Cloud accounting business software is a system that helps you control and optimize your accounting transactions and accounts for a company through accountants, bookkeepers, or company owners. You keep the company books online in terms of cloud accounting, which involves income and expenditure records, and assets and liabilities.
The data stored on the cloud is encrypted, almost like that of a bank, so people with a password can only access the data. The application is stored on remote servers with cloud accounting, allowing users to access the application anywhere, from almost any laptop, anywhere as often as you have internet service.
Records point at over 78 percent of small companies and businesses currently using cloud-based accounting software and enjoying the advantages it comes with. Let’s take a look at these benefits in detail.
It is affordable and saves time
Cloud accounting business software is carried out entirely from the cloud. There is no need for acquiring IT infrastructure for you to maintain. This is because you can access the software whether you are in the office or anywhere you find comfort working from. You do not have to wait until you are back at the office, you can approve payments, or send out invoices to customers from your vicinity. This eventually saves you time and costs, as it makes your financial processes more effective.
Cloud accounting is secure
Almost all accounting information is secured on the cloud. Even under levels of elevated encryption algorithms, the data is protected, making it much safer than leaving it on the workplace shelf. Additionally, all of your information is synchronized making it always fresh for use.
Does away with paperwork
With a cloud accounting business software, you can significantly reduce your reliance on paperwork. Invoices can be emailed out directly to clients, removing the costs of printing and postage. This as well speeds up the payment process. Any bills and receipts to be sent can be scanned and saved directly with the associated transactions in your accounting software. With everything digital and stored in the cloud, there is no need to keep the paper originals. This will save filing space and storage costs.
Mobile and accessible anywhere
You can access your accounting software from anywhere on any device and manage your business finances using dedicated mobile apps for iOS and Android. This has a lot of benefits for companies and businesses of any scale. For instance, directly from your smartphone, you can build and submit invoices on the go.
With a few taps, you can create, display, and print accounting reports. You don’t have any need to ask the accountant to schedule it three days earlier. Log in to the website, go to the section of financial reporting, and download the financial report you require.
Enables collaborative work
You probably spend a lot of time working with other team members and your accountant each year. With our online bookkeeping software, you can share remote access immediately without worrying about data loss. With a cloud accounting business software, your entire team can all access the same data instantly, from any location. So collaboration is as easy as picking up the phone and logging in to the system, with the key statistics right there for each of you.
If you are currently using a desktop-based accounting system, and want to see first-hand how cloud accounting business software can benefit your business, please do get in touch for an upgrade.