Do you want to manage your finances better but at a faster speed? The answer can be on the cloud. Discover the benefits of cloud accounting software for small businesses and how you can make it work for you.
What is cloud accounting?
Cloud accounting software is an internet-based application for various accounting tasks.
Like legacy (i.e., traditional) systems, it also lets you access, update, maintain and store your company’s financial data all in one place. However, legacy systems are installed and updated manually on each desktop, making it more prone to be outdated over time.
Meanwhile, cloud accounting is easier to install, update and maintain. Since it’s available online, updates happen automatically and in real time. Most cloud accounting software also uses the software as a service (SaaS) delivery model. This model gives you the option to subscribe to a monthly, quarterly or yearly plan. Instead of storing your financial data in a physical location, cloud accounting lets you keep your financial records in secured third-party servers online.
6 benefits of cloud accounting software for small businesses
Why should you choose cloud accounting when you’re doing okay with your manual and traditional accounting procedures? Here are some of the reasons.
1. Scalable and cost-effective subscriptions
With cloud accounting, you can freely upgrade or downgrade your account anytime. It’s a good thing for startups and small businesses. Instead of spending a fortune on features you don’t need, you can subscribe to a plan that fits your current needs. You also have the option to avail yourself of the monthly package or sign up for free trials to test if the software is right for your business. If it fails to meet your expectations, you’re free to unsubscribe anytime.
Moreover, updates and maintenance are automatic with cloud accounting software, which means you no longer need to worry about purchasing and installing new software to stay up to date.
2. Smart features and integrations
You can also integrate other third-party applications (e.g., CRM platforms, bank accounts, e-commerce platforms) to your cloud accounting software to improve efficiency and accuracy. It also rids you of manual data entry and double bookkeeping.
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3. Accurate and organised reports
Since you no longer need to enter most data manually, your numbers can also be more accurate. Human error is also out of the equation. Cloud accounting software also presents visualised and more organised information in its dashboard, which makes reporting easier and more engaging.
4. Convenient access
If you have a good internet connection, you can access your financial data anytime. All you need is to log in using your account and you can view the information you need in no time.
5. Better collaboration
Cloud accounting lets you simultaneously access, view and edit your accounting data with other team members even if you’re in separate locations. You no longer need to send sensitive and confidential files using flash drive or via email, resulting in faster collaboration and sharing of information.
6. Enhanced data security
Credible cloud accounting software providers use encryption and other robust security measures to protect your data and prevent any unauthorized access.
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Make your move to the cloud
Are you ready to make your accounting processes more efficient? Then it’s time to make your move to the cloud. Our accountants at ABJ Solutions use the latest cloud accounting for business to manage our client’s financial information. If you’re interested in using the latest online tools for your accounting operations, contact us today. We can help you migrate and manage your finances with your chosen cloud accounting tool.
