Five benefits of cloud accounting
Business owners can take advantage of an ever-growing suite of organisational tools and technologies to reduce the headaches of managing invoices, bills and receipts, and allowing for more time to pursue new business opportunities. One powerful tool to have for your business is cloud accounting.
But what exactly is cloud accounting? Simply put, cloud accounting applications offer similar functionality as desktop accounting software with one major difference: cloud accounting is run on remote servers so your documents can be accessed online no matter where you are. There’s no need to install accounting software on your computer.
If you want your business to work smarter and faster, and save time and money doing it then utilising cloud accounting software is the way to go, advises Active Accounting Group.
Some great benefits of cloud accounting include:
The cloud environment allows for the automatic feeding of information between software. For businesses looking to simplify their bookkeeping, reduce workloads and lower stress, accounting automation offered by cloud accounting programs may be the answer they are looking for. With cloud accounting, integration with your financial institute means transactions can be automatically tracked and entered. They also update in real-time so businesses can always stay on top of their transactions.
Collaboration between your team and your accountants
With cloud accounting, you can share data with as many or as little people as you like. You’re in control. You are no longer confined to sending documents over email, or even less convenient, backing up files to a USB stick and sending them to whoever needs the data. With cloud accounting, both you and your accountant can view your figures together at the same time – regardless of your locations. This enables quick decision making and averts the need for any back-and-forth of data.
Increased Accuracy and Efficiency
With your data stored online, automatically updating and tracking your transactions, cloud accounting can help improve the accuracy and efficiency of your data and assist in reducing errors, especially when it comes to your BAS and taxes. You can also keep your vendors, distributors and staff happy by quickly accessing their bills and invoices and keeping on top of all your payments.
Cloud accounting can offer you better data security. Typical company computers or laptops with critical information run the risk of being lost or even stolen, causing a breach of information. Cloud accounting enables businesses to leave no trace of their financial data on company computers. Most cloud accounting is run from secure data centres, which are encrypted and password protected to safeguard your data. Cloud providers usually have back up servers to ensure your data is always accessible, so it’s a no brainer to take advantage of it for your business.
A side benefit to cloud accounting is that it can facilitate a paperless environment, which is a great step towards being an eco-friendly business.
There are a multitude of cloud accounting services for you to choose from. Xero, MYOB, Saasu, QuickBooks and Cashflow manager are just some of the top tier cloud accounting services available.
If you aren’t sure which service is right for you, Active Accounting Group in Newcastle can advise on which option will suit you and your business.