What is cloud accounting?
Simply put, cloud accounting is accounting that’s done online. You’ve probably tried internet banking, or stored pictures in an online database. That’s all kept in what is fondly known as the cloud. You can access this information and data anywhere and anytime, and basically from any device.
Cloud accounting vs. traditional accounting
Traditional accounting software can take up a lot of time and energy, while cloud accounting will save you time, energy, effort, and money. There are a few things to keep in mind. Firstly, the traditional accounting system can easily become outdated, whereas cloud accounting will have the latest features available. Also, traditional accounting software only works on the computer you’ve installed it on, but cloud accounting works anywhere, on any device with an internet connection. Usually only one person has user access to a traditional accounting software system, so other key people may not have access to e.g. financial details of customers. Furthermore, it can be costly and complicated to keep up with backups. Not to mention customer service. Expensive and slow.
How cloud accounting will help your business
Here are just some reasons why your business will love cloud accounting.
1. Real-time overview of your company’s financial situation.
2. Being able to collaborate with your team because of multi-user access.
3. You don’t have to install anything, and everything is backed up automatically, because it’s all run online.
4. You can do your accounting and run your business anywhere you go. Flexibility.
5. Updates are quick, automatic, and usually free.
6. Server failures no longer affect your work, because everything is now managed by the cloud service provider.
7. Security and privacy. Having your colleagues or clients review data in the cloud is much more secure than sending it via email or on a memory stick. The cloud is one of the most secure ways to store data.
Cloud accounting may be something to invest in if you want your business to work smarter and faster.
If you need help with online book keeping or cloud accounting please contact The Accountancy Solutions on 01216297768 or 02070784001 for further advice.