Cloud Accounting Software – should you make the switch?

Cloud accounting, also known as “online accounting”, serves the same function as cloud computing. You might install the software on your computer but it runs on servers and you can access it using your Internet. In some instances, you won’t need to install the software on your computer and can access it via web browsers.

As any small to medium business owner is aware, bookkeeping is a necessary evil that can sap away at your precious time and energy, reducing the amount of time you spend on the revenue-earning aspects of the business. Cloud accounting has reduced or eliminated redundant, time-consuming work that, let’s face it, is the bane of most businesses. It allows for greater access to real-time data, which increases engagement with business financials and assists in decision-making processes.

Having a cost effective accounting system reduces many of these frustrations, which is why cloud accounting is the answer you are looking for.

What are the reasons why your business should utilise cloud accounting software?

1. Ease of use – If you have been using a cumbersome traditional accounting system that is only loaded on one computer and requires an accounting degree to use effectively, then you will find the user-friendliness and ease of access of cloud accounting software a refreshing change. Process that were difficult to master can be picked up and used by just about anyone. There is also usually a handy knowledgebase which is available to all users.
2. Flexibility – You can see your business account balances, outstanding invoices, overall cash position and much more from anywhere 24/7 as long as you can access an internet connection. These days, you can run your business from a mobile device as most cloud accounting systems have apps you can download to the device. This translates into a more flexible lifestyle while running your business. You can have certainty over the financials and banking even when you are not physically present in your business.
3. Lower pricing with pay as you go – Unlike traditional accounting software, you only pay for what you use so you don’t have to worry about paying more than you need. As your business grows, you don’t have to worry about outgrowing your software package as it will grow with you, making it a great option for growing businesses. Pricing for cloud accounting software is generally lower due to the fact that there are no large upfront costs. By having the ability to pay as you go, this enables you to keep prices as low as you need, and at a fixed rate so you can always budget for the software.
4. Security – As a small business owner, you might be concerned about a cloud service provider storing your data. But the cloud is one of the most secure ways to store information. For example, using cloud software, if your laptop is stolen, no one can access your data unless they have a login to the online accounting. With cloud software, this is where the data lives – as opposed to on your hard drive.
5. User-friendly Interface – Cloud accounting software has simplified how you access your information and now everything you need to know about your business’ financial status is clearly set out on the dashboard, in an easy-to-read format.
6. Increased productivity – Cloud-based accounting requires less input, but at the same time has the ability to produce results in a more efficient, faster manner. Armed with accurate, up-to-date information, you have the ability to increase productivity make better decisions, and expand your company.

We could ramble on all day about why cloud accounting solutions lead the way in today’s businesses, however, it is important to note that traditional accounting systems still suit the needs of a variety of businesses.

It’s time to work smarter, not harder.

The amazing thing about cloud accounting software is that is flexible. It gives you the opportunity to run your business from work, home, or on the go. You can be confident that you have an up-to-the-minute picture of how your business is going, no matter where you are.

Want to find out more about getting cloud accounting into your business?

Contact us today!

Resources

http://myob.co.nz/blog/cloud-accounting-explained/

http://cloudtweaks.com/2013/09/top-10-reasons-cloud-accounting-software/