The days of pencil pushing are over. Cloud-based accounting services have become the best friend of small businesses and the most reliable form of financial support. Over the course of the last ten years, these services have streamlined the processes and reporting of an otherwise uninspired industry. By employing financial technology, companies such as ourselves have been able to disrupt the accounting market and inject a much needed dose of innovation and speed.
But if you’re wondering what cloud-based accounting can really do for you, we wouldn’t blame you. The nuances of this industry are oftentimes lost in the shuffle. Here are some of the reasons why most businesses are moving over to cloud-based accounting.
Cloud-based accounting covers your bases in regards to online security. Providing the ability to backup all your info, you’ll never have to worry about keeping a hard copy or losing your data. Additionally, you can control your privacy settings, ensuring that confidential files are accessible only to those that should see them. This means that if your computer is ever stolen, everything is secure and backed up on the cloud.
One of the key advantages of cloud-based accounting is its utilization of online storage systems. Because nothing is saved on a hard drive, you are free from bogging down your computer with updates and other extraneous files. Furthermore, accessing your info is easy, as everything on the cloud will be well organized and instantly available.
Manual processing isn’t only repetitive: it is at risk of human error and other issues. Because it is entirely automated, cloud accounting simplifies this process and can detect things like duplicates, fraud and other discrepancies. Thanks to this automation, it will also save you the time you would have otherwise been checking for errors.
Cloud accounting makes collaboration easy. By that, we mean its ability to allow multiple users across various accounts to edit simultaneously. Everyone involved can keep up to speed as they monitor, improve and understand the data as it changes.
If you are using more than one kind of cloud-based software – such as SaaS or PaaS – there’s a good chance it can be integrated with your accounting service. This will make your life easier when it comes to creating a more comprehensive data model.
Say goodbye to bugs and other software issues. Cloud accounting services are always being improved upon, meaning that the latest edition is only ever an update away.
Thanks to all of these advantages, your team’s overall efficiency will have a huge boost. Not having to worry about the maintenance of your accounting will mean you can focus on the revenue-generating activities that your company deals in. Lastly, being able to see a clear overview of your data will allow you to make informed decisions that will ultimately take your business to the next level.
These benefits, along with a handful of others, are some of the reasons why businesses are making the switch to cloud-based accounting.