Cloud-based software allows its users to access data and software online, from anywhere, at any time and on any device. This means that accounting activities can be handled even while you are on the move.
The benefits of cloud computing are endless. They are cheaper and less complicated than traditional systems and software upgrades are instant and ongoing. Moving to the cloud can reduce the burden of managing data, can streamline processes and provide peace of mind relative to business continuity and disaster recovery activities.
With cloud-based software, you will always have access to customer support, so you are never waiting to complete accounting work. Cloud software update in real-time and allow multiple users access to financial data and client information, therefore cloud for accounting can offer many benefits a traditional system won’t.
Benefits of cloud-based software for accountants
A primary benefit of cloud for accountants is the that it helps to cut business costs. There is no need for the installation of expensive computer equipment and servers, which not only cuts hardware expenditure, but reduces software and energy costs and saves on office floor space.
In addition to cost savings, the following are five further benefits of cloud for accountants:
With a custom cloud solution, management of data becomes more simplified. Because business information is not stored in any single location, it can be accessed from anywhere, from any device with an internet connection.
Cloud-based software allows for the integration of document scanning, enabling invoices to be scanned and automatically sent to the accounting system daily, where the accountant can then check and confirm the information. This can dramatically cut the cost and time of processing, saving accountants and their client’s money.
It also enables accountants to provide timely information and offer more in-depth and timely financial expertise. Clients can log onto the portal to ascertain how their business is performing, assisting them with important business decisions.
This accessibility is not simply a matter of convenience, but critical to real-time, collaborative business operations. Cloud-based software enhances communications and cohesion, facilitating greater connectivity between accountants, businesses and their customers.
Moving to the cloud ensures the protection and integrity of client data and cloud backup solutions safeguard vital business information to ensure companies are quickly back to business in the event of any downtime.
While some businesses perceive the cloud as less secure than the desktop, the opposite is true with most cloud-based software incomparably more secure than desktop applications. Data that is locally stored is more difficult to secure. Even the most sophisticated firewall systems can only protect a company from electronic intrusion, not from hardware failure, theft or loss.
With cloud accounting, updates in software and hardware are done automatically by the service provider, meaning your technology, backup and security is always up-to-date.
Cloud-based software enables secure and easy sharing of data with all stakeholders, in a safe and easy manner.
Files, information and data are all stored online, negating the need for expensive computer equipment. The amount of data a business can store will depend on the subscription purchased but cloud systems it will automatically backup locally stored data, meaning all your information is always safe.
Storing data in a secure, scalable storage centre that cloud services provide will also significantly increase data storage stability in the event if a disaster. Cloud computing services and data centres incorporate redundancy and backup technologies for increased productivity and significantly reduced downtime, practically eliminating the chance of any data loss.
Over half of the small businesses using cloud computing report a significant increase in productivity. In the cloud, software upgrades are done automatically, streamlining processes and reducing associated IT support costs.
The remote access that cloud technology facilitates allows companies to leverage remote consultants. Likewise, staff can work with clients in the field, reducing or eliminating travel time and costs.
Article by Melanie Chan in collaboration with our team of Unleashed Software inventory and business specialists. Melanie has been writing about inventory management for the past three years. When not writing about inventory management, you can find her eating her way through Auckland.