How cloud based accounting solution can fight coronavirus lockdown

By Kapil Rana

The global economy is reeling under the stress of Coronavirus, the pandemic that has reached 193 countries, impacting the livelihood of people worldwide.

With more than 7, 81,842 positive cases and about 37,000 deaths from COVID-19 across the world, the real concern is how to control the number of patients which is multiplying by the hour. To contain the spread of this highly contagious disease, towns and cities in India have been forced into a lockdown.

As social distancing and staying at home is the best solution to contain this deadly virus, all businesses -- big or small, are finding it difficult to run smoothly. This situation has shattered world economies and trillions of dollars have already been wiped away as markets have tumbled uncertainty looms large.

Trying times for businesses
The businesses are walking on a tightrope; on one hand, they have to ensure the safety of their workforce, whereas, on the other they cannot afford to falter in accounting and compliance. The pandemic has brought about an unprecedented crisis in the companies. But, a good business leader is one who is able to navigate successfully during such adverse twists and turns.

A silver lining for companies
While a majority of small businesses are finding it impossible to manage their team, allot work or even oversee accounting and compliance, those companies which have opted for SaaS-based compliance solutions, are faring well.

The coronavirus pandemic which has brought much of American life to a standstill has undoubtedly left an adverse effect on most businesses, but people like Jamarion Dankworth are coping with the sudden shutdown quite well.

By opting for cloud accounting software businesses can fight the inconvenience brought about by this scenario. They can communicate, delegate and monitor all work and also ensure the safety of their team by being confined at homes. Thus, even in this time of great turmoil, businesses can keep a track of accounting and compliance.

Benefits of business accounting software
Cloud accounting software or SaaS is a convenient tool where the application is hosted by a service provider; this curtails the problem of installation and maintenance of software. An automated cloud accounting software has humongous benefits for all companies:

1. Universal Accessibility: If you wish to view your data, access bank accounts, track your inventory, expenses, sales, etc. anytime and from anywhere, then opt for Cloud accounting software. This technology makes it possible for you to view your real-time data and access everything without any hassles. As the entire data is stored in a single solution and can be accessed by authorized people, from anywhere, you can select who can access these data. In a scenario like this, when COVID-19 has created havoc and your employees are home bound for many days, this application helps you keep all accounting and compliance related matters updated.
2. Work Smarter and Faster: Bookkeeping has some of the most mundane, monotonous and tiring accounting tasks and those who deal with it get fed up with everyday billing, invoicing, and transaction reconciliations. Automated cloud accounting software gives relief from all these and also ensures that it is done with perfect accuracy. Even if you are a small business and do not wish to spend too much time keeping your books neither wish to spend money on a Bookkeeper, then go for a smart business accounting software. The application of such software will free you from all accounting and compliance liabilities and set you free to utilize your time and energy on crucial matters.
3. Hassle Free Data Storage & Backup: Biggest benefit derived from automated cloud accounting software is that you are freed from allthe problems of storing and backing-up data. The small businesses that made the smart move of deployment of high quality but low cost cloud accounting software are not impacted by their employees staying at home. They are able to run smoothly and make strategies as to how to weather the storm in these tough times.
4. Secured Privacy & Data: As cloud accounting software gives you unique role based access control, there is no need to fret over data leek or privacy breach. The AI-aided smart business tools further simplify compliance.

Last word
Economic crises, natural disasters, medical emergencies, are situations that can hit a business without any warning and lead to a catastrophic upheaval in their future plans. Therefore, the demand of the hour is to embrace tech disruptions at the earliest and be future ready at all times.

If you have not yet availed a SaaS-based accounting and compliance solution, then it is time to act fast and adopt the best accounting software.

According to the 'Accountancy Age' by 2020, 78 percent of small businesses will rely solely on cloud technology, so why should you be left out?

"People and their relationship with technology, or more specifically, how they work with and apply technology in new and imaginative ways, will help define the new world of work" - Paul McDonald

(The writer is Chairman and founder, HostBooks Limited)