There are many benefits of cloud accounting and it can have a positive impact on your business. If your company is using an outdated accounting system or you have yet to be sold on the idea of cloud accounting, then below we have listed a few benefits of cloud accounting and the difference it can make to your business.
1. Time saving
Finance tasks can get repetitive, for example, monthly payroll, generating invoices and finance reports. Imagine if these could all be automated, how much time you would save which you could use to focus on other areas of your business? Cloud accounting can fully automate key tasks and financial reports that will be simple and quick to set up and save you time in the long run.
2. Cost effective
Cloud accounting software doesn’t require a big investment and there are no installation fees. Once the software has been set up the system can be upgraded automatically without incurring further costs. You will also be able to save on in-house IT which means no servers or staffing costs. The system can be accessed either at home or in the office so there is greater flexibility as well.
3. Stay up to date
Everyone is concerned with cyber security and cloud accounting is no different. The software will include security protection, encrypted data transmission and firewalls. The system also relies on automatic software updates, so you don’t need to do it manually.
4. Work simultaneously
Another reason to use cloud accounting is that it allows your staff to work simultaneously on the same files and projects. You can even grant different levels of access and permissions to various team members, from read only files to full editing capabilities. This means that everyone will be working on the same data file and it will always be updated.
Finally, cloud accounting software can integrate with other cloud-based functions that can streamline your processes, reports, and workload. The system will provide you with automated reports on every aspect of your business with a high level of accuracy which means there is no room for human error.
At the Stan Lee, our team of highly trained accountants, bookkeepers and business consultants can help you with all aspects of your business finances. If you are looking to introduce cloud accounting software into your company or small business then why not get in touch with the friendly team here?