How Can Cloud Accounting Systems Change the Way We Work?
Cloud accounting systems have developed significantly over recent years. Just a few years ago, numerous accountants and business owners were unsure whether such accounting systems were reliable enough and whether their data was safe and secure. However, cloud accounting systems now boast all the functionality and reliability of traditional desktop accounting systems and have become widely popular.
The introduction of cloud accounting systems is changing the way we live, and the way we work. We have been brought closer to our clients and are now able to provide more accurate and timely financial information. Business owners need to have accurate, real-time data, and our mission is to deliver this.
There are so many benefits of shifting to a cloud accounting system. Here are our Top 5.
1. Real Time information
Both business owners, together with their accountants, can have access to the latest and most reliable information, just by logging into the cloud software, which is designed with both accountants and business owners in mind. Gone are the days of physically passing on piles of invoices to your accountant and waiting for him to key them into the desktop accounting software. Owners can now forward invoices via email directly to the system, ready for actioning by their accountant and therefore saving time. OCRs like Hubdoc instantly convert the scanned invoices into booking entries, allowing the accountant to review postings in seconds.
Since the data is stored online, all you need is an internet connection in order to access the account. Since security, updates and improvements are all done centrally, you do not have to worry about having the latest version. You always have the latest version.
3. Linkage to Various Apps
Most cloud systems offer an app library, similar to Apple and Android. This gives business owners and accountants access to a large volume of apps such as point of sale systems, financial analysis tools, inventory systems and debtor chasing systems, which all link seamlessly.
4. Upfront Costs
Cloud accounting generally works with a monthly subscription fee, and this helps with cashflow planning and enables start-ups and small businesses to start tracking their financials from day one. In the past, a start-up would think twice in investing a large amount of money in a desktop accounting software due to the large initial cash outlay.
5. Collaboration with your Accountant
Cloud accounting software has improved the communication and collaboration between accountants and business owners. In our experience it can also help in cutting costs and save time. This in turn enables us, as your trusted accountants to move away from mundane tasks and offer you more value-added solutions to help grow your business.