Advivo explains what cloud accounting is and how it can benefit your business.
Cloud Accounting is a reasonably new concept in the realm of finance – so you may be asking what all the fuss is about. Cloud accounting involves using software that is hosted on a remote server, as opposed to on-premises or self-install accounting software. This poses a number of advantages for businesses looking to streamline their accounting processes.
Xero, Myob, or Quickbooks are all examples of cloud-based accounting platforms.
It’s always up to date.
Because the software is based online and not installed into your business’s systems, you know that you’re always using the most up-to-date version. This can be a huge time saver as it eliminates the need to keep on top of updating software. Even better, cloud accounting providers are always adding new features to their platforms, so you’ll be able to enjoy the most innovative experience possible when handling your finances.
It’s paper free.
Do away with time and space-consuming filing – all your important documents and data is stored online with cloud accounting. This means less paper wastage, making it a far more eco-friendly option for your business.
It lowers overhead expenses.
Businesses that use an on-premises method of accounting must deal with the overhead costs related to housing and maintaining an in-house server. This often also involves additional costs relating to IT support. Cloud accounting software carries out all its operations online including troubleshooting, so there’s no need for purchasing hardware for a server or wasting money on IT support.
It’s available wherever and whenever you want.
Cloud accounting software allows you to access your finances wherever you are as long as you have internet access. This means that you can work on the go, and don’t have to be in the office to manage your accounting. This also allows for easier collaboration with remote team members and more flexibility in your work day.
With one cybercrime report being filed every seven minutes in Australia, we understand that you may have concerns about whether your precious financial information is safe when stored on the internet. One of the biggest pluses of cloud accounting is high-level security for your sensitive data. This includes encryption and multi-factor authentication to protect your data from unwanted viewers.