With a cloud accounting system, your books are moved online and can be accessed from
anywhere using the internet. The service is paid for monthly on a subscription basis. There
are many out there that you may have heard of, such as Xero, QuickBooks and FreeAgent.
If you are eager for your business to work smarter and faster, cloud accounting software
could be a great investment for you.
Here at Suzanne Lock Business Services, we use cloud accounting software on a daily basis.
We love it, and so do our clients. Using online accounting software keeps our clients
connected to us (their accountants) and their financial data. In this article, we are going to
discuss the many benefits of using cloud accounting software. Read on to discover whether
this could be the right thing for your business.
The Flexibility Aspect
This is perhaps one of the largest benefits of using a cloud accounting system. To access
your accounting software, you don’t have to be confined to your office. You can essentially
log in from anywhere at any time (provided you have access to Wi-Fi or mobile data). You
also have the option of either using a mobile app or a web browser.
The flexibility is very ideal in today’s times, especially since working from home is a lot more
common now due to the effects of the pandemic. The flexibility of accounting using a cloud
system is endless. With cloud accounting software, you can complete tasks such as
approving payments and sending invoices on the go. It also makes it quicker and easier to
share documents electronically.
Less Paperwork And Administration
One thing many office workers can agree on is the stress of dealing with paperwork.
Paperwork gets lost, paperwork gets ripped, paperwork gets mixed up with other
paperwork... It can just be a big jumble of stress, especially when you are desperately
searching for an important document and it is nowhere to be seen!
Thankfully though, by utilising cloud accounting software, there could be much less
paperwork sitting around in your office. And it could also be much easier to find documents,
as you can organise them in files on the accounting software.
Relying less on paperwork can help your business to become more eco-friendly, as well as
organised and secure. In addition to this, you won’t have to perform backups of data, as the
software will do it for you. Less time spent on administrative tasks will mean that staff
are able to spend more time on more productive activities that will help to expand your
business.
The Efficiency Element
Cloud accounting software has so much to boast in terms of efficiency. Many accounting
systems can integrate with your bank accounts, which makes bookkeeping, reconciliation
and accuracy much simpler to achieve. The efficiency of this leads to staff not having to
waste time entering financial data manually.
Using cloud accounting software is also time and cost-effective, which further boosts
efficiency. It is cost-effective because you do not have to pay for any IT infrastructure like
you would with a desktop-based system. It is time effective because you can do accounting
and bookkeeping tasks with the click of a button, from anywhere at any time.
The Bottom Line
A cloud accounting software is a great idea if you are looking to enhance the efficiency and
operations of your business (but let’s face it, who isn’t?)
If you are considering using a cloud accounting system, then do not fear. You do not need to
be tech savvy in order to get the best out of it. Nearly all of the cloud-based accounting
software platforms out there will have a section on their website with a long list of video
tutorials and instructions to show you how to do particular tasks.
So there you have it! The reasons we love cloud accounting software. We hope you have
found this article informative and helpful. If you are going to give cloud accounting software
a try, then enjoy! We hope it helps to maximise the efficiency of your business.