18 January 2018
*This article was first published in Manchester Evening News on 10 January 2018.
Cloud accounting is allowing more and more businesses operating in the hospitality sector to reduce costs and make better business decisions through access to real-time data and reports that can be analysed and turned into actionable insights.
Through the implementation of cloud software, businesses can significantly cut costs. Cloud software is considerably cheaper than its hardware counterparts, allowing for investment in other areas of a business.
There’s also a reduction in staff costs through moving away from the manual processing of invoices.
The software recognises scans/photos of purchase invoices which is a major advantage to the restaurant trade that often sees a large volume of invoices requiring processing.
A key driver for industry professionals converting to the cloud is the software’s ability to allow them to be more responsive and reactive.
The software collects valuable data that will allow users to make better business decisions. Users are able to almost instantly see what’s selling well along with margins being made on product lines. Businesses can respond to new opportunities quickly as software can be accessed from anywhere with an internet connection.
This is particularly useful to businesses operating with the hospitality sector, as it allows them to speed up the process and reduce the cost of introducing new menus and opening up new locations.
Ultimately, if you want to provide a better service to your customers while reducing staff turnover, cloud accounting may be the solution for you.