Cloud accounting software has a number of advantages over traditional accounting software - it can be accessed from anywhere, it’s constantly updated, it’s secure and it’s automatically backed up. Today, we’re looking at the benefits of cloud accounting in a little more detail.
Less admin = more time
Doing your accounting manually can take up a lot of your time - time you could be investing in the growth of your business.
Most cloud accounting software automates processes and makes it much easier to keep track of your accounts. Invoices and reminders will be generated automatically so you don’t have to keep chasing late payments.
Everything in one place
The reporting on cloud accounting software allows you to see all of your data in one place, with a user-friendly interface.
Access from anywhere
With traditional accounting software, there will typically only be one user and one device which has access. This can make things difficult if you’re away from the office and need to check your accounts.
As there’s usually more than one person in a business who requires access to key information, cloud accounting means that multiple users can securely access this data - both in the office and from elsewhere. You can still control levels of access for each user so only those who should see your accounts can.
Security and protection against data loss
With traditional forms of accounting, the lack of secure cloud backup means that data can be easily lost if there. This could have serious knock-on effects for the business.
On the other hand, cloud accounting software is constantly backed up which means that disaster recovery will be far easier. Plus, nobody can access your information from your own computer unless they have the correct login details.
Constantly updated data
Real-time updates mean that you never have to worry that the accounts information is incorrect or out-of-date. Rather than having to manually input changes, cloud software is automated and lets you know what’s going on. You’ll always have an up-to-date picture of how your business is doing.
View real-time reports
Similarly, cloud accounting software produces real-time reports for you so that you can see monthly overviews, individual financial statements, expenses and graphs to track your profits over time.
Visualise things more easily
As well as reports being in real-time, they are also presented in a way that’s easy to understand and digest in a heartbeat. Rather than lists of figures and spreadsheets, cloud accounting software provides you with clear insights into your business data through charts, graphs and simply categorised sections.
Add bolt-ons easily
A final but important benefit of cloud accounting is your ability to tailor it to the needs of your business. While most software is available as a standard package, in most cases you will be able to add extras and bolt-ons so that the software works as you need it to.
If you’re interested in moving your bookkeeping processes online, you can check out our cloud accounting software. We offer our core package on a subscription basis and can also offer bespoke extras and additional bolt-ons to fit your specific needs.
Feel free to get in touch if you’d like any more information.