How Cloud Accounting Helped a Small Business Recover from a Devastating Loss
6 min. Read
Last Updated: 03/26/2015
Table of Contents
Small business owners spend so much of their time and energy running their company that they may fail to consider how unanticipated events could affect them. Yet, unfortunately, one mishap can result in huge losses. After one company lost virtually everything in a fire, they searched for better ways to store data. Cloud accounting became part of their solution.
One Single Devastating Event
Suburban Sign is a family-owned business in operation since 1947. Like many small business owners, Nancy, Co-owner, never imagined how much one single event could result in a catastrophic loss. In 2006, a fire left her with only “three walls.” Not only were the company’s paper records gone, but her computers also melted. Backup data was stored on CDs in a fireproof safe, which also melted. As a current payroll client, Nancy found out about the cloud accounting system offered by Paychex she knew she’d found the perfect solution. She never wanted to lose her data again.
More than Just Backup
Initially, Nancy trusted Paychex Accounting Online because the cloud accounting software was backed by a brand well known among small businesses. She soon found out that the system’s benefits extended far beyond just an alternative source of data backup and protection. Now, she relies on the user support provided via email, webinars, and over the phone. Unlike other accounting software packages limited to one computer, cloud accounting allows simultaneous access by multiple users. Changes are saved immediately and distributed to all users. This multi-user access increased efficiency in Nancy’s office, by allowing one person to reconcile accounts while another paid bills or prepared customer invoices.
Supporting the Reality of Small Business
Running a small business is usually a seven-day-a-week job. Taking a vacation or traveling for work may mean leaving scant resources behind to cover administrative work. With a cloud accounting system, authorized users gain the ability to access data anywhere, anytime, as questions arise. This enables them to provide superior service to customers and clients no matter where they are physically located.
Financial Data at a Glance
Using cloud software, every user is constantly synced to the latest information. Business owners like Nancy can tell at a glance who owes them money, which vendors need to be paid, and the overall financial state of their business. Her favorite innovation of Paychex Accounting Online is the streamlining of receipt documentation. At the end of the year, tax information can be exported via an electronic file or an external accountant can be granted access, further streamlining the reporting process.
As accounting technology continues to improve, small businesses have moved from paper environments to single PC-based software and now to cloud technology. Don’t let your business fall behind the times.