Cloud Accounting is the use of accounting software that is based on the internet as opposed to a desktop application that can only be accessed on the computer it is installed on.
This introduction will outline the many benefits associated with switching from a desktop based accounting system to Cloud-based software. Over the next few weeks we will be diving deeper into the many beneficial aspects of Cloud Accounting and looking at how it could affect your business.
What are the benefits?
- It can be accessed anywhere, anytime and on any device that has an internet connection.
- As it is accessed online, there is no need to install any software. Simply login to their website and access all of your data.
- Cloud Accounting offers live data and updates your financial information automatically.
- It is a more accurate way of handling your information as there is less manual data input.
- As so much of the system is automated, it speeds up the process of doing your business admin.
- It requires less maintenance than non-Cloud based software.
- It offers more detailed reporting to base decisions on.
- With Cloud Accounting you are able to share data via separate users with secure, unique logins as opposed to using USBs (which are easily lost or damaged) to transport data.
- The data is all backed up (usually in 2 or more locations) so if one network crashes, you would still have access to your financial information.
Easy to use
- Access to reporting, projects and your bank feed quickly and easily.
- There is need for physical receipts, saving you time sorting out paperwork.
- Through Cloud Accounting there are over 15,000 apps that allow processes to be automated or improved.
- Through the use of these apps, Cloud Accounting becomes a more personalised service.
Not to mention, by using Cloud Accounting, you automatically become compliant with MTD.
More to come…
All together, these benefits give small businesses accounting tools that, 5 years ago, either didn’t exist or would have been too expensive. In short, with all the benefits the Cloud can bring to your small business, the upside of using this software can be extreme and put you above your competition. To sum up, cutting costs and time is just the beginning with Cloud software.
As mentioned above, we will follow this post by expanding on several of these main benefits in future blog posts so be sure to keep your eyes peeled. We will be sure to link those on this post as we post them.
As always, we are very happy to answer any questions you may have so feel free to get in touch.