What are the benefits of cloud accounting?
Every successful business has solid financial foundations. As a minimum, small and medium-sized businesses need a reliable system for recording income and expenditure.
Accounting software is nothing new. Finance teams have recorded and tracked money using software installed on desktop computers for decades, but cloud accounting is different.
Rather than being on a work computer, all your financial data is stored on a cloud server where it’s more easily accessible.
We’ll explore these benefits and more in the remainder of this blog post.
Access your financial information anywhere
As with other cloud computing applications, the key benefit of cloud accounting is that you can access your business financial information from anywhere with an internet connection.
In the same way that you can log in to Gmail or SalesForce while you’re out and about, cloud accounting software means that you’ll never be without the numbers that underpin your business. This is even more important now that more companies are embracing remote work for their teams.
Cloud software makes it easier to keep bookkeeping and bank reconciliation up to date. This means that when you’re looking at information on your software, you can get a real-time look at your company’s financial health.
This is essential when looking at your company’s cash position and making big decisions about spending and strategy. Cloud accounting software also uses dashboards and reports to make it easier to glean information quickly.
Link up with new apps
Because cloud accounting software is open to other developers, it means that third-party companies can develop software to link up with your accounting software.
If you download some of these third-party apps, they can use your business financial information to do a broad range of things, like forecast cash flow, send out invoices, manage stock levels and much more.
Share data quickly and securely
If you need to share financial information within your company or with your accountant, there is no better way than cloud accounting software.
If you’re working with an accountant like CloudAccountant, you can easily grant access to your accounts. There’s no need to transfer large amounts of data via email or to use USB sticks.
Everything happens quickly and securely, and information is transferred in real-time, so there is no risk of overwriting changes made by another person.
For more information on cloud accounting software or how an accountant can help you, speak to a team member today. Call: 01625 300 300