Financial process improvement: Accounting and bookkeeping in the cloud

Tourism HR
  • Budget & Finance
  • Plan

Accounting and bookkeeping in the cloud

It is essential to have a financial system in place that lets you act swiftly and with an enterprise-wide perspective. The right system will give you a view into your past and present financial position, provide insights for decision-making, and let you quickly pull together financial reports to meet the requirements of relief programs.

Remote working has created major data access challenges across business functions, but the impacts have been far-reaching when it comes to budgeting and finance activities. Everything from invoicing, collecting payments, tax preparation and regular financial reporting has been severely restricted for SMEs. As a result, many tourism operators have been forced to shift to cloud-based accounting software in an effort to adapt. While this could be viewed as overwhelming, the good news is that cloud-based accounting software has been on the rise for a few years now, it is viewed as secure and reliable, and offers many benefits for SMEs. 

Here are some of the free or low-cost cloud-based accounting options:

Here are some factors to consider when choosing a cloud-based accounting option:

  • Cost: Is pricing annual or monthly? Can subscriptions be cancelled easily and with limited penalties?
  • Flexibility: Does the solution offer multiple reports and/or a dashboard view? Is training and customer service offered? Can other programs and apps be integrated?
  • Consistency: Can you commit to using the program properly and consistently?
  • Access: How many people can access data at one time? Can users collaborate?
  • Security: Are you comfortable with the security features? Is it clearly explained?

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