We all know that setting up a business in the 21st century means constant pressure to operate efficiently and competitively but technology and advancements like the cloud have made it achievable. With the help of cloud accounting software, even the small business owners have enough to do without spending time and effort keeping track of their expenses or working out who owes you what.
With 47% of SME’s set to increase spending on cloud services this year, we take a look at 7 reasons why you should consider moving your accounting practices to the cloud.
- Easy to access
It is completely easy to use by non-accountants as it is designed in such a way. It doesn’t work like old computer systems, which were only loaded on the bookkeeper or accountant’s computer. Features like automatic bank feed and intelligent reconciliations can be mastered in minutes. With numerous ‘how to’ videos available, online accounting software really is easy to use.
- Safe and Secure
You are freed from doing backups of your cloud accounting software. You never again will have to worry about whether you had press ‘restore’ and hope that it restores to the right place. All the main players in the online accounting software market will give you a cast iron guarantee that your data is safe and secure.
Imagine on a rainy day you no longer need to stick in the office! Instead of going to the office you can do your accounts from any location that has an internet connection. Moreover, within your office, you don’t have to decide who will have the cloud accounting software loaded on their computer. It is protected by password and is available on any laptop, PC, or via an app for iPad or iPhone.
- Cost savings
Opting the cloud can actually bring you to cost savings as you don’t need to pay large fees upfront for software, or pay for users that you don’t know if you will need a year or so down the line. Cloud-based software is scalable and can easily be upgraded as and when you need. Software and security upgrades can also be managed easily by the service provider so you don’t need to experience lengthy downtime or the inconvenience of running them yourself. Plus you no longer need your own in-house servers which could save you thousands.
- Keep up with competition
As the market is changing continuously at a fast pace and if you don’t move with the times then your competitors will but with cloud-based accounting software, you can always remain at the top among your competitors.
- Up-to-Date information
In just minutes you can create any information files you’re likely to need if you’re applying for finance. Great for information gathering at tax time as well.
- Free up your hard drive
With cloud technology everything is stored online so you don’t actually need to install software onto your system, freeing up space on your systems for everything else you need to run your business.
If your business is looking to increase productivity, efficiency and flexibility than a move to cloud-based software could be what you need.