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Accounting Blog

The dramatic spread of COVID-19 is clearly having an impact on the global economy and general business environment within North America. For most businesses, the crisis has led or will lead to at least a temporary plummet in revenue – so companies that don’t respond promptly will undoubtedly put themselves at financial risk. 

But as we say at Envolta, wherever there’s change, there’s opportunity. Clearly there are revenue opportunities because of the impact of COVID-19 (i.e., toilet paper etc).  

However, there are also many opportunities from an operations standpoint. One of the advantages to a reduced business activity is organizations have time to fix areas that never get attention, and that very well may be your accounting & bookkeeping.  Here are a few accounting & bookkeeping pivots that may help your company emerge from this crisis stronger and better than before.

Get Your Accounting On The Cloud Stat

In 2020 there are very few reasons why any small to mid-sized business or organization should be running their accounting software on desktop or server-based software. 

Software such as Xero & QuickBooks Online provide full accounting software functionality in a secure environment without any of the hassles of clunky software maintenance. 

To give users secure access, you simply set up a username and set their access level. That’s it. There’s no remote desktop to be configured. There’s no software that needs to be installed on anyone’s PC.  Any user from anywhere in the world can get access with only an email. These softwares also have upgraded authentication for added security if needed. 

Many accounting firms are not yet on the cloud, not because it’s not exceptionally valuable but because they are content using old school methodologies. What this means is you have to meet at their office, bring in receipts and so forth. By 2021 these methods will be phased out, so you should be ready! 

Because we are one of the top cloud accounting firms in North America, we can help you prepare and understand why you need to make the move NOW. 

Automate Your Work Processes And Eliminate Paper

One of the main advantages of using cloud-based accounting software is they can be connected to one another thereby eliminating the need for information to travel between systems via paper documents. 

The above mentioned softwares such as Xero and QBO all have electronic interfaces to banking systems. This eliminates the need to reconcile paper-based banking statements.  Furthermore, these applications all integrate seamlessly into specialized applications, such as Plooto, Wagepoint & Hubdoc. They also allow a company to pay vendors and employees electronically.  

The processes described above are a great alternate work path and will help minimize exposure to COVID-19. There are no paper invoices to be handled, there is no check to be written, envelope to be licked, or postman to be in contact with. However, even more importantly this avenue eliminates work with automation and allows you and your staff to be more efficient.

Outsource Your Accounting

With your accounting systems in the cloud, outsourcing your accounting & bookkeeping becomes an easy way to eliminate costs, decrease risk, and free up time for you to focus on your business.  

As accounting software has moved to the cloud, accounting firms like Envolta are here to support you. We are your technical experts with the knowhow to keep the systems running smoothly.  As a provider we can easily maintain your records & books remotely.  

We also offer another more complete option… a full cloud accounting solution, where you’ll not only have monthly bookkeeping, but also a full-service team including advisory and consulting services. These resources not only make sure your business is properly accounted for, but also provide advice and guidance that is relevant to your industry and your stage of business growth. 

Clearly in light of the COVID-19, outsourced cloud accounting & bookkeeping services have a significant amount of benefits.  By their very nature, these solutions are designed to provide services remotely.  With remote access to software and information, combined with communications through email, text, telephone, and video conferencing, you will have access to a virtual accounting team that is available anywhere and anytime.  

Additionally, because providers like Envolta use teams, not individuals, and because we already leverage a work from anywhere model, our operations have a very low risk of being impacted by the COVID-19. 

But beyond that the main benefit to adopting a cloud accounting service: Imagine the freedom to focus on actually running your business, confident that the books are accurate, you have instantaneous access to all your financials, and you have a team of experts behind you to help make sound, logical financial decisions. 

It’s time to move to the cloud, go to www.envolta.ca/freechat to get your free consultation. 

 

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