Accountants – Here’s All You Need to Know About Cloud Software

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The term ‘cloud’ broadly refers to a platform that makes information accessible online from anywhere, at any time. Cloud-computing allows us to retrieve data via software that is accessible from any device with an active internet connection. In other words, wherever there is the internet there is the cloud.

The advantages of using cloud-based software can be significant. A key benefit of cloud software is that it eliminates the need for costly computer hardware, equipment, servers and the associated facilities and maintenance.

With cloud computing, businesses can access real-time financial information, that can be fully accessed and managed by their accountant from anywhere, via any device.

Real-Time Connections

Efficient management accounting frees up accountants to be less about bookkeeping and more about financial advice and consultation. Cloud software provides a better insight into real-time information, allowing business owners to see how their business is performing and to help guide more informed decision-making.

With CRM, ERP and online inventory management systems capable of full integration and live data input by mobile sales teams, logistics and accounts staff, a business owner, and their accountant, all have a clear picture of what is happening in the organisation at a given moment.

Improved Efficiency

Online accounting means small business owners can stay connected to their data and to their accountants. The software is scalable, cost effective and easy to use.

The integration of document scanning into cloud systems enables invoices to be scanned and sent automatically by the client, dramatically reducing processing costs. Accountants are then able to check and confirm entry without having to leave their office.

With many cloud-based applications being used to streamline business functions, such as payroll, online inventory management and accounting, it’s likely that many accountants have at least some aspect of their data in the cloud.

Reduced Costs

Utilising cloud-based software will reduce capital expenditure on in-house servers and the physical space they require. This in turn supports a reduction in energy bills and the cost of IT support, including back-up systems, maintenance and updates.

Software updates are run automatically by the service provider so that you are always working from the latest up-to-date technology without the implementation expense. In addition, cloud technology helps to simplify IT management for small businesses because many support functions and service needs are managed by the service provider.

Time Saved

With no need to store information in any single location, data can be accessed from anywhere. Cloud-based solutions provide accountants with the flexibility to work with clients in their office, the clients home or in the field.

Cloud software provides accountants with real-time inventory levels via online inventory management tools, reducing delays in financial reporting. The software provides a clear picture of on-hand inventory when reconciling inventory and accounting assets.

Cloud computing also enables accountants to provide timely information to clients and SMEs, and provide more in-depth and timely financial expertise. They can remotely access a client’s real-time data, and live data means better results for the client.

Making the Switch

Cloud computing has the potential to deliver both opportunities and challenges to accountants and because data is everything to an accountant, it is likely they will need to gather data and analyse considerable information before deciding whether to make the switch. One inarguable fact about cloud-based technology however, is that it’s here for the long-term.

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Melanie - Unleashed Software

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.

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