Over the past decade, cloud technology has made a significant impact on your daily lives. Though many of us may not notice, we make use of cloud technology throughout our day to day lives. This includes everything from the photos we upload to Facebook and Instagram, paying bills using online banking and using our phones to check up on emails and message friends.
This technology has also had a revolutionary impact on businesses, with top companies utilizing the best cloud accounting software to remain ahead of the competition, no matter their market or niche. Cloud accounting software now provides its users with the functionality and reliability of our traditional desktop systems, but brings with it a myriad of additional benefits that can only be delivered through this innovative online technology. If you’re looking to upgrade your accounting systems, then here are some of the benefits you could enjoy within hours of the initial installment.
Automated Process Will Help Save Time
Accounting as a whole can be a lengthy process, especially as your business begins to expand. It can take up hours if not days of your time that could otherwise be spent focusing on other areas of your business. Rather than having to spend your time posting and chasing up your invoices, cloud accounting software will automatically generate invoices for you. Once the invoice has been sent, it will send reminders on a regular basis so that you don’t have to spend your time keeping track of debtors. Many cloud accounting software will also allow you to combine your HR and Payroll applications which will allow you to automatically produce payslips and other HMRC documents.
You Can Work From Anywhere
In the past, it was only possible to manage your accountancy systems internally (in other words, you would have to be in the office). With cloud accounting software you are no longer required to worry about spreadsheets or installing a software onto any machine you want to use it on. Instead, you can log onto your business account from any location around the globe as long as you have a connection to the internet. Once you’ve signed up and started using your software, this process will become seamless.
Outstanding Value For Money
Accountancy software is not known for being cheap. Before cloud systems, they would require a significant one-off fee which could put your business in a financial deficit for a few months. With cloud systems, you can spread this cost using monthly payments which will help you to manage your cash flow. Alternatively, many systems will accept an upfront payment and will offer a discount- making cloud systems significantly more affordable compared to traditional software.
Real-Time Balance Sheet
Unlike traditional systems in which data would have to be uploaded and updated manually, automated bank feeds ensure that your balance sheet is updated in real-time. Rather than waiting for a member of your team to upload the new sheet, this will occur automatically. You will also have the option to look at several different reports that will update you regarding your business finances. This provides you with a more comprehensive view of your business and will make sure you can stay on top of your finances no matter the time of year.
Higher Levels of Security
When cloud systems were first released, there were several different questions asked about security. However, we now know that these systems are more secure than any other available. As your data is continuously saved onto the server, it is always backed up. As a result, there is no risk of your data being hacked or compromised. Should your computer experience damage or crash altogether, all your data is still backed up within the cloud. Simple and secure- just how things should be!
Easy To Use
Many of us would consider accounting software very difficult to use. Pages full of spreadsheets that only qualified accountants can make sense of. However, cloud accounting software makes accounting extremely easy, even if you have no experience. Such software is built for non-accountants in mind and therefore guides and tips are available throughout each step of the process.
One alternative benefit of using cloud accounting software is that you join a network of fellow business owners. You can meet these people in community forums, providing one another with tips and tricks when it comes to using the software, as well as general networking.
Easy Permission Setting
Within any business, there are certain individuals who should have access to your accounts and certain individuals who should only have access to certain areas. You can easily add multiple employees to your account as well as tailor their permissions based on their roles. This will ensure they can only edit and see what they need to without causing any problems with other areas of your finances.
Updates in the past were always a nightmare. They very rarely went as planned and could often leave your system out of use for hours if not days. On the other hand, cloud accounting software is continuously updated in real-time, even when your team are using it. This means that small, incremental changes can occur without a need to pay for or go through the stress of an update.
Meetings with your accountant in the past would be relatively irregular. In general, you would have one to two meetings a year, in which your financials would be printed onto paper- this would result in a lot of paperwork. When using cloud accounting software, you can share your accounts with your accountant on a regular basis, enabling you to tackle small problems as they arise and continuously collaborate with an expert.