Pretty much everything is stored in the cloud these days: your photos, your credit card details and even your step count - so why not your accounting, too? Accounting software can free up a significant chunk of your time and help you keep more accurate financial records, both of which represent big wins for your business. If you haven’t switched over to the cloud yet, here’s why it pays to move with the times.
What is Cloud Accounting?
Cloud accounting is accounting software that works over the internet rather than storing data and programs on your computer’s hard drive. Cloud based software has disrupted and transformed many industries, and accounting is no different. Besides, it’s here to stay and so the smart thing to do is adapt and use the power of the cloud to your advantage.
Is the Cloud Secure?
Understandably, one of the biggest concerns business owners harbour regarding the cloud is its security. However, the cloud is actually more secure than traditional hard drive storage. For one thing, your computer is susceptible to physical damage, such as spillages, fire and electrical faults, not to mention loss or theft. If your computer is destroyed, cloud accounting software ensures that you’ll still be able to access your data from another device.
Most cloud accounting options provide strong protection for your sensitive data and use secure solutions such as encryption to make sure that your accounts stay safe. It’s much more difficult for a hacker to infiltrate the cloud than it is your laptop - and easier to recover your data too, thanks to automated backup solutions.
The cloud enables you to manage your accounts from anywhere, on any device. As a business owner, this permits you to lead a more flexible lifestyle. For example, if you need to update your accounts over the weekend, cloud software saves you the trouble of having to drive into work to access your office computer.
Real Time Updates
Cloud software ensures that all parties will be able to access the very latest data, streamlining communication and encouraging more efficient collaboration. Real time updates save a lot of time and, as a business owner, being able to access your financial data instantly allows you to identify potential problems quickly and fast, informed decisions.