Trending: Using cloud technology to avoid major accounting pitfalls Most business leaders today will agree that accurate, timely financial data is critical to being nimble and competitive in the face of ever-evolving challenges facing Canadian businesses of any size. In fact, business owners we speak with on a daily basis tell us a failure to maintain reliable, real-time bookkeeping and accounting data represents one of the biggest pitfalls, particularly for small and medium-sized businesses.
DERRICK DEMPSTER PARTNER AND DELOITTE PRIVATE LEADER FOR DELOITTE CANADA - ATLANTIC
Without relevant data, business owners have no reliable way of knowing how they’re truly performing on a daily basis. After all, gut instinct can only get a person so far—and sooner or later, it won’t be far enough. Those who rely on instinct end up missing opportunities and making decisions that can hurt, rather than grow, their company.
It’s not just about the numbers
BRIAN GROVES
PARTNER AND MARKETPLACE LEADER, DELOITTE CANADA - NEWFOUNDLAND & LABRADOR
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Of course, knowing the numbers is only part of the equation. Making sense of those numbers is what really counts. Unlike their predecessors, today’s business leaders have access to so much data that it’s easy to get overwhelmed. The key is to know precisely where to focus and how to extract meaningful insights from the avalanche of information. The inability to do this is one of the top pitfalls affecting small and medium-sized businesses today.
That deluge of data likely contributes to another major obstacle: actually finding the time to complete the bookkeeping. We’ve seen small business owners do their books manually and infrequently, without expert help. This makes it harder to access timely, accurate information. The good news is that affordable and timely help is out there. However, leaders shouldn’t drag their feet to take it.
News flash: Your competitors are already in the cloud
When people refer to the cloud, they’re generally talking about all the technology assets, like servers and software, used to run key business functions. The beauty is that all those assets are located somewhere off-site. Most business leaders have already heard about the enhanced efficiency, cost savings, reliability, and security the cloud offers. Our research has shown that businesses embracing cloudbased technologies are outperforming slower adapters. Those using cloud-based systems are able to access their financial data faster, and from more places, than less
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