According to the Office for National Statistics, only around 40 in 100 startups make it to the five-year mark. There are several reasons behind this; economic turbulence can slacken the strongest foundations, and even businesses with brilliant prospects are forced to close because they can’t source immediate capital. It happens every day.
It’s rough out there, no doubt. But there is a way that SME owners can help themselves: cloud accounting. This essential resource can keep your business afloat in the short-term and help it thrive in the future. Here’s how…
How traditional accounting holds your business back
Businesses rarely have fluid, effective accounting solutions in place from day one. Number-crunching often finds itself at the bottom of the priority list, with financial information logged in books, thrown into spreadsheets or entered into outdated accounting systems.
But as time passes and a company matures, it can find itself quickly outgrowing these stop-gap processes. Not only do they waste time; they make it difficult to obtain the insights a business needs to look back and plan ahead.
The long, laborious task of updating accounts is regarded as a necessary chore by many business owners. However, in reality, any accounting system that can’t quickly process, confidently handle, or comfortably scale itself to intensified demands is stealing precious hours from your day.
Time is something entrepreneurs never have enough of, yet as many as 22% are still utilising old accounting software. That’s almost a quarter of all business owners making things harder for themselves than they ever need be. The odds are already against you when you begin a business; why throw another spanner in the works?
Where cloud accounting makes a difference
With the likes of Making Tax Digital and GDPR, small businesses have more regulations to be aware of nowadays than ever before. Meanwhile, the uncertainty of Brexit and a worrying skills gap is continuing to hang above Britain like a menacing cloud.
Ultimately, today’s SMEs cannot afford to slog it out on traditional accounting methods. Cloud accounting is absolutely crucial for speed and stability – but it also facilitates growth.
Faster, slicker, adaptable, scalable and accessible from anywhere at any time on any device, cloud accounting offers flexibility that ensures your company moves from strength to strength. There are no confusing, outdated sheets or piles of paper – everything is neat, tidy and organised in one convenient location.
What’s more, an up-to-date view of your accounts is only ever a click away. Many solutions, such as Liquid, can be integrated with your other systems and processes, so that everything aligns for an accurate view of your finances.
Give your business every chance of success by investing in cloud accounting today. When you use our software, you can bolt all your business systems into Liquid itself, resulting in one smooth operation. It’s completely tailored to your needs and wants. Get in touch on 0161 413 5050 or via our contact form to learn more.