Desktop accounting software is quietly going to the history of the business. The technological achievements in the past few years changed everything. Now, you have a chance to take care of all accounting tasks via cloud-based software in real-time. If you just started a new business it is the right time to consider this accounting option. Go ahead and start learning about benefits of cloud bookkeeping in the text below. You will see just 8 of many advantages, but it’s a great place to start.
1. Access your data regardless of location
It is needless to say that while using cloud-based accounting software you will be able to access your data wherever and whenever. Your financial records will be safely stored in the cloud and ready for viewing, editing or deleting at any time, and from any device. If you are a modern-day entrepreneur, you are probably on the move all the time, and using the cloud is the right choice. Keep in mind that changes you make in your reports will be saved just in case you have an internet connection problems.
2. Automation at its finest
Remember how accounting used to take a lot of time? Those days are over since the cloud will speed up the whole process through automation. Once you start using cloud to keep your books, you will be able to connect directly with your bank or credit cards. This way, the software will automatically take care of your business transactions. If you put some more effort into exploring those options, you will learn to create bank rules which will help you to automatically categorize transactions. Just one click will now take care of something that used to consume the whole hour.
3. Improved communication with your accountant
Now that you have your accounting software online, it is a lot easier to communicate with your team and your accountant on that matter. Everyone with permission will be able to access all needed information. Once again, this possibility will save plenty of time and you will be able to continue working on something else, or just take a break. Take your book-keeping out of the office and find good cloud-based software. If you are not sure which way to go, feel free to seek advice from an accounting company, such as Book Keeping Champs.
4. There are no compatibility issues
The biggest downside of old desktop accounting systems was the need for the same software version. Namely, if you wanted to share files back and forth, all users would need the same build of the system. With the cloud-based system, you can forget about compatibility issues. The cloud systems are always up to date, and again, you won’t be wasting your time on these trivialities.
5. Automatic backups
Here comes the biggest advantage of cloud-based accounting software. You can’t lose your data due to hard drive malfunction like it was the case with desktop software. Of course, the only solution for backing up data was to have another external hard drive. Cloud will automatically backup all files, so it will save you from possible headaches. Make sure to ask your software providers about precautions they take in order to backup data. This way you’ll know what are your options.
6. Improved accounts receivable collections
You’ll agree that chasing after clients for collections is not your favorite activity. Fortunately, your new cloud accounting system has a solution. It will create as many invoices as you want in a matter of seconds. Then you just need to email them to your clients and wait few days to get paid via one of the available payment processors such as PayPal or Stripe. Forget about checks you used to wait for weeks to arrive.
7. It is easy to use
With the cloud-based software, you won’t be needing an accountant in order to use it. You can easily learn to take care of all tasks in no time. Cloud systems are made for business owners, and ease of use is one of their biggest advantages. This software isn’t meant to be used by professionals, and because of that, feel free to explore it and learn about all features. Of course, if you are too busy with other business related responsibilities, go ahead and keep the accountant on your payroll.
8. Improved connectivity with other platforms
At the end, maybe the most important feature of cloud accounting systems is its possibility to connect across multiple platforms. The cloud is all about connecting people, devices and software. Because of that, it will be easy to find a third-party application which can be integrated into your main software. This small app will help you automate certain tasks of your accounting process. Using the cloud, you will be in a position to approach accounting in a more customizable, modular way.
There are so many reasons why you should stop using desktop based applications for your accounting and bookkeeping, and transfer to cloud-based ones. As you could see from the text, your job will be faster, easier, neater, and your team will communicate in a more effective way. Don’t hesitate, try out this type of software as soon as you can and you won’t regret it.