5 Ways Cloud Accounting Will Boost Your Business
Posted on 18th July 2021 at 12:15
We’re so passionate about cloud accounting that we’ve invested significant time into becoming a Xero Silver Champion Partner, plus we can help you to also make the most of QuickBooks and Sage. There are multiple benefits that cloud accounting software will bring to your business, so we’ve rounded up our top five to get you started.
Advanced digital security
We come across a lot of business owners who are worried that the cloud is a risky place to store their financial data. We’re here to put your mind at ease, as it’s actually the safest place for it due to two-way encryption, two-factor authentication and the highest standard of digital security.
Cloud accounting companies such as Xero have worked hard to make their platforms incredibly secure against malware, ransomware and hackers, so you gain complete peace of mind that your data remains safe at all times. In fact, cloud accounting software is much more secure than keeping all of your files on local hardware, as out-of-date machinery and applications can easily fall victim to a cyber-attack.
Real time data brings total clarity
Cloud accounting platforms are designed to massively reduce the delays, inconsistencies and vast amounts of admin that are associated with old-school accounting.
By securely linking to your banking provider and sales software, the application shows where your business is in terms of revenue, outgoings and cash flow, enabling you to stay in control of your numbers at all times. This is also excellent for budgeting and forecasting, as you have all the data you need to plan ahead with confidence.
Collaborate to full effect
If you want other people to have access to your accounts, such as a member of your finance team, your accountant or a financial advisor, cloud accounting software usually offers multi-user access. The result is everyone staying on the same page and being able to analyse key data in real time whenever they need to.
When the time comes for an individual’s access rights to be removed, this can be achieved in seconds. It really is a foolproof system designed around collaboration and business growth at every level.
Never lose a receipt
Cloud accounting software allows you to add invoices, bills, receipts and other financial documents both through its desktop platform and its smartphone app. This is extremely useful, as it means that you’ll never misplace an expense receipt or anything else that needs to be logged against your company accounts.
For example, if you’ve just treated a client to lunch, simply take a photo of the receipt and log into the app. It takes a minute or less to upload the image along with the key details (where, when, what it was for etc) and then you don’t have to worry about holding onto the printed copy.
Fully scalable according to your needs
Cloud accounting software works to the exact requirements of your business. Many companies start off small and scale up their subscription when the time comes, plus you can scale it back down again if things change either temporarily or on a long-term basis. Xero, for instance, comes with Starter, Standard and Premium packages, which also offer optional add-ons for facilitating greater efficiency.
Ask us about cloud accounting software
To find out more about how cloud accounting will boost your business, call our Yorkshire office on 01482 235575, our London office on 0207 885 0605, or fill in the contact form below.
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