Local CPA VS Cloud Bookkeeping

Today is the era where not even your printer needs a cable attached in order for it to function. Everything happens with a touch of a button on your smartwatch or smartphone. The world is getting smarter every day, with rapid transitions into all things virtual.

Studies from the Harvard business school, Forbes and the world bank reveal that almost a quarter of traditional jobs will be taken over by robots and, automated systems within the coming decade.

One of the practices, that will inevitably become obsolete will be traditional bookkeeping. This article talks a little about why and how cloud bookkeeping is revolutionizing and adapting to the ever-growing technological advancements of the digital era.

Local CPA Bookkeeping

Hiring a local CPA comes with its set of limitations. Traditional accounting through a local CPA will need to be done on an office computer that has the accounting software installed. There will be inconveniences that the accountant and the business will face. The biggest issue will be that of limited access. The CPA will have to spend the entire day working on a system. Time is another resource that will be wasted in some form.

The cost of hiring a CPA on your payroll, maintenance of hardware, training leave no room for business scalability. Along with these, there are various other challenges like data security, IT issues, collaboration with clients and colleagues, among others.

What is cloud-based bookkeeping?

The cloud-based bookkeeping is accounting just more advanced, in a manner where your entire information is accessible on every platform that you use today. Instead of having a dedicated computer system or an on-paper system that is solely and devotedly being used for the firms accounting processes. With a cloud-based platform you can manage, review and oversee all your financial data anywhere in the world, any time you want to.

See Also: 5 Ways a Bookkeeper Can Save You Money

In contrast to traditional bookkeeping, the cloud system works on your smartphone just as smoothly and securely as your trusted traditional mediums. Simply transformed into to a much more reformed and seamlessly interactive system. Cloud bookkeeping empowers you to make important financial decisions on the go. You no longer need to remember where your business stands, what your cash flows look like, nor do you need to get puzzled between a wreck of sheets and numbers. A simple tap and all that information is within your grasp.  

Why Cloud based Accounting Professionals?

With a cloud-based bookkeeping you no longer rely on just a single individual that is your, accounting professional to have sufficient integrity, to responsibly go manage your accounts and books as well as successfully illustrate and offer consultations for future financial decisions vital for your business’s growth and sustainability. With cloud accounting you get an entire firm of accountants looking and caring after your growth. Going through all the processes that any niche service goes through to ensure maximum customer satisfaction and optimal results.

You get ten folds out of what you pay for, because now you’re not just hanging in the dry and depending on a single professional for your bookkeeping information to be passed on to you accurately. You get an entire organization backing you up, that goes through rigorous quality control and multiple levels of analysts, before it is handed over to you, in a timely manner.

How do you trust a Cloud-based QuickBooks enterprise solutions?

For starters, an individual that is only answerable to you, can be prone to make mistakes. Their integrity can be questionable and so are their practices, whether or not they are best suited for you and your business.

The success of any business majorly depends on a structure employed through every function of the business. Having a dedicated team of accounting professionals keeping your QuickBooks enterprise solution up to date, managing your accounts as well as forecasting future trends. Gets your business a streamlined approach and a more controllable outcome than traditional bookkeeping methods.

How does Monily take over your worries?

Monily is a financial management solution that has more than 200 Certified Chartered Accountants, working full time to manage, maintain, forecast, and project industry trends to improve clients’ businesses. Only the best and the highest-grade accounting minds work in collaboration to ensure a maximum outcome for your business. With Monily your bookkeeping gets smarter than your smartphone, in other words, it becomes smart-bookkeeping. Now not just a single local CPA works to improve, adjust, reflect, consult and file taxes for you, rather you have the brainpower of 200 plus accountants and financial experts devoted solely to the improvement of your business and to make your business into a success it is inevitably to become.

How to Find the Right Bookkeeper for Your Business

The dimensions of your business play a huge role when it comes to finding a bookkeeper. Whether your business comprises of just you, or you’re partnered up with a friend, you still need to find a bookkeeper that can improve your business processes and financial flows. Streamline your cash flows, clarify and maintain transparency in your books. A bookkeeper can help you in more ways than just simply recording your transactions (which is not a simple task either) but he/she can help you understand vital financial information that could be crucial to your business’s success. Here are some ways, how you can pick out the best bookkeeper for your small business’s bookkeeping?

Why does your business need a Bookkeeper?

Let’s first understand what bookkeeping is, and what it means for you and your business to have a bookkeeper. As an entrepreneur, managing your business’s day to day transactions is already a pretty time and mentally exhaustive task. Having a bookkeeper is like having a person that can record and keep track of your daily (financial) activities. Here are a few reasons why you need to find a bookkeeper for your business’s sake.

Maintains your books

Being the busy small business owner that you’re, your day is probably already pre-scheduled with thousands of tasks that you need to cross out before calling it a day. Adding additional work to your already stuffed platter is probably not the smartest thing to do. Especially when it comes to writing out all that you have spent and done throughout your day. 

Gets you to tax ready

The best part of having an accountant or a virtual accounting system in place is that your business is tax ready all year round. That means you don’t have to panic nor get anxiety attacks anymore when hearing the word taxations. Your accountant or virtual accountants will take of getting all your documentation ready and in order.

Delivers promising results

You know another great advantage of having an accountant or hiring a virtual accountant system such as Monily is that you get detailed presentations and graphic imagery of where your finances are at any given time. Your bookkeeper also serves as your financial advisor, which means he/she can give you instant information with regards to the current market trends relevant to your business and the industry you are in.

 A professional bookkeeper will also help you identify inconsistencies in your balance sheets. They also help in figuring out where you’re losing money and how to reduce expenses in a way that your business spends more productively for its self-growth.

How do you find a bookkeeper that’s right for your business?

Before engaging in any sort of dealing with a possible candidate that will be taking care of your business’s financials. You need to be sure you have the right person/people for the job. An important measure of this can be the years of expertise and the qualifications the accounting professional has. For instance, if you look at Monily, it has an entire team of more than 200 certified public accountants that work together to completely satisfy all sorts of bookkeeping and taxation needs that you might have.

See Also: 5 Ways a Bookkeeper Can Save You Money

Finding the right bookkeeper can be a crucial step towards the development or failure of your business hence it is not an easy one. Compared to a local CPA, you gain a lot more advantages when you get a virtual accounting firm looking after your money matters. This will also help you focus on your business and its growth without having to worry about keeping tabs on the employee that has access to all financial documents.