Cloud based accounting software has improved the ability to access financial records to a whole new level, both for accountants and business owners.
Since its inception, most companies that opted to utilize the software have recorded an increase in profits and better accounting transparency. Due to its convenience, small business owners are jumping into the cloud technology bandwagon every passing day.
If you are a smart business minded person then you know the success of your business depends on its ability to adapt to changes in time. What makes cloud based technology a viable option for businesses?
Time is money and the less time you spend on accounting, the more resources you will accrue. Cloud accounting software includes an automation option which allows the user to connect directly to the bank or credit card records. Whenever there is a business transaction, the cloud software updates the data automatically thereby getting rid of manual data entry.
Low Maintenance Cost
A switch to cloud technology will enable you to save money on software upgrade. The service is usually on a subscription term and version upgrade is done automatically at no extra cost. In case your business expands, you can make use of add ons to integrate different systems without paying any accountant upfront to supervise.
Is it not annoying to go back to a specific office computer just to check out the financial records? You do not have to worry with cloud accounting since you can access data from anywhere in the world as long as you have internet connection. Additionally, business partners, staff and accountants can view the same information in real time while in different locations.
Ever heard of a case where a person’s laptop was stolen and the owner is willing to pay double the original value to whoever returns it? Not because the owner wants the laptop but the information backed up in the hard-drive is more important. The same thing cannot happen to you while using cloud accounting software. Every little bit of business data since the first day of using cloud based technology is automatically saved online. The software is fully encrypted to prevent anyone without permission from accessing the data.
Unlike before, you do not need to be an accountant to use cloud accounting software. The software tools are uncomplicated hence easy to learn.
LUXA Enterprises specializes in both Xero and Quickbooks cloud accounting implementation and software applications. If you have more questions about what is cloud accounting or outsource accounting services for small business or just want some advice, contact us today!