5 Benefits of Cloud Based Accounting
By Vik Naidu
Take your accounting firm to the next level with cloud accounting software. Whether your business has been established for many years or is relatively new, there is no better time to make the switch. While new technology can be daunting, it can also be a serious advantage to you, your colleagues and your clients. Here are six benefits of cloud accounting software you need to know.
1. Reduce time on paperwork
Everyone is looking for ways to save time, and accounting firms are no exception. Cloud accounting software could help your firm streamline processes and take away manual methods that simply take up too much time. With all your information securely stored in the cloud, you have the added bonus of accessing your data and information anywhere, from any device.
2. Save your business money
Maintaining traditional methods of accounting software can be a costly exercise. It can expensive to upgrade the software and maintain backups of information. On the flip side, cloud accounting software is usually operated on a monthly subscription and can be upgraded at the click of a button. You don’t have to bother with maintenance and administration costs or server failures.
3. Maintain high level of security
The cloud is a secure way to store information, especially compared to a hard drive. It can’t be lost or stolen or wiped like a hard drive can. Instead all your data is stored securely in the cloud and can only be accessed with log-in details. It also means you can log in using any computer or mobile device – perfect for business owners and accountants on the move.
4. Have the ability to collaborate
Cloud accounting software offers your firm the ability to collaborate with clients on a whole other level. Most software will allow you to have multi-user access so not only can your team collaborate and share work, but you can also do business more effectively with your clients. It’s also helpful when working remotely or even across time zones as it is updated in real time.
5. Work more efficiently
As a more cost-effective and safe method of storing information, cloud accounting software could also boost productivity in your office. Once everyone is trained on the new method of working, you’ll find that it’s faster and easier to sort files, contact clients and do reporting. You’ll also have added benefit of seeing all the financials in real time. You don’t have to worry about saving or backing up information, or transferring information between devices.
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