Cloud accounting: what are the benefits of using it?

In this digital age that we live in, the need for cloud-based technology in most industries is unprecedented. This is because of the speed, convenience and efficiency provided to us by these innovations, and it’s no different in the accounting space.

Whether you’re a small business owner in need of a professional cloud accountant or you’re a student looking to broaden your knowledge, knowing what cloud accounting is and how it can benefit your business or career is crucial for success.

What is cloud accounting?

Simply put, cloud-based accounting software is similar to traditional on-site or self-installed accounting software; the only difference is that the software is hosted on remote servers that allow you and your employees to access relevant data on the go. Cloud accounting software relies on cloud computing to process and deliver information at incredible speeds.

Cloud accounting uses a similar model to the SaaS software that allows businesses several cloud computing functionality at a cost that’s less than using licensed applications. Since cloud accounting allows users to access the technology remotely, there’s no need for installation or maintenance.

Here at Accounting and Tax Solutions, we make use of the powerful Sage accounting software to provide several cloud accountings solutions for your business. Check out our comprehensive cloud accounting services and take the first step to getting your business’s financial systems in check.

Why is cloud accounting good for business?

Save time, money and effort

As a small-to-medium business owner, digital technology is the holy grail; it allows you to get so much more done at less than a fraction of the cost. With cloud accounting, your costs will be reduced as you won’t have to spend money on things like installations, upgrades and maintenance. Automatic updates (if they’re not free, you’re being ripped off) save businesses a lot of time and effort, allowing businessowners and employees to prioritise the more important things.

More control = more cash

Online accounting allows you to keep good track of your data and cloud accountants, giving you more control over your finances and decreasing the chances of human error. A golden nugget for this technology is the potential to scale; with all the addon applications available on the web, accounting has never been this easy and efficient. Multi-user access allows you to collaborate with your team without the hassles associated with traditional software.

World-class security

Cloud accounting gives you extra layers of security for your data from thieves and damage resulting from disasters like fire and flooding. Anyone who doesn’t have the login details for your business’s cloud storage won’t be able to view your information, which means that you’re protected even if your house and office are raided by thieves. To find out more about cloud computing security, check out this handy Wikipedia resource.

Now that you’re convinced about cloud accounting, go ahead and get in touch with us to find out how we can make your life that much easier.