Cloud-based bookkeeping software is a smart investment if you want your business to operate more efficiently and effectively. Cloud work will provide a better financial overview and enhance team collaboration.
Utilising bookkeeping software should be effortless.
Bookkeeping software for small businesses that are not accessible via the cloud is tedious. Historically, it can consume an excessive amount of your business’s time and effort. This does not add value and removes the enjoyment of doing business. Cloud-based software can help your business save time and money.
So what is this thing known as a cloud?
Consider when you use online banking. Each time you access this information, you utilise the cloud. The cloud is a platform that enables online access to data and software at any time, from any location, and on any device. No longer is your hard drive the central hub.
Traditional bookkeeping software deficiencies:
- Neither the system’s data nor its software is up to date.
- It only operates on a single computer, and data is scattered. Including a USB drive. This is not safe or trustworthy.
- One individual has user access. Key personnel need access to financial and customer information.
- It is expensive and difficult to maintain backups (if done at all).
- It is costly, challenging, and time-consuming to upgrade the software.
- Customer service is costly and slow.
Why bookkeeping software and the cloud are a perfect match:
Cloud-based software is accessible from any internet-connected device. Small business owners utilising online bookkeeping remain connected to their data and accountants. The software is compatible with an extensive ecosystem of add-ons. It is scalable, economical, and user-friendly.
Installing and running applications on a desktop computer in the cloud is unnecessary. Instead, you pay a monthly subscription fee for the software.
Cloud security is unparalleled.
As a small business owner, you may be concerned about the storage of your data by a cloud service provider. However, cloud storage is one of the most secure data storage methods. Using cloud-based software, for instance, if your laptop is stolen, no one can access your data unless they have access to your online account. With cloud-based software, the data resides here instead of on your hard drive.
Being in the cloud ensures that business productivity is unaffected by natural disasters or fires because there is no downtime. Your information is stored safely and securely off-site. You are back online as long as you have access to an internet-connected computer or mobile device.
Moreover, if you invite users to view your data, you can control their access level. This method is significantly more secure than emailing files or sending USB drives containing sensitive data.
Cloud-based software companies guarantee that the security and privacy of your and your organisation’s data are always impenetrable. You are prepared to use cloud bookkeeping if you already use online banking.
Five ways cloud software benefits your business:
- You have a clear, real-time overview of your current financial standing.
- Access for multiple users facilitates online collaboration with your team and advisors.
- Automatic updates allow you to devote more time to your favourite activities.
- Everything is run online, so nothing needs to be installed, and everything is automatically backed up. Updates are free and available immediately.
- Version upgrades, maintenance, system administration costs, and server failures are no longer issues, reducing upfront business costs. Instead, they are managed by the provider of cloud services.
Work more efficiently with cloud-based data accessibility.
This software’s versatility allows you to manage your business from the office, home, or on the go. You can rest assured that you always have an accurate picture of your business’s performance, regardless of where you are.
In the cloud, software updates can be developed and distributed more quickly and easily. This means you do not need to install the latest version and will have immediate access to new features. With cloud bookkeeping software, you can manage your business remotely from anywhere. And when data is fluid and readily available, the potential applications are limitless.
We offer training for cloud bookkeeping, check out our training page to learn more.