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5 Cloud Accounting Mistakes Every Business Must Avoid
5 Cloud Accounting Mistakes Every
Business Must Avoid
Cloud Accounting is the term used for
accounting practices that are processed on
the cloud. It includes accounting data and
Many accountants have made a jump to the
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.
Mistakes with accounting results in losing on updated business models and
that can have threatening consequences on overall business efficiency and
Mistakes To Avoid
So let's get started with the pointers that an
accountant should always keep in mind.
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.
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.
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
To serve the clients appropriately get your CRM integrated with accounting software
that can automate tracking of financial transaction between client and business.
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.
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.
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Check out our other presentstions:
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
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