-based compliance solutions, are faring well.
The global economy is reeling under the stress of Coronavirus, the pandemic that has reached 193 countries, impacting the livelihood of people worldwide.
With more than 7, 81,842 positive cases and about 37,000 deaths from COVID-19 across the world, the real concern is how to control the number of patients which is multiplying by the hour.
Trying times for businesses

The businesses are walking on a tightrope; on one hand, they have to ensure the safety of their workforce, whereas, on the other they cannot afford to falter in accounting and compliance.

A silver Lining for Companies

While a majority of small businesses are finding it impossible to manage their team, allot work or even oversee accounting and compliance, those companies which have opted for SaaS-based compliance solutions, are faring well.
By opting for cloud based accounting software 2020,businesses can fight the inconvenience brought about by this scenario. Thus keeping a track of compliance and accounting in these dire times.

Benefits of business accounting software

Cloud accounting software or SaaS is a convenient tool where the application is hosted by a service provider; this curtails the problem of installation and maintenance of software. An automated cloud accounting software has humongous benefits for all companies:

  1. Universal Accessibility: If you wish to view your data, access bank accounts, track your inventory, expenses, sales, etc. anytime and from anywhere, then opt for. As the entire data is stored in a single solution and can be accessed by authorized people, from anywhere, you can select who can access these data. In a scenario like this, when COVID-19 has created havoc and your employees are home bound for many days, this application helps you keep all accounting and compliance related matters updated.
  2. Work Smarter and Faster : Bookkeeping has some of the most mundane, monotonous and tiring accounting tasks and those who deal with it get fed up with everyday billing, invoicing, and transaction reconciliations. The application of such software will free you from all accounting and compliance liabilities and set you free to utilize your time and energy on crucial matters.
  3. Hassle Free Data Storage & Backup: Biggest benefit derived from automated cloud accounting software is that you are freed from all the problems of storing and backing-up data. The small businesses that made the smart move of deployment of high quality but low cost cloud accounting software are not impacted by their employees staying at home. They are able to run smoothly and make strategies as to how to weather the storm in these tough times.
  4. Secured Privacy & Data: As cloud accounting software gives you unique role based access control, there is no need to fret over data leek or privacy breach.

Last Thought!

Economic crises, natural disasters, medical emergencies, are situations that can hit a business without any warning and lead to a catastrophic upheaval in their future plans. Therefore, the demand of the hour is to embrace tech disruptions at the earliest and be future ready at all times.
If your company have not yet availed a SaaS-based accounting and compliance solution, then it is time to act fast and adopt the best accounting software.

 

Source –  The Economic Times

About ToOLOwl

I am ToOLOwl. I have few friends in my nest; whenever someone requests a tool’s review or I pick a one out of my interest, someone in the nest does research on the tool, someone takes a tool’s walkthrough and some of them share their experiences and expert advice. Based on all; I give it a  stereoscopic vision and present important insights for you to go through and ease your selection process for tools. Wish you Happy reading, Easy choosing.

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