The pandemic was a game-changer for businesses in Dubai, driving a massive transition from traditional to modern. While some changes have been challenging, most have a positive impact. Business owners are open to the idea of embracing technology to enhance processes in the new normal. If you want to declutter your finances and streamline the accounting process, you have an excellent option. You can switch from traditional accounting methods to cloud-based software like Xero. While every business must do it at some point, you may need to do it sooner rather than later. Here are the signs you must embrace cloud-based accounting right now.
Remote working is a challenge
Even as the pandemic recedes, many businesses in Dubai have decided to continue with remote working for the long haul. Some are reopening with a hybrid approach, and the arrangement is here to stay. While there are many upsides of the new model, you can expect to struggle with challenges. Teams that work remotely have to access data from where they are. It can be a problem for accounting professionals because they have to handle and record countless transactions every day. Traditional accounting software may not suffice, and it is impossible to manage the entire process manually. Outsourcing cloud-based accounting cuts the stress and enables your remote team to focus on things and tasks that matter.
Current systems are outdated
If your current systems are behind the times, moving to online cloud accounting is a good idea. Just imagine how an outdated system can slow down work and even cause employee burnout eventually. Ignoring this sign can get you into bigger problems eventually as handling bookkeeping and reporting tasks become harder. There are also chances of small errors and big blunders, which could even lead to compliance issues in the long run. For instance, with the changes in accounting standards relating to operating leases, and more specifically, the ASC 842 standards, your current accounting software may be insufficient.
A cloud provider offers the latest features to keep your books on track and ensure that your business is compliant. Your staff has to stress less, which makes them more productive and motivated. If you want to keep on top of the finances for your medical practice, for example, netsuite accounting packages can provide you with all of the required accounting services so you and your medical staff can focus on treating your patients rather than trying to figure out the books.
Paperwork and admin tasks are hard to handle
With traditional accounting, your team is likely to be stuck with paperwork and backend admin chores at all times. They can cause wastage of time and effort, and you may even miss out on strategic and business development activities. It makes sense to find a reliable Xero Accountant Dubai who offers the best of this accounting software. Working with Xero enables you to eliminate paperwork as your records are on the cloud. You end up with a clean and clutter-free system that is easier to handle. Further, you get a complete set of services covering functions such as bookkeeping, cash flow statements, vat returns, and payroll services.
Security is a concern
Financial data security is a growing concern for businesses as hacking attacks and breaches abound. Every piece of accounting information is precious for a business, and the last thing you will want to encounter is its leakage. But things may go wrong more than once, specifically if your employees have financial data in their hands. You may be worried about the credibility of the internal employees as there is a risk of information leaks. With online accounting services, your employees cannot access data and information. You can find secure accounting software that keeps all the data safe and makes you stress-free about its security. Also, ensure that you properly destroy and hardware that contains sensitive information once you’ve moved it to the cloud. For instance, hard drive destruction is a must to ensure that no one gets their hands on information they shouldn’t be privy to.
Backups are a reason to worry
The volume of financial data that a typical business has to handle is often overwhelming. You conduct multiple transactions every day, and these may add up to thousands every month. You can well imagine the complexity of maintaining records down the line, and the burden only grows over the years. Even worse, you have to ensure that you have backups to keep your records safe in the event of a disaster. Unfortunately, it is not possible when you have a paper-based system. It gets hard to preserve data, and losing it can land you into big trouble. One of the best benefits of switching to cloud accounting is that you get the advantage of automated data backups. It means you need not panic about losing data if you lose the paper files or your computer breaks down.
Scaling is on the cards
Watching your business grow and flourish is exciting, but it also entails several responsibilities. You need to make sure that your systems align with growth. From production to sales, customer support, and human resource management, every operation needs a refresh as your company grows. Your accounting systems are not an exception. You will need to ensure that your growing business can handle the spurt in transactions. A cloud-based accounting platform empowers your company with scalability. You need not revamp the system or bring new resources on board. The software scales with the evolving needs of your business effortlessly.
Operational costs are stressing your business
Managing your accounts the traditional way can break your bank. If you use custom software, things can get even more challenging. You need to invest in software development first and train resources to use it down the line. Your operational expenses can get out of control. With cloud software, your team can access accounting software online. You need not pay for the software but only have to bear a subscription fee that costs only a fraction. The best part is that these applications are easy to understand and use, and you need not spend a fortune on employee training. You have a modern, flawless accounting system within your budget.
Switching to cloud-based accounting is a wise decision on any day, regardless of the size and scale of your business. It reduces the workload of your internal team by automating the accounting and bookkeeping functions. Your employees need to worry less about the day-to-day financial records. Instead, that can focus on long-term strategic financial decisions that drive business growth and ensure compliance. Watch out for these signs and move your accounts to the cloud right away if you notice one or more of them.
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