As cloud accounting becomes more and more popular, we’re frequently asked what the benefits really are to our clients’ operations.
Ultimately, cloud accounting can help businesses to boost efficiencies and increase revenue. How? Well, allowing bookkeepers to work with ‘live’ data is not only more productive, it also saves a lot of time previously spent on revisiting mistakes at the end of the month/quarter. Instead, bookkeepers can access and amend data anywhere at any time, meaning they can dedicate more time offering their clients advice and counsel on growing their business.
Below we’ve outlined some of the key benefits to using cloud accounting in the business world.
1) Access to accounting information anywhere, anytime. No matter where you are, you can access your accounting information on any device, whether it’s a smartphone, iPad, computer or laptop. This means you can stay on top of your financials from anywhere in the world – not just the office.
2) You can see the balance of all your bank accounts and credit cards in one place. This eliminates the need to be logging into separate internet banking account to check your finances.
3) Cost efficiency – cloud accounting is a cost effective solution for any business, big or small. You don’t need to buy hardware or accounting software – so no more timely software updates. Overhead costs, version upgrades, maintenance, system administration costs and server failures are now no longer issues.
4) Increased productivity – cloud accounting allows businesses to be more reactive to the ever-changing business landscape. Its ease of use and responsiveness also means it frees-up time previously spent on basic ‘legwork’ activities.
5) Its more secure. How many times have you ‘forgotten’ to back up your accounting system (read: ignored the warning message on your screen)? Cloud computing offers automatic data back-up so you don’t need to worry about losing your information.
