Cloud-based services have been rapidly growing in popularity in recent years, with businesses of all types taking advantage of the many benefits cloud platforms can offer.
Here are five ways cloud accounting could benefit your business.
Cloud-based accountancy software gives clients instant, easy access to their financial information. Available anywhere you have an internet connection, on any device, cloud accounting platforms are user-friendly and present data in an easily digestible manner.
Imagine you’re in a meeting and need to consult your accounts before you commit to an arrangement. Rather than having to book a consultation with your accountant, you can instantly access all the information you need and make informed business decisions immediately.
Feeling confident that your financial details are stored securely is critical to all businesses. Contrary to some opinion, cloud platforms are more likely to improve the security of your accounts.
Hosted cloud accountancy services are run by specialist professionals who put huge priority on data security and state-of-the-art server design, these companies are able to commit far larger budgets and greater resources to data security than most accountancy firms could ever consider. As well as encrypting all data in transit and implementing robust security procedures, they also use highly sophisticated data centres to back-up all data as a failsafe. This adds an additional extremely high level of security to any systems already put in place by yourself and your accountants.
For clients, cloud-based accounting systems can transform the efficiency of bookkeeping and financial management. Instead of waiting to see your accountant in person to discuss your books, all parties can access the information in a secure online environment any time and place.
Clients can receive real-time updates on their financial circumstances enabling them to make informed decisions about the way they manage their business.
With easy integration of all your financial accounts, time savings achieved on accessing and evaluating data are huge. Financial reports and management information can be generated at the touch of a button, giving you a much better understanding of exactly how your business is performing.
Cloud accounting is extremely easy to set up. Hosted by a third party, no software needs to be installed and configured, you don’t even need your own IT team to set it up, everything is handled by the service provider, saving time and resources.
Finally, cloud technology is a far more cost-effective option compared to buying and installing your own accountancy software package. The initial cost of setting up in the cloud is negligible, and monthly service charges mean you can consider the platform an operational overhead rather than a capital cost.
At Yours 4 A Day, we have affiliations with a number of cloud accounting providers and can offer assistance regarding implementation and ongoing management of whichever platform you choose for your business.
For more information and advice about cloud accounting, please contact us.