Even though cloud accounting has been around for a while, there are still a number of businesses that don’t feel comfortable with taking their data to the cloud. The technological advancements that we have seen the past decade or so have brought about various advantages, but they are not without their downsides. Therefore, some businesses are unsure of whether to use cloud accounting or not, but it is a fact that it offers you great opportunities for optimizing and growing your operations. What are they?
Some of the notable benefits of cloud accounting are:
1. Access anywhere and at any time
There are numerous cloud accounting solutions available these days that don’t restrict you to one computer. There are web-based cloud accounting solutions that can be accessed on any device that has a web browser. There are also apps that can provide you with the same accessibility through your smartphones. This makes it immensely easy for you to run your business on the go.
2. Save time through automation
With cloud accounting, you won’t be wasting time with posting and chasing invoices. Cloud accounting solutions automatically generally invoices for clients and also send reminders at regular intervals. This helps the business in keeping track of their debtors. In addition, they can also be integrated with payroll and HR applications, which enables you to generate payslips and other such documents.
3. Value for money
Rather than paying a huge lump-sum one-time payment, cloud accounting software gives you the option of spreading the cost in the form of monthly payments, which is great for managing a business’s cash flow.
4. Up-to-date data
One of the greatest benefits of cloud accounting solutions such as cloud accounting Singapore is that they can provide you with up-to-date data. The bank feeds are automated and this allows you to track your balance sheet in real time. Apart from that, you also have the option of accessing a variety of reports that provide you with a real-time snapshot of your business finances. Thus, you are able to get a clearer picture of your business with ease.
5. Keeps all information secure
As the data secured on the cloud server is constantly and regularly backed up, you don’t have to worry about it being compromised or hacked in any way. Even if your computer crashes due to a hacking attack or a virus or malware, your accounting information is safe and secure.
6. Easy to use
The best part about using cloud accounting solutions is that they make accounting easy for those people who don’t have any background in managing financial accounts. Even if you are not familiar with the ins and outs of accounting, you can still make use of the software as they have an intuitive interface and there are plenty of guides to assist you in this regard.
7. Secure and easy sharing
Cloud accounting makes it easy for you to share data with anyone you like, whether it is your bookkeeper, accountant, business coach or even the bank manager.