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.
Why cloud accounting is good for business
If you want your business to work smarter and faster, cloud accounting is a wise investment. Working in the Cloud will give you a better overview of your finances, and improve collaboration with your team.
Accounting software shouldn’t be a chore to use
Accounting software that’s not available via the Cloud can be tedious. Traditionally, it can take up far too much of your business’ time and effort. Cloud software enables you to save time and money.
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 which is not secure or always reliable. For example, on a USB drive.
- Only one person has user access. Key people can’t access financial and customer details to collaborate and employ checks and balances.
- It’s costly and complicated to keep backups (if done at all).
- It’s expensive, difficult and time consuming to upgrade the software, and often times customer support is expensive and slow.
Why the Cloud and accounting software are the perfect match
You can use cloud-based software from any device with an internet connection. Online accounting empowers small business owners to stay connected to their data and their accountants, and most software can integrate with a whole ecosystem of add-ons. It’s scalable, cost-effective, powerful, 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 and access it online from wherever you are.
Cloud security is world class
You might be concerned about the security of a Cloud service provider storing your data. The reality is that the Cloud is one of the most secure ways to store information. For example, using cloud software, if your laptop is stolen, no one can access your data unless they have a login to the online account. With cloud software, this is where the data lives – as opposed to on your hard drive.
In the event of a natural disaster or fire, being in the Cloud means business productivity doesn’t need to be affected because there’s no downtime. All of your information is safely and securely stored off site. As long as you have access to any computer or mobile device connected to the internet, you’re back up and running.
In addition, if you invite users to view your data, you can control the level of access. This is much more secure than the old-fashioned way of emailing your files or sending out a USB stick with your data on it.
Cloud-based software companies ensure that the security and privacy of data about you and your organization is always airtight. If you are currently using online banking, then you’re already primed to use cloud accounting.
Five ways The Cloud benefits your business
- You have a clear overview of your current financial position, in real-time.
- Multi-user access makes it easy to collaborate online with your team and advisors.
- Worry-free maintenance means you and your staff can spend more time doing what you do best.
- Programs run online, so there’s nothing to install and everything is backed up automatically. Updates are free and instantly available.
- Upfront business costs are reduced. Version upgrades, maintenance, system administration costs and server failures are no longer issues. Instead, they are managed by the Cloud Service Provider (CSP).
Work smarter with accessible data
The beauty of the Cloud is the flexibility it gives you to run your business from work, home, or on the go. You can be confident that you have an up-to-date picture of how your business is doing, no matter where you are.
Software updates can be developed and delivered faster and more easily in the cloud. This means you don’t need to worry about whether you have the latest version and you’ll get access to new features instantly. With cloud accounting software, you have the option to run your business remotely, from anywhere in the world. When data is fluid and accessible, the possibilities are endless.