Why high growth business choose cloud accounting software
Businesses that are on the fast track to growth routinely choose cloud accounting software to handle their financial management, as do business owners who are determined to make their new venture a success.
The rocketing popularity of cloud accounting software like FreeAgent and Xero is a trend that has disrupted the traditional accounting industry.
Now, start-ups and business targeting double and triple-figure growth are more likely to pursue a cloud-based solution, with support from a modern accountant like CloudAccountant.co.uk, rather than going down the traditional accountant route.
So why do so many businesses with steep growth trajectories choose cloud accounting software?
There are three primary reasons.
Start-ups and companies that are on the fast track to growth need to be agile. Compared to bigger, more established players in their industry, the insurgent’s strength lies in their ability to move quickly – responding to market stimulus and operating as efficiently as possible.
Using a cloud accountancy software package like Xero or FreeAgent allows these businesses to increase or decrease the number of users and a range of other metrics, instantly.
Scaling up a business is complicated. When you are trying to increase the size of your business, you need as fewer barriers as possible. Understandably, it can take time to find bigger office space or new employees, but when it comes to things like software licences, scaling up should not be an issue.
If you find your business needing more support as it grows, CloudAccountant.co.uk’s large team of qualified accountants have no trouble increasing your provision.
When business revenue is growing quickly - at 60 or 120 per cent each year - you need to be careful that you are making the right decisions about how to invest it, otherwise you risk leaving your company exposed to market storms or downturns. Nimble-footed cloud based accounting systems make it easier to gather, organise and analyse your business’s financial information, allowing financial managers to make better decisions and communicate critical details to stakeholders.
The team at CloudAccountant.co.uk are here to help you interpret your accountancy software data, make sense of it and advise on what kind of business actions will help your fast-growth company survive and thrive.
To learn more about the software and how it can benefit your fast-growing company, contact a member of the accounts team today. Call: 0808 281 0303.