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What are the Benefits of Cloud Accounting?
What are the Benefits of Cloud Accounting?

The internet has opened up possibilities that were once considered to be mere fantasy. From instant chats to online meetings, to data storage and even remote working opportunities, the internet has truely revolutionized our lives in the modern world. Cloud technology in particular has meant that we can store much of our data online and access it from anywhere.

In addition to the personal benefits, using cloud technology can transform the way that you run your business for the better. Accounts, in particular, can pile up into huge physical files over time. They can be difficult to manage and expensive to store. Your desktop system is also far from infallible and could be lost easily due to a technical error or burglary. Cloud-based accounting, however, offers all the security you could hope for, alongside both reliability and accessibility. Read on to learn more about the benefits of cloud accounting and why you should seriously consider the transition.


1. Cost effective

By storing your accounts and working online, you reduce the need for IT services. You can access it at any time of day and from anywhere. You do not have to go through IT experts to access your accounts.


2. Time-saving

You no longer have to be in your office/work environment to keep on top of your accounts. You can approve payment requests, or fulfill payroll requirements, wherever you might be- including from your phone during your daily commute. Your accounts are always backed up too, meaning you don’t need to manually back them up from your desktop which can prove very time consuming.


3. Instant access

Through cloud accounting you can access your accounts and key data from wherever you are. If your laptop or mobile phone are not in your possession, you can sign in and access what you need from any computer. If you are a business owner that likes to travel lightly, you can move around easily and keep on top of your business status too.


4. Iron clad security

The fact is, any data stored in paper files or on a local drive on your desktop or laptop is always at risk. Whether there is a risk of floods or wildfire, or your laptop being stolen, or experiencing a technical fault, you can lose everything in an instant. 

With cloud accounting, all your information is encrypted at the source and saved securely. Only you and those you choose to share your data with can access your information.


5. More sustainable

In a climate where people are moving towards sustainability and looking after the planet, a paperless office is a goal for most companies. Through transferring your data to a cloud accounting service, you no longer need to deal with paper to backup up your information; cloud stores and backs up data instantly. This not only saves trees but also saves the need for physical storage space which can help reduce the carbon footprint of your business even further. 


6. Share and collaborate easily

When working with others, it was only a few years ago that floppy disks, cd’s and usb sticks were necessary to share data between computers. Through a cloud accounting service, you can share your data and collaborate easily with colleagues and employees of your choosing, without needing to revert to time consuming methods. This can improve team cohesion and group productivity as a whole.


Summary

There are many benefits to cloud accounting. From saving time and money, to better data security and access, cloud accounting can make your business run more smoothly and sustainably.