How to organise your books, gain insights and monitor your business growth

In 2019, the Start-up Failure Rate was 90% according to Investopedia. Meaning the possibility of making it through the first 3 years of your start-up business is up to 10%.

I strongly believe that just as success is predictable, failure is also predictable as said by Dr. Myles Munroe. You can predict your success just as you can also predict your failure based on the things you do daily as a start-up or growing business. The decisions you take cannot be better than your reference data. Your instinct is as accurate as the information at your disposal.

Dear start-up and growing business owner, starting well and maintaining the good habit of collecting organized business financial data can help predict your success in your cherished business.

How to organize your books to gain insight into your business and monitor your growth steadily.

Use Cloud Accounting Solution

Cloud accounting solution takes the form of online computing. Technically, online computing refers to the delivery of IT infrastructure, applications, and services to organizations and end-users, on an on-demand basis, remotely, via the Internet.

So, cloud accounting solutions is using accounting solutions via the internet instead of a local network of computers connecting with your own server.

We all use cloud technology regularly; it could be the app you use to check your bank balance or a file-sharing tool like Dropbox or even Microsoft Office 365. Basically, the cloud lets you access data remotely.

In layman’s terms, the cloud is simply a platform to make data and software accessible online anytime, anywhere, from any device. You are simply working online via a platform to share data and information. Reference: Intuit Quickbooks.

Understand the Benefits of Cloud Accounting Solutions

Go mobile

Create a quote, email an invoice, and record an expense - anytime, anywhere. Using just an Internet connection and a browser, colleagues on different continents and in different time zones can work together on the same project.

Reduced capital expenditure

System upgrades are a thing of the past! Going online, the software automatically upgrades so your clients are always up to date and using the latest version.

Improved Agility & Productivity

Online technology will allow your clients to spend more time on the business and less time dealing with administration and data entry.

Real-time collaboration

Collaborate in real-time with clients and team members to speed up the rate of work and make smarter and faster decisions. Plus, online accounting saves time on file sharing.

Always backed up and secure

Perhaps the most significant aspect of online is the assurance that your clients’ company data is always secure and always backed up.

There are dozens of cloud accounting solutions such as Quickbooks Online, Sage Cloud 50, FreshBooks, Xero, Zoho Books, FreeAgent, Tally Online, and many more.

Choosing among them can be very confusing, delicate, and overwhelming since each of them has its unique capabilities. It is therefore recommended that you use the service of a cloud accounting expert to help make the right decision.