Why Cloud Accounting is Good For Business
“The Cloud” is a marketing term, don’t feel confused. If you want your business to work smarter and faster, a cloud accounting system is a wise investment. Working in the cloud will give you a better overview of your finances, and improve collaboration with your team.
So what is this thing called the cloud?
Think about when you use internet banking. Every time you access this data, you’re using the cloud. The cloud is a platform to make data and software accessible online anytime, anywhere, from any device. Your hard drive is no longer the central hub.
Problems with traditional accounting software
- The data in the system isn’t up to date and neither is the software.
- It only works on one computer and data bounces from place to place. For example, on a USB drive. This is not secure or reliable.
- Only one person has user access. Key people can’t access financial and customer details.
- It’s costly and complicated to keep backups (if done at all).
- It’s expensive, difficult and time consuming to upgrade the software.
- Customer support is expensive and slow.
Why the cloud and accounting are the perfect match
You can use cloud-based software from any device with an internet connection. Online accounting means small business owners stay connected to their data and their accountants. The software can integrate with a whole ecosystem of add-ons. It’s scalable, cost effective and easy to use.
In the cloud, there’s no need to install and run applications over a desktop computer. Instead, you pay for the software by monthly subscription.