There is an old saying about business that ‘cash is king’ and it still rings true to this day. Cash flow is one of the most critical components of success for a small or medium sized business and with cloud based accounting solutions you could become the ‘king of cash flow management.’
“With the introduction of cloud based accounting solutions, business owners are going to be able to manage their cash flow far more efficiently” says Vince Tripodi, Director of Perks Integrated Business Services.
The cloud based systems will help business owners gain a better understanding of their business, especially their cash flow in real time. They can track daily sales, expenses, payroll, inventory, and even link to an organisations bank to provide up to date bank balances.
“By having this real time data that can be accessed at anytime and anywhere business owners know exactly how much money is coming in, going out and what is currently available” says Vince Tripodi.
It also assists businesses leaders and their accountants to be more proactive about identifying opportunities for cash flow improvement or any potential cash flow issues that are looming.
This is compared with the older traditional software based accounting systems that are generally managed monthly or quarterly meaning the data generated, such as cash flow reports, are out of date when business owners are using them to make decisions.
Having accurate and timely cash flow data is so important to business success. There have been many instances where profitable businesses have failed due to a lack of cash flow or simply poor cash flow management.
“Profit measures performance but cash flow measures viability” says Vince Tripodi, Director at Perks Integrated Business Services.
By managing their financials through the cloud, business owners and their advisors will have a far more accurate and timely picture of their financial position, allowing them to make more informed business decisions.
For more information on how you can improve your cash flow management with a cloud accounting solution call Perks today on 8273 9300.
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