Cloud based accounting systems are rapidly gaining popularity within small and medium sized business. There are significant benefits to be had from moving your accounting to the cloud, especially with the number of options that have become available in recent years. Business owners have a variety of choices, between QuickBooks Online, Xero, FreshBooks, Kashoo and many more, there is definitely an option available for every business.
Moving to cloud accounting, with the support of your accountant, may require some change in process within your business, and some additional work at the front-end; however, the benefits can be of great value to your company once you have implemented the solution that is right for your business.
Access Anywhere at Any Time
Once your cloud accounting software has been implemented, you will be able to access the financial records of your business whenever you need to. You will no longer be required to be at the office or connected to the corporate network in order to access your files. Cloud accounting moves your records online, and gives you access with a simple login, from any device that you choose, as all of the cloud accounting software choices are computer, tablet and smartphone compatible.
Cloud accounting software is Software as a Service (SaaS). This means that you never have to manually update the software, as the software provider constantly keeps it up-to-date. The best part is that the continuous maintenance and updates are free, and are included in your monthly subscription to the accounting software.
Makes Managing Cash-Flow Easier
You do not need to be an accountant to know that cash-flow is the lifeblood of any business. Cloud accounting software makes it much easier to manage cash-flow for every small and medium sized business owner. The latest cloud accounting software packages link directly to your credit card and bank accounts to provide you with real-time information about your cash balance and transactions.
You Can Give Online Access to Your Accountant
With cloud accounting software, you can give access to your chartered accountant in order for them to be able to view and review your books for discussion, analysis and assistance. This makes the entire process more efficient, and allows for your accountant to provide advice and assistance without the delay of having to set up an in person meeting, and without the need to bring paper copies of reports.
No More Paper Receipts
As cloud accounting software is created with the latest technology, it also includes the capability of simply taking a photo of your receipts with your smartphone an recognizing the information on the receipt, such as the amount, the date and the vendor.
Cloud accounting is still relatively knew; however, it is a great technological advancement that may significantly help your business. Please feel free to contact us for a free consultation on how a cloud accounting solution can benefit your business.