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5 Cloud Accounting Mistakes Every Business Must Avoid

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Though many accounting firms have adopted cloud accounting practices and simplified its operations. There are still some mistakes that accountants make and hamper the performance.

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5 Cloud Accounting Mistakes Every Business Must Avoid

  1. 1. 5 Cloud Accounting Mistakes Every Business Must Avoid
  2. 2. Cloud Accounting is the term used for accounting practices that are processed on the cloud. It includes accounting data and application hosting. Many accountants have made a jump to the cloud. Though many accounting firms have adopted cloud accounting practices and simplified its operations. However, there are still some mistakes that accountants make and hamper the performance.
  3. 3. Mistakes with accounting results in losing on updated business models and that can have threatening consequences on overall business efficiency and productivity.
  4. 4. Mistakes To Avoid So let's get started with the pointers that an accountant should always keep in mind.
  5. 5. 1. Not Staying on Top of Receivables Managing your receivables is necessary to ensure that the cash flow metrics stay updated and provide 'to the point' financial statistics and insights. Also, it ensures that when tax season arrives, you won’t have to un-puzzle and update a whole year’s worth of receivables. Accounting software like QuickBooks from Intuit, help simplify the whole process of working on receivables that allows CPAs to utilize their time productively.
  6. 6. 2. Failing to Back Up Accounting Software Accountants need to back up the business’s accounting software and other data on a regular basis because losing any bit of data can mean causing a loss to business. Most small business accounting software have a feature that allows them to set up automatic backup of the accounting data. In case the file gets corrupt, damaged or lost, the backup option proves to be a great help for the accountants to secure the valuable business data.
  7. 7. 3. Keeping Up With Client Demand Like all other services, it is living up to the client demand that makes or break accounting. Accounting professionals have to constantly understand and the meet client demands. To serve the clients appropriately get your CRM integrated with accounting software that can automate tracking of financial transaction between client and business.
  8. 8. 4. Not Seeking Professional Help This is the worst mistake in accounting as not hiring a professional CPA for the job can prove to be hazardous. Accounting and tax related services are specialized and require professional knowledge of finance, tax rules, and accounting to properly manage the accounting aspect of a business. As a business that aims to growing constantly, you should always go for experts.
  9. 9. 5. Not knowing the difference between cash flow and profit Cash flow is the amount of money which flows in and out of the business from financial activities, investment, and other operations. Profit, on the other hand, is what remains from sales revenue after all the business expenses are subtracted from it. Not knowing or calculating the difference between cash flow and profit is a big mistake, if such a mistake is repeated frequently, the business may even go bankrupt.
  10. 10. About us Real Time Cloud Services offers a comprehensive range of cloud solutions like application hosting , managed hosting, hosted PBX, dedicated servers to its valued customers helping them achieve their business objectives by providing innovative best in class virtual office solution. For more details visit: www.myrealdata.com Call (Toll-Free) 1-888-408-6044 for Instant Inquiry!
  11. 11. Interested For More? Connect with us Check out our other presentstions:
  12. 12. References 6 Accounting Mistakes That Put Small Businesses at Risk - Articles - Bplans Top Accounting Mistakes You Can Avoid - The Balance 5 Small Accounting Mistakes That Have a Huge Impact - My Real Data Image Credits - Freepik, Flaticon

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