Imagine for a moment the number of receipts, invoices, and bills you receive every week. It’s a fair number, right?
Even in these digital times, there’s still a bunch of hard-copy paperwork to deal with when running your own business, and getting the relevant numbers and information into your bookkeeping system takes a lot of time-consuming data entry and admin.
So, wouldn’t it be great if you could simply snap those receipts and bills on your smartphone and they’d magically appear in your accounting software and be backed up safe and secure in the cloud?
Smart scanning and data in the cloud
If you answered ‘Yes, that would be amazing!’ to the previous question then we have some good news –‘smart scanning’ of hard copy documents is no longer a pipedream, but a genuine reality for businesses that embrace the cloud.
Smart scanning is the ‘magical’ process of turning the numbers and information printed on your receipts into pure digital information.
- You snap your receipt
- The information is pulled through as data into your bookkeeping software
- The original scanned document is backed up and saved in the cloud
- You get a transparent view of all the receipts and bills coming into the business – and you get proactive about improving your bookkeeping.
What smart-scanning and data-management apps deliver is a fast, efficient way to cut out all that dull keying in and filing – and who wouldn’t want to do that?
The key benefits of cloud bookkeeping
To really feel the true benefits of this smart data approach, you first need to have a cloud accounting platform as the financial foundation for your business systems.
65% of US businesses now use cloud apps for their bookkeeping and accounting and have moved away from the limitations of desktop-based accounting software. And that’s down to the efficiency, speed, and flexibility of a cloud approach.
Cloud accounting software, such as Xero online accounting, gives your business an incredibly powerful way to manage your finances:
- Fast, simple bookkeeping, invoicing and reporting
- Instant access to your accounts, from your cellphone, tablet or laptop
- An up-to-date, real-time view of your numbers
- The comfort of knowing all your data is backed up to the cloud
- A huge choice of apps and solutions for expanding your business systems
And it’s this potential for integration with an ever-growing ecosystem of helpful business apps and tools that really gives your business an edge.
A more efficient bookkeeping process
With a cloud accounting platform in place and your choice of smart-scanning app integrated into this system, your bookkeeping becomes a cinch to do.
Keeping on top of your receipts is a case of snapping pics of your paperwork as it arrives, or forwarding any electronic invoices to your data-management solution. It’s fast, it’s effective and it gives you back that admin time to focus on the thing you really love – running and developing your business!
- There are no worries about keeping up with the endless flow of receipts.
- You scan receipts as they arrive and deal with the bookkeeping tasks in more manageable chunks.
- All your information and documentation is safely stored online, and you can easily search for the documents you need when it comes to year-end, or if there’s a disputed invoice.
Helping you become more profitable
Cloud Bookkeeping isn’t just about process efficiency, of course. The seamless, transparent view of your bookkeeping makes it easier to keep on top of your costs and look for areas where tax deductions and exceptions could be saving you money.
With a better view of your transactions, you can easily locate the right expenses, and the associated receipts, and make sure you’re not losing a cent more to the IRS than you need to – and that’s great for your profits and cash flow.
It also helps you get a more real-time view of those costs and expenses, and look for areas where savings and efficiencies could be made, adding to that bottom line.
Talk to us about moving your books to the cloud
Cloud Bookkeeping, smart scanning and automated data management all come together to revolutionize the productivity of your business’s bookkeeping.
The combination of accounting platform, business apps, and data solutions will be different for each business – your business and its needs and processes are uniquely yours, after all. But working with an accountant and business advisor who understands your industry, and how tech can help you, will help to improve and enhance your bookkeeping – and save you hours of dull data-entry in the process (and we know you’d love that).
At Polay+Clark, we love cloud technology and get a real kick out of helping our business clients reap the benefits of this new approach to bookkeeping. If you’d like to move your books to the cloud, come and have a chat with us and let’s see how we can help you move forward.
Get in touch and let’s see how cloud could work for you.