According to a study by Simply Business, around 40% of business owners believe that their lack of technological know-how is actually hampering the potential for their businesses to grow. The study goes on to reveal that those businesses that aren’t up to speed with advances are those less likely to show a profit at the end of the year.

In short, if you fail to make technology part of your business, you’re very quickly going to find yourself struggling to stay in the game.

Computing under a cloud

cloud computing

While apps are having their turn in the spotlight, the watchword for those in the know is cloud computing. Cloud computing is the practice in which, instead of installing software and creating servers to streamline the way your business performs, you leave it to providers. There are companies who will offer you online storage facilities and remote servers, taking the burden off your technological infrastructure and even freeing up physical space.

Cloud accounting

Cloud accounting is possibly the most revolutionary aspect involved. Using cloud accounting services, the necessity to engage the services of a ‘real life’ accountant is almost completely removed. The service acts as a virtual finance manager, categorizing your financial transactions and even allowing you to produce branded financial reports of your own. Because the whole system is automated, the room for human error is brought to an absolute minimum. As a result, your accounting will be accurate, efficient and can take place while you adhere to your daily business commitments.

Getting past the jargon

Part of what prevents many business owners from embracing new technologies is the jargon involved and the fear that programs will never work as well as their traditional counterparts. However, cloud accounting services operate to the same standards as their flesh and blood cousins. The parameters in which these services run are established by the Financial Accounting Standards board, ensuring that they are every bit as good as using a human accountant.

In addition, companies are striving to de-jargonize their products, making them accessible to people who might even having trouble operating a microwave!

The advantages of cloud accounting

Intuit cloud accounting costs far less than using a real, live bookkeeper. The only initial outlay you need to factor in is for a computer and a connection to the Internet. Certainly, there will be subscription fees for cloud accounting services, but compared to hiring an actual accountant, they are incredibly small. Some companies even tier the subscription fees according to how much you think you’ll actually access the data that is stored on your behalf. In addition, this ‘virtual accountant’ is accessible to you 24/7 and, given that cloud accounting services will integrate with practically any platform, you can access that information from wherever you happen to be, through your mobile device.

Technological advances might appear daunting to begin with but, like every new product, they can soon become part of the furniture – as long as you’re prepared to get to grips with them early on. In the 21st Century, conducting business without using technology is a surefire way to limit your prospects for profit and growth.