MIAMI, September 20, 2017 (Newswire.com) - The word “accounting” can scare anyone who has not spent time learning the complex system of finances. But in reality, when taught the correct way and with the assistance of modern technology, small business owners can learn accounting and actually reap the benefits of doing their own business accounting.
Frank Dinucci has been traveling the country and teaching small business owners and entrepreneurs how they can save money while keeping their own books.
Statistics released by Forbes in 2013 report that there are over 28 million small businesses in the country while another 22 million people are self-employed. This has resulted in over 120 million people working for small businesses, which accounts for over 50 percent of the total working population.
Although these small businesses remain optimistic about a strong future, studies and surveys have indicated that most of them share one common fear: a lack of know-how of the best industry standard accounting practices.
The practice that Frank Dinucci teaches is cloud-based accounting software. This practice is similar to traditional, on-premises, or self-install accounting software, but the accounting software for cloud-based hosting is on remote servers. Data is sent into “the could,” where it is processed and returned to the user. All application functions are performed off-site, not on the user’s desktop. In cloud computing, users access software applications remotely through the internet or other networks via a cloud application service provider.
Using cloud-based accounting software frees the business from having to install and maintain software on individual desktop computers. It also allows employees in other departments, remote or branch offices to access the same data and same version of the software.
Frank Dinucci says there are several key distinctions between cloud-based and traditional, on-site accounting. For one, cloud-based accounting is more flexible. Accounting data can be accessed from anywhere on any device with an internet connection, rather than on a few select on-premises computers.
Secondly, unlike traditional accounting software, cloud-based accounting software updates financial information automatically and provides financial reporting in real-time. This means accounting balances are always accurate and fewer errors take place due to manual data entry.
In the on-premises world, every time a company grows, they encounter greater software license and maintenance costs as well as new licenses and fees for a database, systems management, and other software. The company might also have to make expensive purchases of new hardware, such as servers. With cloud-based solutions for their accounting needs, businesses do not get stuck with permanent, expensive upgrades to their software.
Relationships with vendors and distributors are extremely important for small business owners. Frank Dinucci explains that having cloud-based accounting is critical when a vendor questions why a bill has not been paid, that owner can leverage cloud-based tools so they can quickly search for invoices.
Advanced cloud tools allow team members to search by virtually any term to locate a bill and identify whether it was missed and pay for it quickly to preserve the vendor relationship.
Small-business owners start businesses because of passion for what they do — not to spend time managing paperwork. Migrating traditional accounting workflows to cloud-based solutions enables small-business owners to reduce time spent managing information and improve overall operational efficiency.
Fortunately, today’s small-business owner can take advantage of an ever-growing suite of organizational tools and technologies to reduce the headaches of managing invoices, bills, and receipts while increasing the time spent pursuing new business opportunities. These tools are increasingly available as cloud-based offerings, and most small businesses should consider migrating their current accounting workflows to the cloud.
Press Contact: Eric Blankenship 786-332-6554
Source: Frank Dinucci