Cloud based accounting has changed definition of bookkeeping. The process is easier and less costly. Know benefits of cloud accounting before moving to cloud based software.
7 Benefits of cloud accounting:
Access to everywhere and anytime:
The biggest benefit of cloud accounting is freedom from time and place. Yes, you can access your account data anywhere anytime. You do not need to rely on your local computer for it. You can log in into your accounting software and check your accounts instantly. You can have a look on overdue, bank balance or inventory position. Even now, most of the work of accounting is done by device like smartphone. I phone and Android app are available for most of the cloud based accounting software. You can send invoices, reconcile banks or check status of dues with one touch.
Division of workload:
You can add more than one accountant to devote workload and maintain accountability. You can give limited access to various employees and maintain privacy. You can save your valuable time by allocating unimportant or easy tasks to junior accountant, mid level tasks to senior accountant and strategy work of analyzing of reports can be done by owner of business.
As there is no need to store data in local server,there is no need for large storage for business data. By spending few dollars a month, you can make your self free from the maintenance, backup or restoration of data.
Security of data:
Your data is secure while using popular software for cloud accounting – xero, quickbooks, myob, freshbooks, zero books etc. So you do not need to worry about data loss or data theft or cyber crime. There is also limited access to all the employees so chances of data theft by employees are also less.
Audit function is very easy with cloud based accounting. The task done by any user is recorded in logs of software. The owner of software can review logs. The facility to upload file with invoices is really helpful to auditor as he can audit transaction with help of pre- uploaded documents/bills/invoices. As there is keen eye of owner on accounting work, there is less chance of fraud.
In this internet savvy world, where online business has enormous opportunities, integration with eCommerce platform with accounting software is necessary. Xero , Quickbook, Freshbooks or other popular softwares can give you integration with online apps like shoppify, woocommerce, bigcommerce, zappier,paypal and other 500+ available apps. One of the important criteria in choosing accounting software is number of available apps integration.
Using papers for accounting is old fashioned now. who has the time to take print out NOW? Email is being used for most of the communication and exchange of data. In this environment, using local host based software is not required and does not make sense. You can make your office 100% paperless by using cloud based accounting software.
You do not need to worry about tax compliance as cloud based software has in built features of taxes for various countries. However, set up of taxes is important tasks while implementing any software.
Saves your money:
You will be always updated about dues and balance in banks or important tax dates by using awesome dashboard of software. So there is less chance of penalty or interest. In this way, cloud accounting saves your money.
Moving to cloud based accounting will be the best decision of your business. You can get help for data migration, bookkeeping or taxes at Finsprout. Send inquiry here to start and our support team will reply in 24 hours.