If you aren't using cloud accounting, you're missing out on a huge number of benefits that you get over traditional accounting (or the dreaded Excel spreadsheet).
If you're considering making the jump to cloud accounting, then this post is for you.
In this article we're going to go through the top 8 reasons why you should be using cloud accounting for your business.
1. Access anytime, anywhere
No need to be tied to a single computer. Cloud accounting allows you to sign in from any computer through a web browser, and in many cases, even through your mobile device. Need to get some work done on Sunday morning? Just login from home instead of going to the office.
2. Real time data
Any changes you make are updated in real time, which means the data you are looking at is always up-to-date. No need to constantly send through changes or updates to your accountant or employees.
3. No need to worry about backups
Manually backing up data is a pain. Let’s face it, you probably don’t create backups as often as you should. It’s never really at the top of the to-do list.
4. Easy, secure sharing
Need to share information with your accountant, employees or bank manager? No problem, you can choose to securely share your account with anyone you choose. They’ll get their own login, and you can set permissions and restrictions how you see fit. You can say goodbye to the days of sending individual reports by email or courier, which quickly become out of date.
With cloud accounting, your backups are taken care of automatically. This gives you piece of mind knowing you’re always covered. No more fumbling around with USB sticks or burning CDs (do people even still burn CDs?).
5. Connect your bank account
Many cloud accounting apps allow you to setup bank feeds, allowing you to sync transactions from your bank statement into accounting. This makes your bank reconciliation a breeze!
Leading cloud accounting apps like QuickBooks Online and Xero take every possible step to keep your data safe and secure. They’ve got dedicated security teams along with technology like encryption, security certificates, firewalls and two-factor authentication.
Your data is most likely more secure in the cloud, compared to storing data on your computer. Computers an be easily stolen or damaged, not to mention viruses and data corruption.
7. Automatic updates
Never have to mess around with updating your software. With cloud accounting, all your updates happen automatically.
Cloud accounting software is always being improved, and the best thing is that you never have to mess around with updating your software. With cloud software, it’s done automatically for you.
Paperless is good for the environment
Get rid of the clutter and go paperless. Store all your documents (e.g. invoices) in your accounting application instead of printing out and filing.
8. Eliminates data entry
You can connect your other business apps to accounting, which eliminates data entry because your data gets automatically synced. This saves hours of work, and lets you focus on more productive things. Some of the apps you can connect include shopping carts, fulfilment, inventory management, CRM, billing and email marketing.