Here are five reasons to shift to cloud accounting if your company is seeking for a more effective and cost efficient approach to handle its financial operations.
1. Mobile access at any time
You can access your accounts and critical financial statistics from anywhere at any time using cloud accounting. You are basically bound to the office when you utilize an old-fashioned, desktop-based solution. All of your software, data, and accounts are stored on a local disc. As a result, the amount of access you have to your financial information is limited. This limitation is removed with cloud-based accounting. Your data and records are securely encrypted and kept on a cloud server, and there is no software to download – you simply log in and work from your web browser, anywhere you have access to Wi-Fi and the Internet.
2. Reduces accounting expense by 50%
Working online lowers IT expenses and saves time by keeping you linked to the company at all times. Desktop-based solutions necessitate an investment in IT gear as well as ongoing upkeep. You’ll need a server to store the application software as well as the data it generates. You’ll also have to employ an IT professional to maintain both the server and the office network, which may be a significant cost. Accounting is done fully in the cloud via online accounting. You don’t have to worry about maintaining an expensive IT infrastructure, and you can use the program whether you’re at your desk, at your kitchen table, or at a customer meeting. Rather than waiting until you return to the office, you may authorize payments or send invoices to clients right away, saving you time and improving your financial operations.
3. Impenetrable security and no time consuming backups
Your accounts and information are all stored and backed up using military-grade encryption when you use the cloud. If you’ve ever used desktop accounting, you know how important it is to save your work at the end of each day. You’ll also be aware of the requirement for updates whenever your service provider releases a new version of the program. Back-ups and software upgrades are no longer necessary on a cloud platform. You’re always signed in to the most recent version of the program, which includes all of the most recent features, tax rates, and required returns. Additionally, your work is automatically stored while you work, saving you time and money on time-consuming backup processes.
Another area where cloud accounting outperforms a desktop solution is security. Your data is no longer stored on a physical server in the workplace or on your laptop’s hard disc. All of your accounting data is secured at the point of entry and stored to the cloud. So you, together with a few members of your team and advisers, are the only ones who have access to your private information.
4. Share and collaborate easily
When you’re in the cloud, collaborating with co-workers and sharing data with advisers is a breeze. You had restricted access to your accounts if you used the traditional desktop method, which made cooperation with colleagues and advisers difficult. Specific figures would need to be sent back and forth, or transferred on a USB memory stick and couriered straight to your accountant’s office. You, your coworkers, your management team, and your advisers can all see the same statistics – instantaneously, from any geographical location – using a solution like Xero or QuickBooks online accounting (our preferred cloud accounting).
5. Reduces paperwork and is more sustainable
Cloud accounting can help you achieve your goal of a paperless office. Dealing with paperwork, data input, and financial admin may eat into your business time with traditional accounting. Everything must be printed and dealt with in hard copy, which is inefficient, time-consuming, and harmful to the environment. You may drastically minimize your dependency on paperwork by using an online accounting system. Invoices may be emailed directly to clients, saving time and money by eliminating the need for printing and postage. Incoming bills and receipts may be scanned and recorded in your accounting software alongside the relevant transactions. Because all of your papers are digitized and saved in the cloud, you won’t need to keep the paper originals, which saves space and money.
Are you beginning to see the advantages that cloud accounting holds for your finances?
If you are currently using a desktop based accounting system and want to experience how the cloud accounting might improve your company then please feel free to contact us Blue bird data solutions through our WhatsApp or through our website for additional information services and payments.
Check out our latest blogs for startups and entrepreneurs.