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What Is Cloud Accounting? 6 Key Advantages Of Cloud Accounting

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For the uninitiated, cloud accounting basically takes the software and processes of primary accounting functions from the in-house domain to the Internet, with data stored on remote external servers. If you’re wondering why this software as a service (SaaS) solution is quickly becoming mainstream, consider these six key advantages.

1. Safe and Secure Data Backup

According to the Association of Certified Fraud Examiners (ACFE), companies worldwide lose 5 percent of revenue to fraud each year. With a cloud accounting solution, your data is saved and stored safely off-site on a remote server. You can set authorization levels and better control which users have access to delicate financial data. You’ll also have access to backup data and disaster management services in the case of a break-in, building fire or natural disaster.

2. Accurate, Real Time Information

To make savvy business decisions, you need up-to-date information. Traditional accounting methods can’t provide that type of immediacy, so decisions are made based on inaccurate, out-of-date data. As a result, bad decisions are made, opportunities for growth are missed, and extra costs are incurred. Cloud accounting provides real time financial data so that you can monitor key performance indicators day to day and make the best possible management decisions at all times.

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3. Accessible Data – Anytime, Anywhere

With cloud accounting solutions, you’re no longer tied to your desk at the office. Whether you’re at home or traveling overseas, if you can access the Internet, you can access your data. Plus, cloud accounting applications can be integrated into your company’s software and customized to serve your specific needs.

4. Collaboration

With data being accessible anytime, anywhere, you can easily collaborate with your team members whenever it’s convenient. Just connect online using a smart phone, tablet, desktop or laptop. This real time collaboration means important decisions can be made quickly, accurately and with everyone’s approval.

5. Reduced Time and Cost

By putting your data in the cloud, you streamline the process, reducing the need for expensive hardware and software, constant technology updates and maintenance. You also automate processes and free up time and resources that would be wasted performing tasks manually. 

6. Outsourcing a Viable Solution

Once your data is in the cloud, you can explore the option of outsourcing cloud based accounting sofware operations. This leaves your staff free to concentrate on products, services and customers.

If you’re still wondering what is cloud accounting and how it can help your business look into popular blogs by both Xero and Quickbooks that can show you more about how the cloud works!

LUXA Enterprises specializes in both Xero and Quickbooks cloud accounting implementation and software applications. If you have more questions about the cloud or outsourced accounting services for small business or just want some advice, contact us today!

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