November 2, 2018      3 min read

Cloud software is a powerful tool that is changing industries around the globe. Cloud software is essentially where large amounts of data is stored on big servers and the servers project the data onto the internet. This means users can access their information through any device with internet. Servers are clunky and take up space in an office. Cloud software eliminates this and drives all users to the cloud to access and manage their information. There is no restriction on the number of people or devices who can access the cloud.

There are a variety of different clouds and depending on the user, each one is used in a different manner. There are public, personal and private clouds. Some businesses like Facebook would use a public cloud, but other businesses keep information secure and there is restricted access to approved cloud users only. A personal cloud is very common with email storage these days. People store documents, spreadsheets, photos, and more on programs such as Dropbox or Google Drive.

Cloud software has drastically altered the way we do business. Some industries have adapted to the shift and reaped the benefits of the change. The accounting industry has found several positives in the change towards cloud software.

Decreased costs

Since cloud software is accessed via the internet, there is no longer a need to have costly and clunky server equipment in the office. Accountants have benefited from decreased costs in hardware, software, maintenance costs and power bills. All the while, they get more surface area back in the office, with less equipment scattered all over the place.

Real-time updates

Real-time updates have been a significantly positive addition for accountants. For instance, they can align their accounting information with real-time data from a warehouse stock take. They can analyse this information instantaneously. They can access it from anywhere. The results of the stock take can be analysed right away. Accountants can let the warehouse know if there are any gaps in the stock take or if the information doesn’t line up properly.

More time for expertise sharing

Accounting skills are undoubtedly widespread. However, sometimes accountants get caught up in the day-to-day grind of balance sheets and reports. This means they don’t have time for strategic planning. With cloud software, accountants have more time since the cloud-based accounting software instantly manages lots of the daily, weekly and monthly reports.

Now, accountants can use their other skills and help a company plan and develop their business. They can share more of their expertise and guide a company towards better financial health. Accountants can provide insight into their client’s business growth and strategic ways to enhance a company’s work stream.

File storage

The days of unsaved data might be coming to a close. The cloud automatically saves data as you are working on it. The most recent copy is always saved and if something goes wrong with the computer itself the data is still on the cloud. This ensures a good level of redundancy with accountant’s work and allows them to work with a sense of security.

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