Business owners in the oil and gas industry are focused on finding solutions to help them adapt to today’s challenges. Agility and organization are two key attributes for navigating your organization through this critical period. You need to be agile so you can adapt to new situations to realize opportunities quickly and organized so you can make sure you’re getting paid for your hard work.
What’s holding you back from being agile and organized? For many oil and gas clients we work with, it’s managing the finances. It can be time-consuming and repetitive, and difficult to stay on top of as you’re on the road a lot.
Cloud accounting and bookkeeping can help. It allows you to save time, understand your finances better than ever, and work from wherever business takes you. This new technology takes accounting and bookkeeping processes from the office desk to anywhere you can get an internet connection by storing your data in remote, secure servers, and uses automation to reduce the time-consuming repetitive processes that used to be standard accounting tasks. And cloud accounting can work for every business, regardless of size.
It starts with a foundational accounting app, like Xero or Quickbooks Online. These apps are accessible on desktop, laptop, tablet, or phone, and they allow you to see your financial information from your office to the job site. The apps connect directly to your bank feeds, pulling transaction data in to provide up-to-date financials without managing paperwork or doing hours of data entry.
You can also say goodbye to the pain of invoicing. Cloud accounting platforms can create invoices with a few clicks or taps— meaning you could bill a client right from the work site as soon as you’re finished.
But cloud accounting can be more than just a time-saver. It is a tool that shows you how your business is performing and empowers you to take advantage of opportunities before they’re gone. The technology allows you to quickly create financial projections so you understand what is working and what’s not. Creating projections like this used to take a lot of time. With cloud accounting tools, you can get them whenever you want.
Navigating this period is difficult and stressful. Moving to a cloud accounting and bookkeeping system can be an investment in your business that will help you find your way forward by saving you time and providing greater insight into your operations.
To learn more about cloud accounting and bookkeeping, visit mnp.ca/ease or contact Shayne Dueck, CPA, CA, National Leader, Client Accounting and Bookkeeping Services at 306.664.8315 or shayne.dueck@mnp.ca