While bookkeeping may not be the most exciting part of running your business, it is one of the more important aspects of ensuring your business is an overall success.
Fortunately, maintaining the books and checking your business’s financial health from anywhere at any time has never been easier with the vast array of available online accounting packages. Cloud accounting software offers a great user experience and adds exceptional value to your client services.
Why use cloud accounting software?
Put simply, online accounting software lets you work smarter, not harder. With centralised processes that are streamlined and easy to navigate, your business will enjoy better efficiency and accuracy overall. This means you can spend less time on paperwork and more time focusing on business growth strategies.
What are the real benefits of cloud accounting?
1. Lower costs
One of the main benefits of making the switch to online accounting software is the sizable savings for your business, such as:
- Lower integration costs – no need to purchase periodic licences
- Reduced hardware costs – no servers to buy
- Reduced IT resources – minimal IT staff required
- Cheaper to manage – the software performs all updates and database management
2. Collaboration
Cloud-based software allows workplace teams mutual visibility to easily access, edit, and share documents in real-time, sharing a single register of truth. This creates seamless, streamlined cooperation between departments, time zones or organisations.
Extra benefits include:
- Enhanced communication with customers, suppliers, and partners
- Enables the development of new products and services
- Supports business scalability
- Enables workforce mobility
- Reduces operating costs
- Creates a single source of truth that is updated in real-time
3. Instant transactions
With cloud-based accounting software, there is no need to spend hours a day sorting through accounts paperwork or tracking and tracing payments to and from your business. All transactions are instantly updated and available in real-time.
Additionally, if your business deals with multiple currencies, the software can calculate figures based on up-to-the-minute exchange rates, saving you time, effort, and money.
4. Security
Confidential company data stored on employees’ laptops, tablets or phones are more susceptible to data breaches, either through malicious intent or accidental mishap.
Cloud computing helps resolve security issues by storing all data on the suppliers’ secure cloud servers, with some cloud capabilities allowing data to be wiped from a stolen device remotely. You can rest assured that your business’ financial data is safe and secure 24/7.
Most cloud-based systems are protected by multiple layers of security, such as; encryption, SSL (secure socket layer) certificates, passwords, customised access settings, bank-level security, MFA (Multifactor Authentication), Firewalls, HTTPS (Hypertext Transfer Protocol Secure) and Anti-virus software.
5. Simplified processes
Cloud accounting gives a clear overview of your outstanding debts and comprehensive breakdowns of projected cash inflow and outflow streams.
You can execute all your financial processes with maximum accuracy and efficiency, placing your business in good stead for secure and solid long-term growth.
6. Remote access
The ability for you and your team to access vital business applications from anywhere in the world across multiple time zones is one of the more compelling reasons to invest in cloud accounting software.
Many cloud-based applications provide the capability to store, associate, and share documents between all staff and relevant departments.
Other benefits include:
- Increased productivity,
- Consistency and accuracy,
- Improved company morale, low-stress levels and reduced absenteeism,
- Decreased operating costs overall,
- Automatic backups – all documents are backed up along with the application data,
- Regulatory compliance – many organisations are subject to strict record-keeping and document control requirements. Cloud solutions are typically the best solution for this requirement.
- Automatic updates – software updates, feature improvements and system fixes are managed by the software company, usually in the very early hours of the morning, while you and your customers sleep.
7. Online invoicing
One of the more frustrating aspects of running a business is continually chasing payments. Cloud accounting software allows you to manage your invoices in one digital space. Invoices can be customised with a “pay now” button to help avoid payment delinquencies.
You can also see when your invoices have been read and receive periodic reminders so you can stay on top of your cash flow. Additionally, with strong security features such as two-step verification processes, there’s no need to worry about e-invoicing fraud or online hackers.
8. Easy reporting
Cloud accounting helps business owners customise reports and generate the most appropriate to suited to their specific business.
For example, you can run an accounts receivable report to know where your outstanding debts are and take immediate action to rectify them. Comprehensive management reporting will help you stay on top of your business finances and allow all key personnel to simultaneously view current data, enabling joint decisions that are in the company’s best interest.
9. Data backups
These days, practically all critical and sensitive business information is stored online. With the rise of online hackers and cyber-attacks, it’s never been more important to ensure regular safe, secure data backups for protection from criminal activity and natural disasters.
Cloud data software is encrypted and protected by a secure password, network firewalls and access filtering processes. The robust nature of cloud software offers automatic backups at regular intervals, so you need never worry about remembering to back up manually or losing critical data mid-workflow.
10. Time-saving
Traditional manual accounting software systems are complex and time-consuming. Cloud accounting software eliminates repetitive tasks by digitising and automating processes, so all your business’ financial data is streamlined, accurate and easy to recall.
A reduced workload increases the efficiency of other aspects of your business. This will free up time so you can; work on offering additional services, provide consultation, source new business or develop and supply new products, all of which will help to keep your company competitive in today’s ever-evolving market.
So, whether you’re just starting out or you’ve been in business for years, there’s never been a better time to switch to cloud accounting software and take your business to the next level.
Want to move to online accounting software?
Connect with Numble today, and we’ll help you navigate the best cloud accounting
software for your business.
