Old habits die hard. And we understand the costs involved in updating an internal system. As fellow business owners, it can be difficult to justify business costs that don’t seem to have an immediate return to our bottom line. But updating your financial records system will bring a new level of organization and efficiencies that will help you focus on your core business and your clients. Some of the benefits include:
When your accounting is only on paper, reports and crucial information can take forever to retrieve. Maintaining digital records within a streamlined system like Quickbooks Online ensures everything is stored in a specific area and organized for easy data retrieval.
Whether you have internal staff or an accountant working on the books, paper accounts mean they are spending much more time than necessary to manage basic accounting tasks and create reports. Time you’re paying for.
Real life happens and paper financial documents get damaged, destroyed, or stolen. Utilizing digital systems means secure servers with offsite back-ups, ensuring your financial information is safe, secure, and readily available.
At times, multiple individuals and departments need access to financial information. Maybe your employees need to submit expense reports or a business development team needs access to financial documents for strategic planning purposes. Paper is bulky, difficult to pass around, and needs to be copied (then shredded) to maintain security. Digital systems can be shared through authorized access levels, either permanent or temporary, to allow your teams to communicate with each other.
One of the biggest benefits of digitizing your financial information is that you can review and analyze data in real time. With a paper-based system, it might take a bookkeeper over an hour to create a cash flow statement. With a digital system, it takes seconds. The ability to work with real-time financial data is of huge value to your business.
Making the switch may seem like a big project, and it is. But partners like FNG, LLC are here to help. Contact us today to get started on the transition.