Update your Accounts as easily as you update your Facebook status
As of late, cloud innovation has changed our everyday lives. We post our family photo on Instagram, we take care of our bills through web-based banking and we use our phones to browse our email on the go. Everything is just a click away.
Things being what they are, on the off chance that we are using the cloud in our regular day to day existences, for what reason would we say we are not doing likewise in our business lives?
Cloud-based accounting software presently offers all the functionality and reliability of your attempted and trusted computer accounting system, but with plenty of extra advantages that online innovation can provide.
On the off chance that your business is searching for a more compelling approach to deal with its financial affairs, here are six reasons behind genuinely thinking about a transition to cloud accounting.
- Mobile access at your convenience
With cloud accounting, you can get to your accounts and key financial figures 24/7, from anywhere that has internet access.
When you use an old-fashioned, desktop-based system, you are effectively tied to the office. Your software, your data, and your accounts are completely sat on a local drive. What’s more, that restricts the access you can have to your financial data.
Cloud-based accounting sets you free from this limitation. Your information and accounts are on the encrypted cloud server, and there is no software application for you to download – you sign in and work from your internet browser, any place you have Wi-Fi and an Internet connection.
This way, wherever you are, you can always check the status of your business.
- A cost & time effective solution
Working online reduces your IT costs and saves you time by keeping you constantly connected to the business.
Desktop-based systems require an investment in IT hardware, in addition to the upkeep of that equipment. You require an employee to house the application software and the related information. Furthermore, you should pay an IT specialist to keep up both the service and the workplace network – that can be a costly overhead.
Web-based accounting is completely carried out from the cloud. There is no exorbitant IT framework for you to keep up, and you can get to the product whether you are in the workplace, working from your kitchen table or out at a client meeting.
Instead of holding up until you are back at the office, you can promptly approve payments, or send invoices to clients, sparing you the time and making your financial process undeniably more effective.
- Airtight security and no tedious back-ups
When you are cloud-based, your accounts and records are all saved and backed up with military levels of encryption.
In the event that you have utilized desktop accounting, you will know about the need to back-up your work toward the finish of every day. What’s more, you will likewise think about the requirement for updates each time your supplier draws out another form of the product.
On a cloud-based platform, back-ups and programming refreshes become a relic of the past. You’re constantly signed in to the most exceptional update of the product, with all the most recent functions, charge rates, and necessary returns. Also, your work is saved automatically as you go, so you set aside both time and cash outdated physical backup systems.
Security is another area where cloud accounting outperforms a desktop system. Your data is no longer sat on a physical employee in the workplace, or sitting on the hard drive of your PC. All your bookkeeping data is encoded at the source and spared to the cloud. So only key personnel can get to your classified data.
- Share and collaborate with ease
Working with colleagues, and sharing information to your advisors, is a very straightforward process when you’re based in the cloud.
Using the old, desktop approach, you had restricted access to your data – and that made a coordinated effort with partners and advisors very inefficient and troublesome. In the event that your accountant needs explicit numbers, they would be emailed to and fro, or saved to a USB memory stick and couriered straightforwardly to their office.
With a system like Xero web-based accounting (our decision of cloud bookkeeping), you, your colleagues, and your advisory group would all be able to get to the same numbers – instantly, from anywhere around the world. So collaboration is as simple as getting the telephone and signing in to Xero, with the key numbers before you.
- Reduces paperwork and is more sustainable
Utilizing cloud accounting is the dream of having a paperless office
With conventional accounting, managing paperwork, data-entry, and financial related administrator can begin to eat into your business time. Everything must be printed out and managed in a printed copy, and this is slow, unnecessary, and terrible for the climate.
With an internet accounting network, you can significantly decrease your dependence on paperwork. Invoices can be emailed out directly to customers, eliminating the expenses of printing and postage – and accelerating the payment cycle. Incoming bills and receipts can be examined and scanned with the related transactions in your accounting software.
- Better control of your financial processes
The efficiencies of Xero’s web-based accounting software can give you full control of your core financial processes
Xero’s online invoicing function streamlines the entire invoicing process, giving you a better view of expected income, an overview of outstanding debts and a clear breakdown of what each customer owes your business.
If you are currently using a desktop-based accounting system, and want to see first-hand how cloud accounting can benefit your business, please do get in touch for a face-to-face demo of Xero from us.
