A Cost-Effective Solution: 7 Benefits of Cloud Based Accounting Software

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We know what you’re thinking. The only thing duller than an article about cloud-based accounting software is counting sheep. And that still involves numbers.

But hear us out. Because it could be the best business decision, you make this year.

Traditional hardware-based accounting solutions need hardware that breaks down all the time. Thus, you end up hiring an IT team that’s as exciting as most articles about cloud-based accounting software.

But if you’re confused and still asking, “What is the best cloud based accounting software?” then read on and find out how to save yourself thousands of dollars a year.

1. Work From Anywhere

The advantages of Cloud-based accounting software are great. It means you can take your work home with you if that’s your thing. Or you’re on public transport because your car broke down and you’ve got deadlines to meet.

Regardless of your working preferences, you can forget about hardware problems. That’s because the cloud is done online, so it becomes the responsibility of the software developer themselves to keep everything online. You’re connected to your work, but it doesn’t have to be on your hard drive for you to use it.

The software is available anytime, from anywhere. Whip out your favorite mobile device, log on, and away you go. The software will work on any web browser, anywhere in the world.

2. Real-Time Collaboration

We’ve already discussed operating your software from anywhere in the world. But with that, you can also collaborate in real-time. So if you’re unable to make it to the office, you can still get stuck at home and collaborate in real-time.

Today’s cloud-based accounting practice management software is often cloud-based. This means it’s accessible on any internet-enabled computer or device. There are no downloads, new hardware, or installing servers to use a cloud-based procedure.

3. Extra Security

If you’re not using cloud-based accounting software, then you’re leaving your business at risk.

If hackers or software fatigue breaks down your hardware, then your data could be vulnerable to theft. You might even end up paying an extra fee to protect yourself against data loss too.

Plus, there’s the chance of third-party malware taking control of your system. This wreaks havoc with your business if you don’t keep up with security updates.

With cloud-based accounting software, you don’t have to worry about your data getting lost in a fire or collapsed server. Your system backs up by itself, ensuring that the only thing you have to do is store the old hard drives somewhere.

The harder it is for someone to access your accounts, the safer you and your personal information will be.

Set up two-factor authentication with a second device. This can be a phone or an app. Doing this gives an extra layer of security if one device gets stolen.

4. Organize Your Business

Cloud-based accounting software offers a total business solution. This includes accounting, payroll, and human resources management tools. This means you can organize your entire business in one place, making it easier to find everything.

You don’t need to keep a spreadsheet of invoices, buy orders, and receipts. Nor do you need all those tax and payroll records on every individual office computer. All that information is easy to access from anywhere in the world.

5. Reduced Costs

The downside of cloud-based accounting software is that, for many, it’s unfamiliar territory. But with this, you reap the benefits of technological solutions that are often free and easy to put in place.

Cloud-based accounting software is cheaper to put in place than traditional accounting solutions. It’s also less expensive to maintain and update. That’s because it doesn’t involve ongoing hardware costs and maintenance.

Plus, cloud-based software is much easier to upgrade. Upgrades are automatic. But for custom solutions, expect to pay more since it’s a specialist task that’s required.

6. Streamline Your Productivity

With cloud-based accounting software, you can see your data immediately – no waiting around for a network update.

You will be able to see your accounts receivable and payable, customer information, and supplier invoices in real-time. You can also get up-to-date company information and reports with ease. This means you can make a more informed decision about business planning.

You can even connect with colleagues and clients over the Internet, so there are no limits to your workday.

7. Free Up Resources

You know what we’re talking about. Everyone in the team claims to be an IT expert, and after days of arguing about how to fix the problem, it’s still broken.

That’s a bit harsh. But you should consider accounting practice management software since it helps you find a competitive edge over your competitors. It provides tools that help you do the jobs that make the biggest difference.

If you’re in a small business, this could mean saving tons of time and labor costs from tedious work.

Cloud Based Accounting Software for Accountants

If you made it this far, we either kept you awake, or it’s tomorrow morning. But all joking aside, it’s critical that you find the best software that’s right for your business.

We’re talking thousands of dollars a year (and in some cases even more) of savings. That doesn’t include the benefits of a more productive, less-stressed workforce. So take time to look into the right choices for your business.

Your business is unique, so let’s face it: no two are exactly alike. But if you’re small or medium-sized, then finding a cloud based accounting software solution is the way to go.

Feel free to browse around for our latest business tips.

Written by Casim Khalid

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