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The Best Benefits of Cloud Based Accounting

Cloud based accounting systems are changing the way businesses operate and manage their financial information.  

They have have quite a few benefits, so if you haven’t implemented cloud software into your accounting process, have a read of the list below to see if it sounds right for you.

 

cloud software user
Cloud software allows cost-efficient multi-user access!

1. Speed 

Cloud accounting systems can automate key processes and speed up routine tasks. By using this software your employees can process more data than ever before.  

By automating your processes, you can also prevent human error and any duplication, saving time and effort when making sure your finances are accurate.  

Cloud accounting systems are updated automatically with software improvements. So, with no intervention from you, they’re regularly making accounting easier for you. 

Read now: The 5 Best Accounting Software Options for Small Businesses 

2. Security 

When accounting systems aren’t in the cloud, they can be vulnerable to security issues. Backup systems aren’t always reliable and storage for all the files can become expensive. Also, with these types of systems, if data is lost there’s no guarantee of recovery like there is with cloud systems. 

However, with cloud accounting, your data is constantly backed up and stored securely offsite.  With your data secured in your cloud system IT hardware issues like viruses and theft won’t lead to a loss of important information.  

3. Scalability 

Many of the cloud accounting systems are able to adjust to the requirements of a growing business. So, instead of having to transitions to more comprehensive accounting software, your cloud accounting system can scale with you as your business expands.  

Also, with add-ons and software updates, your cloud system can a be adapted to provide any functionality your business requires as it grows. Accounting becomes easier when your systems can grow with you.

4. Centralisation 

Another important benefit of using cloud-based accounting systems is the centralisation and sharing capabilities of a cloud-based file.  

With cloud accounting as there’s a singular location for each file, so there’s no chance that you’ll have different departments or employees working within different versions of the same file. 

Because of this, management of user access and login permissions becomes much easier, and it also ensures everyone is looking at the same data. 

Read now: Which is Better: Digital or Physical Bookkeeping? 

person working with graphs
Cloud accounting software lets users work from anywhere. 

5. Accuracy 

Cloud accounting software automates most of it’s functions, so human errors are significantly reduced. There are also repetitive invoice and journals templates available, which also increase accuracy.  

Bank feeds lets you see in real time the movements through your business bank account. You can check these regularly to make sure everything been processed. By using cloud accounting systems, it’s easier to ensure nothing get missed.  

6. Accessibility 

Cloud based accounting software is accessible 24/7, which means you’ll always have access up-to-date financial information. Access can be from anywhere on any device, which is a perfect solution for remote businesses. 

This means that employees can work together even when they are in different locations. This is great for those who work remotely, as they have equal access to those in the office.

7. Efficiency 

Streamlining your processes with cloud-based accounting can improve the efficiency of your accounts department. Using a cloud accounting system is a simple and easy way to help your employees make the best use of their time. 

Removing human error through automation, and creating a platform that all employees have equal access to, means that work can be done in the more efficient way. As there are less difficulties to begin with, it’s easier to have an efficient workplace.

Read now: How does Count compare with Cloud Accounting Software? 

8. Integration with Other Platforms 

When you use a cloud-based accounting system it’s easy to integrate with other platforms. These can include payroll, CRM and any other tools your business uses.  

Your accounting software can connect to a network of programs that help you to run many different elements of your business and make all process smoother and more streamlined.   

In Conclusion

There are loads of benefits from implementing a cloud-based accounting system in your business. Whether you want to increase accessibility, or reduce mistakes, cloud-based accounting could be the missing key to your success.

If you want to learn more about accounting systems for your business, speak to our experts at Count today!  

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