What are the benefits of cloud accounting?

What is cloud accounting? 

Cloud accounting involves using internet based software in order to carry out your normal accounting processes, storing the data in the cloud rather than as paper records or using desktop software and storage. This means that rather than being accessed through individual computers, the application and therefore your accounts can be accessed remotely and by multiple employees.  

Cloud accounting can have a significant impact on a small or medium-sized business, changing working practices and in many cases allowing more efficient and streamlined accounting. 

What are the positive impacts of cloud accounting? 

• You can spend much less time filling out paperwork, and reduce your reliance on physical copies of documents. This is great for your business because it saves lots of valuable time for your employees. Paper records leave room for manual errors and are more likely to get lost. Furthermore, moving everything online means you can save filing space and any associated storage costs.

• Cloud accounting is a safer way to store your financial information since all data is saved on a highly encrypted, secure cloud server which is constantly getting backed up. This saves you the hassle of having to manually back up your data as you would with a desktop accounting program. It also means you can be less worried about the risk of being hacked, or otherwise compromised, since even if your computer crashes everything will still be saved in the cloud. 

• You can access all of the data you need, anytime and anywhere, and information sharing is much easier, since all employees and your accountant can access the system from their own devices. This also means that you can alter permissions and add users in the way that best suits the way you want to manage your business, so that different people’s levels of access can be tailored to the information that they need for their specific role. 

• The automated nature of the software allows you to ensure maximum accuracy, and to access the particular information you need directly, without wasting time rifling through papers or searching through files on your computer.  

• You can review your business’s balance sheet thanks to automated bank feeds providing real time updates and the software can also provide you with a range of reports which allow you to keep track of how your finances are looking. 

• It’s easy to import all your invoices, expenses, receipts and other financial data into the system. It is also possible to integrate your cloud accounting system and all the information it contains with other digital platforms, including any which you are using for payroll, CRM and other functions. 

Cloud accounting can be a great solution for businesses looking to move towards a more collaborative, streamlined model with a higher level of security. There’s no need to worry about losing all your data if for instance a storage room floods, or a computer crashes, because all of your information is kept in highly encrypted cloud storage which you can access remotely, from anywhere in the world. Cloud accounting presents an exciting opportunity for many businesses. 

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