Why do businesses need both an Accountant and Cloud Accounting?

Why do businesses need both an Accountant and Cloud Accounting?

Does a business need both an accountant and cloud accounting? If a small business already has an accountant, they may wonder why they need cloud accounting. Yes, both are important for every business. In fact, a combination of these two will be a strong reason for the success of a small business.

Why your business needs an Accountant

The expertise of an accountant gives you right business decisions and helps you in many ways from time to time. These are some examples of when your business might require an accountant.

When preparing a business plan: Seeking professional help from an accountant right from the planning stage has many benefits.

When analyzing your finances: With in-depth knowledge and extensive experience, your accountant can quickly gain insight into your business’s financial health, analyze your financial statements, identify potential risks and opportunities and provide you timely advice to help ensure business growth.

When choosing a business structure:  Deciding on the right type of your business would be difficult if you don’t know enough about the pros and cons of each type. This is exactly where an experienced accountant can help you.

In addition to these, your accountant will help you do tax audit, make loan applications, prepare legal and compliance documents and keep updated with the latest tax laws.

Why you need Cloud Accounting

Even if you have an accountant, you may still need a cloud accounting software. Advanced cloud accounting tools like One Stop Accounting Software has the following features to help you in business growth:

• No Accounting Jargon / Easy To Use
• Cloud accounting software /Inventory System/Payroll, anytime using internet connection
• Provide different levels of data access security
• Unique user ID and password
• Maintain user groups for different access to different levels of data
• Audit Trail to track data
• Multi-location entry
• Real-time update
• Handling transaction up to more than 24 months
• Goods & Services Tax (GST) computation function
• Unrealised gain/ loss computation

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