We live in a time where things change at an incredibly fast pace. Gone are the days of backup’s onto tapes and photos being displayed in an album on the coffee table. Our lives live in the cloud.
Most businesses depend on cloud-based solutions for many of their operations. From banking, to storing important data, to sharing company documents and hosting software, the cloud is the way to go if you want to make your business more efficient. So why not your accounting software?
There are some really cool advantages of using cloud-based accounting software for small businesses. Here are a few:
- You can access your data from absolutely anywhere. All you need is an internet connection and a device with an internet browser.
- The software and infrastructure requires almost no maintenance on your end. The software is always up to date with the latest release.
- The system is enterprise grade secure.
- Cloud-based accounting software can integrate with other online add-ons in your business, such as CRM, inventory management, etc.
- Cloud accounting software is often the more cost effective option.
- It allows business owners/managers easy access to accounting data and can be used for collaborative accounting. No more “who has the current backup” frustrations. The auditors can audit live data from their offices.
Cloud-based accounting software has opened new doors for collaborative accounting. In a generation that thrives on instant gratification, businesses have had to keep up with the pace. This technology makes collaborating with clients and colleagues a real-time task. All users can access the software anytime, from anywhere – saving you time, stress and ultimately, money.
Now, let’s talk about outsourcing. Outsourcing and cloud go hand–in-hand. Outsourcing alone has many benefits – it allows you to focus on the core services in your business without having to think about managing an accounting department, it significantly reduces overhead costs and it significantly reduces the risk of fraud in your business.
When using cloud accounting software, it allows business owners to keep up with everything their outsourced partners are managing for them on the software. They have peace of mind knowing that professionals are taking care of their finances and they have the capacity to focus on the growth and expansion of their core business.
The growth in online accounting solutions has been phenomenal and this year is going to be no different. Companies such as Xero Accounting, our preferred accounting solution, are paving the way for small business accounting solutions. People (even our CEO’s 74 year old Dad) are moving more and more towards cloud-based solutions – and we can definitely see why.