The benefits of Cloud accounting

Nathan Bowden
Nathan Bowden

Cloud accounting has revolutionised the way companies manage their finances and work with their customers and advisers.

Nathan Bowden

It may be compliance, or it may be getting the advantage of a competitor but why is cloud accounting the right decision for you?

  1. Accessibility: One of the advantages of cloud accounting is its accessibility. With financial data held in the cloud, you can access your accounts from anywhere in the world with an internet connection. This allows for flexible working for businesses with remote teams or those that require on-the-go access to the software. This helps with the cost and restrictions of desktop software or office-based servers.
  2. Automatic Software Updates: Traditional accounting software often comes with the hassle and cost of different versions and updates 6 monthly or annually. Cloud accounting eliminates this problem as the software is continually updated by the provider, ensuring you always have access to the latest features. This not only saves you money but also guarantees that your financial processes are running on the most up-to-date platform.
  3. Automation Tools: Cloud accounting offers a suite of automation tools that can significantly reduce the time spent on manual data entry and financial tasks. Features like automatic bank feeds, invoice generation, and expense tracking streamline your workflow, allowing you to focus more on growing your business and less on administrative tasks.
  4. Real-Time Data: Having access to real-time financial data can really change the way you work as a business. Cloud accounting provides you with information no older than 24 hours about your company's performance. This real-time view allows for better decision-making and a more proactive approach to managing your finances.
  5. Collaboration and access: A cloud platform allows you to easily grant access to your financial data to advisers, such as accountants or financial consultants, regardless of their location. This collaboration leads to timely advice based on current financial data, not last year's accounts. It enables a dynamic and responsive approach to financial management.
  6. Add-Ons: As your business grows, your financial needs may become more complex. Cloud accounting platforms typically offer marketplaces with a wide range of add-on applications. These apps seamlessly integrate with your accounting software, expanding its functionality. Whether you need direct debit capabilities, advanced reporting tools, or cash flow forecasting, there's likely an add-on to meet your needs.

As you can see, Cloud accounting is more than a tick box exercise, it is a step forward into a developing and exciting digital world.

Making the most of the potential benefits from cloud accounting often requires having specialised cloud accounting services to back you.  

If you are already using cloud accounting solutions like Xero, we have an article detailing various tips for getting the most from Xero.

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