Cloud Accounting

Cloud accounting is one of the most significant changes to the accounting profession in years. As many business owners realize the cost savings of outsourcing functions not directly related to the generation of income, cloud accounting is becoming increasingly important to the function of successful businesses.

What exactly is cloud accounting?

Simply put, cloud accounting refers to accounting transactions performed over the Internet. The practice does not require you to install software in your computer or own a server. In cloud computing, users access software applications remotely through the Internet or other network via a cloud application service provider. Cloud accounting software frees the business from having to install and maintain software on individual desktop computers. It also allows employees in remote or branch offices to access the same data and the same version of the software.

There are many advantages to moving your accounting and other business processes to the cloud.

Have access to your accounting system anywhere, anytime

Undoubtedly ease of access is the prime advantage of cloud accounting. Using a cloud-based accounting solution like QuickBooks Online, gives you easy access to your figures anytime, anywhere. It’s hosted remotely which means you don’t need to worry about any time-consuming downloads and updates. This gives you added flexibility and peace of mind, meaning you don’t need to be sitting in your office to check your cash flow or access your accounts.

Access via different computers and devices

Your team can easily access data wherever they are. Smartphone and tablet apps give you information on the move, wherever you are, because software housed in the cloud can be easily accessed anywhere there is a connection, anytime and from pretty much any device. Cloud accounting supports those businesses which have mobile personnel like service and sales teams.

Backup and data security.

The level of availability and security, backup and disaster recovery offered by a software-as-a-service supplier greatly exceeds the level which a company can provide if the application is housed on-site. You don’t need to pay extra for online backups because they are done for you and you don’t need any special servers or desktop configurations – just an internet enable device to use it.

Real time financial information

When managed properly cloud accounting will give you and your business up-to-date and current financial information (most packages have a financial dashboard which helps this). Which helps you to respond to business change by giving you financial information at your fingertips.

Low Cost of Ownership

Cloud accounting applications are mainly subscription based and can scale up depending on your business’ needs. Also, you normally don’t need any major up-front investment in hardware and software. Businesses with cloud accounting technology benefit from better cash flow and don’t need as much of an IT presence or staff. Upgrades are also managed seamlessly by the provider meaning you automatically enjoy the new features that come along.

How to Get Started

We are very excited about the possibilities and results we’ve seen with the implementations we’ve done. If we’ve piqued your curiosity about cloud accounting, please feel free to reach out so we can continue the conversation. We can share any specific current success stories of clients we have successful moved to the cloud, and we can discuss our recommendations and costs for a proposed move for your business.

Feel free to give us a call or send us an email to start the conversation.