What are the Benefits of Cloud Accounting?
Posted on 19th June 2021 at 10:15
What would we do without the internet? We use it for everything from shopping and banking to keeping in touch with friends and doing business more efficiently. Speaking of business, cloud accounting is an absolute must for sole traders, entrepreneurs limited companies, trusts and partnerships alike, as it comes with so many benefits.
To help you better understand why cloud accounting is so beneficial, we’ve rounded up the top advantages that you’ll enjoy on a daily basis.
Access from anywhere
Gone are the days of your financial records being locked away in a dusty filing cabinet or lost within an endless sea of paperwork. With cloud accounting, you can access your accounts and key financial figures not only at any time but also from anywhere you like.
Rather than your accounts being confined to your office PC, you can check them from any device with an internet connection. This means that if you want to upload an invoice, bill or receipt, reconcile your transactions, see who has (and hasn’t) paid you or simply check where you currently stand financially, you can do it in seconds using a handy app or desktop browser.
Precision all the way
The problem with printed accounts is that they can easily become damaged, misplaced and lost entirely. When you choose cloud accounting, you gain the peace of mind that every invoice, bill and receipt is safely stored in your secure account.
As well as being able to check these documents, you can also add, edit and email them using your cloud accounting software. This ensures that everyone remains on the same page and there aren’t any incorrect, missing or duplicated documents messing up your accounts.
Outstanding online security
Cloud accounting software such as Xero really is fantastic, as it provides total reassurance that your financial accounts are protected against hackers and malware.
There’s no need to worry about backing up data and updating software licenses, as your cloud accounting platform does this for you automatically as part of an affordable monthly or annual fee.
Your data is always safe and sound
Digital security is one thing and keeping data safe from disaster is another matter entirely. Even if your financial accounts are encrypted against viruses, they can easily be lost if stored on a physical server and devices within your premises.
All it takes is a fire, flood, criminal damage or even something as simple as a power cut for on-site data to be lost forever. To put this into perspective even further, imagine keeping all of this crucial information on a single PC or laptop that stops working or is suddenly introduced to a dropped cup of tea. It isn’t even worth thinking about the chaos that could ensue, which is why cloud accounting is such a wise move for businesses of all shapes and sizes.
Stay in control of your finances
Cloud accounting platforms really are a wise investment, as they enable you to better understand how your business is performing. Whilst making the invoicing process so much simpler and facilitating the claiming of expenses, cloud accounting software also makes it easy to see your income, expenditure, profit and other key financial info in an instant. This is great for planning ahead and maintaining positive cash flow.
Run a greener business
As if all of the above isn’t enough, cloud accounting is also much greener than traditional paper-based accounting. You and your accountant can stop printing sheet after sheet of numbers, as the system is managed through screens with minimal paperwork required.
Ask us about Xero
We’re a Xero Silver Champion Partner and work with other cloud accounting platforms too. To find out more, 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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