However, many people aren’t too sure exactly what cloud accounting has to offer, and how it can help their business, and as a result they are hesitant to make use of this powerful resource. However, this article will help set the record straight, and demonstrate just why cloud accounting is something that every business should consider.
1. Instant access, anywhere, any time
One of the main disadvantages of traditional accounting software is that it only works on one device, typically a computer in the workplace. This is far from ideal if you are away from your office, but need to quickly check an invoice or statement. However, with cloud accounting, you are able to access all your important financial information from virtually anywhere with an internet connection. That means more flexible working hours, since not everything has to adhere to a strict nine-to-five routine, and no more instances where you can’t access vital information.
2. Greater value for money, at a lower cost
For small start-ups who don’t have a lot of capital at the moment, cloud accounting has enormous benefits. Instead of having to pay for expensive accounting software upfront, you are instead able to simply subscribe to the cloud service, and then make smaller regular payments. You don’t even need particularly powerful hardware- since all the processing is taken care of by external systems, you can get by without investing a lot of your money into computer hardware at this point in time.
3. Increased security
A big reason why a lot of businesses are put of cloud accounting is the fear that their sensitive data will be put at risk- after all, doesn’t sending all that information back and forth leave it at the mercy of hackers? Well, in actual fact, cloud accounting is highly secure, with a variety of measures put in place to ensure that only you are able to access your financial records. In fact, your data will actually be more secure; since it is stored in multiple locations, if anything goes wrong with one system, you haven’t just lost all your data.
4. No need to worry about backups
Following on from the previous point, using cloud accounting services allows you to simply get on with your work, without having to worry about keeping everything backed up. Many businesses neglect this vital step, and as a result can lose months of work in the blink of an eye. That’s not an issue with cloud accounting- since it’s all done automatically, your data will always be accessible even if something goes wrong.
5. Save on costly IT support staff
For businesses that rely on on-site IT systems, an in-house IT specialist is a must have. However, this can be rather costly- can you really afford an additional full-time member of staff when a perfectly viable alternative is available? By making the most of cloud technology across the board, including with your accounting, your staff won’t need any specialist knowledge, and you can instead focus on hiring people who are directly relevant to what your business does.
CLOUD ACCOUNTING IS THE 21ST SOLUTION FOR THE SMALL BUSINESS OWNER
Gone are the days of the once a year accountancy service, you can get help from your accountant in real time with the best in cloud accounting solutions.