As times have progressed and tech has advanced, the way a business operates and manages its financial data has evolved too. Manual accounting requires a ceaseless effort that also comes with a certain risk. Data stored on a computer or desktop is vulnerable to viruses and ransomware.

Automating business accounting enables seamless business operations that will in turn help the company thrive. With a cloud-based accounting software system, your business has more room for growth. Financials act as the base of any business. And here’s why using a Cloud-based accounting system in a Business is the right option

1. Security

As it uses inbound and outbound encryption to move and store data, it prevents unintended loss or destruction of data. In other words, your information is rewritten into a code that is secure and unbreakable. Multiple copies of your data are stored online to mitigate the risk of losing data due to system failures, power outages, theft, natural disasters, etc. Additionally, automatic updates help you access the latest version whenever you log in. Therefore, tax rates, accounting rules, and other new features are always up to date.

Automatic backups also save your data every few minutes and help access/ restore previous versions at any given point. Thereby preventing the risk of losing vital data.

2. Accessibility

A cloud-based system allows you to access data 24/7 from any given place. With little to no effort, all your data can be accessed from anywhere that has a browser. Employees don’t need to be present at the office to share data, invoices, or approve payments. Cloud accounting solutions allow employees in other departments, remote or branch offices to access the same data and the same version of the software. All parties involved can access the same file at once. A single, central, authoritative data set ensures consistency across all accounting processes and financial reports. With cloud accounting solutions, companies can expect their finances to be sorted every day no matter where the staff is located. And this is extremely beneficial during times like Covid.

3. Convenient administration

Automation allows for well-ordered functioning. It frees the business from the hassle of installing software, updating and maintaining spreadsheets, backups and much more. This also helps improve the efficiency of the team, as it prevents employees from manually entering and monitoring data. Therefore, they can spend the same time working on improving the business in other ways. Another advantage of cloud-based accounting is the organisation of your finances. Well-organised data simplifies search time and allows you to efficiently update expenses and find invoices.

4. Accuracy

Manual actions are prone to error, and an error higher up the ladder will have a downstream effect. But with cloud accounting, there is room for reversal and remediation. Cloud-based accounting platforms automate many accounting and banking tasks, reducing manual work. In-built options in cloud computing ensure there is no duplication and the whole process of purchase and invoice can be fully automated. Real-time reporting and automatic updates of data help improve accuracy and accelerate financial processes.

5. Scalability

As a business expands, managing accounts with desktop-based systems or spreadsheets can be quite fatiguing. Updating IT hardware and other equipment as you expand is a constantly-rising variable cost model. But with cloud-based accounting, add-ons and relevant transitions can be easily adapted into the system, or one can simply increase the cloud payment plan to cover a greater bandwidth.

6. Customisation and Flexibility

Integration with other critical tools or solutions like CRM, and payroll can help you run multiple aspects of your business within one large network. With customization features, you can run your business as per your needs.

7. Cost- efficient

When compared to an on-premise alternative, cloud-based accounting is much cheaper. You do not have to spend on maintenance, upgrades, VPN or data servers. Large amounts of money can now be saved as the task is passed on to a cloud server.

You can conduct various company operations on the cloud. Most solutions have round-the-clock support teams, which eliminates the need to hire personnel to handle troubleshooting or repairs.

Any maintenance at data centers is informed well in advance which gives time to prepare, thereby minimising downtime costs.

For exponential growth, switching to cloud-based accounting software sounds like the ideal option. As the system is entirely digital, it minimises the need for hardcopies, maintaining paperwork, and other records. And not only do you use fewer servers, but you also use them efficiently thereby reducing the carbon footprint.

Cloud accounting software can revolutionise the efficiency of your bookkeeping, organise your financial administration and provide a real-time view of your key numbers.

Contact us to get your Cloud Accounting solution today!