Cloud accounting involves using accounting software on the internet rather than installed on local computers and servers. Your data is stored in the cloud too and instead of opening up a programme, you log into your account using a web browser.
Some of the major benefits of using cloud accounting include reduced capital equipment costs and the fact there is no IT support required. With accounts software you run in-house, you may need to invest in a server and other IT equipment. In addition, the system needs supported by, for example, updating the software when the supplier releases an update. The software will also eventually become out-of-date when the supplier releases a new version. To get the latest version you often have to pay more money.
With a cloud accounting solution, the software runs on a server on the internet managed by the supplier. You don’t have to worry about updates, plus you can be sure you are always accessing the latest version so there is no need to purchase new releases.
These are all important benefits of cloud accounting but there is another one that, in the long term, will have an even bigger impact on your business – enhanced productivity. Cloud accounting solutions make your business more productive so you can get more done for less as well as more efficiently using your resources.
Here are three ways cloud accounting makes businesses productive.
1. Access Anywhere
As cloud accounting solutions are on the internet, you can access them from anywhere you have an internet connection. In other words, you are no longer restricted to being in your office or somehow having access to your office’s systems.
You can also access cloud accounting software on any device. All the major providers have adapted their solutions for mobile so you can access and update your data from a phone.
Most providers will give you multiple accounts with control over what each can do and access. This means you can give each key member of your team access to your accounts system, including remote and mobile employees. They will be able to do their jobs better as they can get the information or perform the task they need to when they need to, wherever they are.
2. Access the Cloud in Real-Time
The data that everyone on your team accesses is also real-time. In other words, there is no requirement for various devices to sync or update – when someone adds a new record or enters new data, everyone on the team sees it immediately.
This improves accuracy in your business and saves time. It also gives you better information for taking decisions as you can see what is happening in your business right now as well as historically.
3. Process Automation
Cloud accounting solutions also integrate a number of functions that may currently be separate in your business. This automates several processes, such as data entry, freeing up your company’s resources.
For example, most cloud accounting solutions let you generate quotations from within the platform. This means you don’t have to then re-enter the customer’s information to raise a sales order and invoice.
Cloud accounting solutions are just one example of a business application that is increasingly moving to the cloud. The benefits of doing this for your business are potentially substantial.
For more help and advice with your business, please contact a member of the Gilroy Gannon team today.