*Featured In The EDP Norfolk Magazine*
Why use cloud accounting software?
In this article, I’ll highlight the key reasons why cloud accounting software is being recognised as a powerful tool for business, and used more and more by businesses and accountants alike. Whether you’re a freelancer, a small business or a larger operation, all can benefit from using real-time cloud accounting.
So, why use cloud accounting software? Here are the reasons:
Security is perhaps the most important factor to consider when deciding which kind of accounting software will work for you and your business, and understandably so. Cloud accounting software is just as secure as online banking and if not more secure than traditional forms of accounting software.
In most cases, the accounting software provider will have backup servers in multiple locations, meaning that in the event that the server is destroyed in a fire, or natural disaster, your data will still be safe and secure on one of many backup servers. It also offers the ability to have multiple users view your data eliminates the need to use unsecure methods of file sharing, such as email or by bouncing USB sticks from PC to PC.
Communication & Time Efficiency
If you’re a business with a significant number of employees, consider how much time will be freed up by not having to install and maintain accounting software on individual computers. Instead, data is accessed via the internet allowing all employees and your accountant, no matter where they are, to see the same data on the same version of software.
A great deal of money can be saved by switching to cloud solutions. Larger organisations can end-up spending a lot of money on server infrastructure to store data. This, combined with not needing IT staff to maintain or update cloud accounting systems, as well as not having to purchase new software, can result in a substantial amount of savings for your business.
Currently, subscription based formats are among the most popular, where a company pays a monthly/yearly fee in order to access and use the cloud accounting software.
Another great benefit of cloud accounting software is that it allows the user to view real-time data. Cloud-based software automatically updates financial information and provides real-time financial reporting, meaning account balances are always as accurate and up-to-date as possible. Being able to view real-time data enables you to make better informed business decisions.
On the Go
With a number of apps that work in conjunction with your chosen cloud accounting software on the market, managing your finances from your phone, tablet or laptop has never been easier.
Most cloud accounting systems are designed with simplicity in mind, with an emphasis on making the software as easy to use as possible. They have the functionality to allow multiple users to access the software across multiple devices, which opens up an abundance of collaborative opportunities.
So, why use cloud accounting software?
We say, why not use it!
You can read more about how cloud accounting can help your business and the software we recommend by visiting our Cloud Accounting Service and Software page.
You can also find out more about the government’s G-Cloud framework if you are interested in supplying or buying cloud accounting software, hosting and support.