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Why Businesses can Benefit from Cloud Accounting?

Last updated: Thursday September 17th 2015

Cloud computing has become increasingly pervasive over the last few years and many software developers now provide cloud-based services. But what is the cloud, and how can cloud accounting software benefit your business?

‘The cloud’ is another term for ‘the internet’. Cloud computing refers to the practice of accessing data or programs over the internet, instead of using your hard drive or office server. Cloud accounting software is software that can be accessed online. Traditional small business accounting programs require installation and can present a number of problems:

• Costs and complications of backing up data and installing upgrades
• Insecure data storage and protection
• Limitations on the amount of devices running the software
• Limitations on the amount of people able to access the software

Cloud accounting software eliminates many of these issues. For example, data backups and software upgrades are carried out automatically, saving your team the laborious job of performing these tasks manually. In addition, data security is enhanced: you no longer have to worry about a laptop or hard drive falling into the wrong hands, as the data is stored remotely and can only be accessed with the correct passwords. This also means that incidents such as fires or floods no longer carry the risk of permanent destruction of client data.

In terms of software access, cloud accounting companies provide a number of options, giving business owners greater opportunity to enhance teamwork and collaboration without compromising control. Many companies provide flexible price plans, allowing businesses to scale their accounting function according to their needs and budget.

Perhaps the most significant advantage of cloud accounting is that it allows businesses to access their data and software from any device with an internet connection 24/7. Small business owners can therefore stay connected to their data and accountants from almost anywhere, providing greater control and peace of mind.

Top 3 benefits to your business:

1. Clear, real-time overview of your current financial situation
2. No installation necessary and updates are automatic, allowing for more time to be spent on more important work
3. Everything is backed up automatically, and your data is more secure