Ann Marie Puig discusses why cloud-based accounting helps combat the COVID-19 lockdown
Date : May 7, 2020 By
The global economy is reeling under the stress of coronavirus, the pandemic that has reached 193 countries, impacting the livelihood of people worldwide. With so many cases and deaths around the world, the real concern is how to control the number of patients, which is multiplying by the hour. To contain the spread of this highly contagious disease, towns and cities across the globe have been forced into a lockdown. As social distancing and staying at home is the best solution to contain this deadly virus, all businesses – big or small, are finding it difficult to run smoothly. There are several solutions to make weathering the storm easier, and longtime entrepreneur and philanthropist Ann Marie Puig looks at how switching to cloud-based accounting can help small businesses amid the current pandemic.
This situation has shattered world economies and trillions of dollars have already been wiped away as markets have tumbled uncertainty looms large. The businesses are walking on a tightrope; on the one hand, they have to ensure the safety of their workforce, whereas, on the other, they cannot afford to falter in accounting and compliance. The pandemic has brought about an unprecedented crisis in the companies. But, a good business leader is one who is able to navigate successfully during both the good times and the bad.
While a greater part of private companies are thinking that its difficult to deal with their group, assign work, or even supervise bookkeeping and consistence, those organizations which have selected SaaS-based consistence arrangements, are surviving well. The coronavirus pandemic, which has brought much of American life to a standstill, has undoubtedly left an adverse effect on most businesses, but some are coping with the sudden shutdown quite well. By settling on cloud bookkeeping programming organizations can battle the burden achieved by this situation.
Asserts Puig, “These companies can communicate, delegate and monitor all work and also ensure the safety of their team by being confined at homes. Thus, even in this time of great turmoil, businesses can keep track of accounting and compliance.”
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:
If you wish to view your data, access bank accounts, track your inventory, expenses, sales, etc., with constant, unfettered access, then opt for Cloud accounting software. This technology makes it possible for you to view your real-time data and access everything without any hassles. As the whole information is put away in a solitary arrangement and can be gotten to by approved individuals, from anyplace, you can choose who can get to these information. Adds Puig, “In a scenario like this, when COVID-19 has created havoc and your employees are stuck at home for many days, this application helps you keep all accounting and compliance related matters updated.”
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. Automated cloud accounting software gives relief from all these and also ensures that it is done with perfect accuracy. Even if you are a small business and do not wish to spend too much time keeping your books, or wish to spend money on an accountant, then go for a smart business accounting software. The utilization of such programming will liberate you from all bookkeeping and consistence liabilities and set you allowed to use your time and vitality on critical issues.
One of the biggest benefits 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.
As cloud accounting software gives you unique role-based access control, there is no need to fret over data leaks or privacy breaches. Explains Puig, “AI-aided smart business tools further simplify compliance. Sudden 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. In this way, the interest of great importance is to grasp tech disturbances at the most punctual and be future prepared consistently.”
If you have not yet availed a SaaS-based accounting and compliance solution, then it is time to act fast and adopt the best accounting software. According to the “Accountancy Age,” by 2020, 78% percent of small businesses will rely solely on cloud technology.