Does your company still use desktop software or spreadsheets for accounting tasks? If so, then it could be time to upgrade to a cloud-based accounting system.
In comparison to on-premises solutions, cloud accounting for small businesses offers several advantages. These include the freedom to work from anywhere at any time, the automation of laborious manual operations, increased accuracy and compliance, and the capacity to expedite financial closing procedures.
With a cloud-based system, the supplier handles the hosting and upgrading of your cloud accounting software. You move your books online and use a browser to access the software, paying a membership fee for the service. The computers at your business don’t need to have any software purchased or installed. The service is also less expensive to implement and deploy to other business locations.
Aside from these benefits of cloud accounting, below are a few other reasons how cloud accounting can make a huge difference to your business:
1. Total security without the need for time-consuming backups
Your accounts and records are all kept and backed up using military-grade encryption when you use a cloud accounting system.
There’s also no need for backups and software updates as you’ll always be logged into the most recent version of the program, which includes all the newest features. Your work is automatically stored as you go, so laborious backups become a thing of the past.
2. Ease of sharing and collaboration
When you’re practising cloud accounting, collaborating with co-workers and sharing data with your advisors become a really simple process.
Instead of using the outdated desktop method where individual users had restricted access to their accounts, concerned team members can all instantaneously view the same figures from any location using a specific cloud accounting solution.
3. Eco-friendly and sustainable
You can achieve your goal of having a paperless office by adopting cloud accounting.
Dealing with paperwork, data input, and financial administration can start to eat into your business time when using traditional accounting. People require hard copies that need to be printed – something that’s inefficient, time-consuming, and unfriendly to the environment.
Your reliance on paper can be greatly reduced with an online accounting solution. Direct emailing of invoices to customers reduces printing and postal expenses and expedites the payment process. You can scan and preserve incoming bills and receipts alongside the related transactions in your accounting software.
Additionally, since all your files and documents are preserved digitally and kept in the cloud, there’s no need to keep the paper originals, so you can save file space.
Time to make a change
You can improve your business processes and efficiency by making a few simple changes to the technology you use. One method you can use is by implementing cloud accounting.
If you’re still on the fence, keep the above benefits in mind as you make a decision.
If this article has inspired you to think about your own unique situation and, more importantly, what you and your family are going through right now, please contact your advice professional.