independent

Tuesday 17 September 2019

The Cloud - how it can benfit your business

Business Q&A

Q What is Cloud Accounting and how can it Profit My Business?

AThe cloud is a platform to make data and software accessible online anytime, anywhere, from any device. Your hard drive is no longer the central hub.

Problems associated with traditional accounting software include: The data in the system isn't up to date and neither is the software. It only works on one computer and data bounces from place to place. This may not be secure or reliable. There can be limited access for users. - It's costly and complicated to keep backups (if done at all). It's expensive, difficult and time-consuming to upgrade the software. Customer support is expensive and slow.

You can use cloud-based software from any device such as your phone or tablet with an internet connection. Online accounting means business owners stay connected to their data and their accountants. The software can integrate with a whole ecosystem of add-ons or apps. It's scalable, cost-effective and easy to use. Mountains of data can be loaded in minutes.

In the cloud, there's no need to install and run applications over a desktop computer. Instead, you pay for the software by monthly subscription and updates are automatic, essentially this means no more back ups. The technology can be an exciting world of creativity and innovation. But while it's great to embrace technology, you also need that valued time to concentrate on other key areas of the business, such as growth. The time saved by automation will allow you to do exactly this.

How can Cloud Accounting profit your business?

If you want your business to work smarter and faster, cloud accounting software is a wise investment. Working in the cloud will give you a better overview of your finances, improve collaboration with your team and allows you to have real time financial information to hand 24-7. Accounting software shouldn't be a chore to use.

Small business accounting software that's not available via the cloud can be tedious. Traditionally, it can suck up far too much of your business' time and effort. This doesn't add value, and takes the fun out of being in business. Cloud software can save your company time and money. As a business owner, you might be concerned about a cloud service provider storing your data.

But the cloud is one of the most secure ways to store information. For example, using cloud software, if your laptop is stolen, no one can access your data unless they have a login to the online account. With cloud software, this is where the data lives - as opposed to on your hard drive.

Five ways cloud software benefits your business

1. You have a clear overview of your current financial position, in real time. This allows you to make better business decisions.

2. Multi-user access makes it easy to collaborate online with your team and advisors.

3. Worry-free maintenance means you can spend more time doing what you love.

4. Everything is run online, so there's nothing to install and everything is backed up automatically. Updates are free and instantly available.

5. Upfront business costs are reduced version upgrades, maintenance, system administration costs and server failures are no longer issues. Instead, they are managed by the cloud service provider. The fact is technology is now available to help you significantly reduce your paperwork and administration workload. It automates those mundane tasks, saves you loads of time and gives you up to date information on the performance of your business when you need it.

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