You might already be familiar with some cloud-based software like Google Drive and Dropbox.
The benefits of cloud-accounting software are not too different from these document management platforms. Here are six reasons why your startup or small business must go with a cloud-accounting solution to stay flexible and competitive.
Accuracy Not only is manual processing tedious, it is also prone to errors and compliance risks. With cloud-based accounting, duplicated entries, fraud and other discrepancies can easily be detected because the whole process is fully automated.
Collaboration Cloud accounting with the reign of smartphones and other handheld devices lets users edit financial data and view real-time accounting information anytime, anywhere. It makes it easy for your team to collaborate. This means key people stay connected to their data and their accountants
Free Storage Everything is done online, which means you don’t need to install anything. Moreover, updates are done regularly and automatically. This financial benefit helps reduce overhead costs and other fees as they are managed by the cloud service provider.
Security Cloud technology provides backup functionality to prevent the possibility of data loss. You can control the privacy access of confidential data. So even if your computer is stolen, your data is safe and backed up because it is stored elsewhere.
Integration Most cloud accounting software can integrate with other cloud-based software, which makes for greater control and flexibility. If you have specific needs, say a payroll system or a management tool, you can often integrate systems using add-ons.
Efficiency With these advantages, overall efficiency and productivity are sure to be improved. There’s no need to constantly worry about installations and maintenance; spend more time focusing on revenue-generating activities. Seeing your data streamlined gives you a clear overview of your finances at a glance.
These advantages, among others, are why businesses are switching to a cloud infrastructure for their accounting. Not only does it offer a great user experience, it also adds value to your client services.