Cloud computing is hardware and data storage in secure centers which users can access through any internet-connected device. The benefits of cloud accounting software are similar to those of using Google Drive or Dropbox. Here are five reasons your business should embrace a cloud accounting solution.
You can access cloud apps and data from anywhere at any time on any device with an internet connection. The ability to work remotely means you can travel freely to gain new clients, employ teleworkers, and save time on your commute. Cloud accounting has enabled many small business owners to move away from a physical office to a virtual model, saving thousands of dollars on rent.
Cloud accounting stores your sensitive information on a secure server with backups and disaster-recovery procedures, preventing data loss in case of fire, computer crash or theft. You can also transmit data back and forth using the highest available level of encryption to secure data from eavesdroppers.
Cloud accounting packages are offered at a fixed-rate, with no additional IT staff costs, no updates to download, and no expensive software licenses to purchase. It eliminates the need to buy new hardware, which reduces energy costs and saves space in your office. Your technology is always up to date, included in the subscription price.
4. Work Reduction
Cloud computing allows your staff to update important statements and documents remotely to reflect the latest data. Your accountant does not have to wait for physical documents to update invoices and receipts; all your information is automatically accessible as soon as it's entered, and there's no duplication of effort. One person enters each data item once, instead of passing paper around an office.
Traditional accounting systems typically restrict access to qualified accountants. Cloud software is designed to enable your entire staff to input and manipulate data and view real-time information from anywhere, with security restrictions built in. This means key personnel can collaborate and stay connected to their data whether remotely or in the same office. Decision making is faster and employees who are better informed can complete their tasks more efficiently.
No matter your line of business, your focus is on serving customers, not spending hours on bookkeeping. Shifting traditional accounting workflows to a cloud-based solution can help your business save time, utilize resources, and streamline operations. With the ability to do your own bookkeeping and tax returns, the role and services of an accountant will be elevated to that of a trusted business advisor.