The benefits of cloud accounting for businesses
If you would like your business to work smarter and harder, cloud accounting is a good place to start. Working in the cloud gives you a better overview of your finances and also makes collaboration with your team easier.
Traditionally, small business accounting software can be a chore to use. How can this add value to your business, if you dread having to use the software that controls the overview of your finances? Surely in order to understand what makes your business successful, it would help if you liked working with the software that controls the numbers. Cloud software not only will save your business time and money, but it is also nice to use. There’s a reason why Xero’s slogan is ‘beautiful accounting software.’
So what is the cloud?
If you use internet banking, when you access your data you are using the cloud. The cloud enables you to access your data from anywhere, at anytime, from any device. Your hard drive is no longer the hub where all your information is stored.
Issues with traditional accounting software
- The data in the software isn’t up-to-date and neither is the software
- It only works on one computer. Data has to be transported from place to place, usually on a USB stick, which is not secure or reliable.
- Only one person has user access, meaning key people can’t access financial or customer details.
- It’s expensive and complicated to keep back-ups.
- It’s expensive, difficult and time-consuming to upgrade the software.
- Customer support is expensive and slow.
Why the cloud and accounting software are the perfect match
Cloud-based software can be accessed from any device with an internet connection. Online accounting means that small businesses can stay connected to their data and also to their accountants. The software can also be integrated with over 300 add-ons, designed to aid with inputting data across a wide range of sectors.
In the cloud, there is no need to install and run applications on your desktop computer. Instead you pay for the software by a monthly subscription, which includes any upgrades, so there are no hidden costs.
Cloud accounting software can be used at work, at home or on the go. This gives you the confidence that you have an up-to-data view of how your business is performing from wherever you are. The cloud is also one of the most secure places to store data. For more information on cloud security click here.
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