What is Cloud Accounting? 6 Reasons why cloud accounting is good for your business and how it helps you grow.
You must be living under the rock if you have not heard of cloud computing. Most of the businesses today are shifting towards cloud technology. This is the paradigm shift, we have been witnessing over the past years. It facilitates business operations with more efficiency and accessibility.
Simply put, Cloud accounting is moving the financial data of your business from traditional on-premise software systems to SaaS-based accounting software. It is an online accounting through a web browser where your data is stored in the cloud. There is no requirement of accounting software in-house as you can use it remotely via cloud applications. Businesses are undergoing this major transformation owing to certain benefits. In this blog, we have enumerated some of the key reasons to adopt cloud accounting.
6 Reasons why cloud accounting is good for your business and how it helps you grow
Anytime, anywhere access to your accounting data
Perhaps, the biggest advantage of cloud accounting services is you can access your accounting data anytime, on any device. It makes your work faster and smarter. It also allows other departments and branches of your company to access the same data. It enables employees to better collaborate that leads to more productivity.
Automation is a need of an hour. Focusing on the core business task should be the utmost priority for any business. Dealing with crunching numbers all the time is a tedious task. Automation eliminates most of the manual accounting tasks you do day in and day out. There is a great scope of error in bookkeeping and it is no easy to keep the track of all transactions and reconciliation especially in case of large scale businesses. Accounting automation ensures the authenticity of your financial data that you can rely upon.
It just does not save your time but improves productivity. Automation processes financial information and presents the data with business insights. With astute analysis and reports, it helps you make profitable business decisions.
Cloud accounting software are flexible and you can customize a great deal as per your business needs. There are third party accounting tools and applications which you can integrate seamlessly with your existent system. For example, if you connect it to your bank, then you can easily import all the transactions and bank statements directly on your accounting software.
We recommend using such online accounting tools and apps for all the critical tasks. Another example is the barcode scanning app that makes it easy to register sales invoices in the system without manual data entry or any human effort. Hire our cloud accounting software consultant to know the right tools that perfectly suits your business.
The biggest concern about cloud computing is data security. Many business owners, especially non-tech ones, are still skeptical about it. However, the truth is that your data is more secure on cloud than your on-premise systems. Nobody can have access to your data except the authorized personnel. If your laptop is stolen, the information cannot be leaked as it needs a password to log in to the system. So basically your financial data is encrypted and password protected. It’s similar to net banking. There is nothing to worry about!
Here you can read Security Checks You Must Consider While Hiring Offshore Accounting Partner
Zero maintenance cost
With cloud, there is no need of installing and maintaining on-premise software. Moreover, you don’t even have to update software. Cloud-based software upgrade automatically with every latest feature and functionality. It saves you both time and money!
Accounting data is extremely critical for companies. Cloud infrastructure does not just protect the data but stores it on a secure online platform. You don’t have to worry about software crash or bugs as it automatically backs up your data on all the devices you use to access financial information. Your financial data is likely to be lost at the time of natural disasters, but it makes no difference on the cloud platform. It safeguards your data all the time in all the circumstances. It does not hinder your work and hampers the productivity. In short, all the data is saved and accessible all the time.
Accounting is a demanding profession and dealing with data is an overwhelming task. Cloud accounting makes it easy for you to manage, access and control your data without compromising on security and privacy. It speeds up day-to-day accounting operations and allows you to focus on your core financial tasks. We strongly recommend businesses to automate accounting for more efficiency.
We, at CapActix, provide the expert accounting software consulting services to find out the right set of cloud softwares and tools for your business. Email us at [email protected] or call us at +1 201-778-0509 for QuickBooks accounting, XERO Accounting or other cloud accounting software consultancy.