- Eleven Accounts
The Benefits of Cloud Accounting
We all use the Cloud daily. We post photographs to Facebook. We pay bills via online banking. We stream TV and film from apps like iPlayer and Netflix. So why aren’t you using the cloud for your business accounts?
What is the Cloud?
To put simply, the cloud is the sharing of resources, software and information via the Internet. Basically, you are using someone else’s computer to store and access data meaning that traditional software packages are a thing of the past.
What is Cloud Accounting?
There is no real difference to traditional on-premises accounting software apart for the fact this software is hosted on a remote server. Data is sent to and stored on the cloud. No longer is there any need to install and maintain accounting software onto individual computers at work or home.
What are the benefits for a small business?
By moving to Cloud software such as FreeAgent or Xero, you are freeing up your time to focus on building your brand and growing your business. Bookkeeping can be an unwanted distraction and Cloud software can simplify and streamline this necessary aspect of any business.
1. They allow for flexibility
You don’t have to be sat at a specific computer to access the figures you need. Many of the accountancy software providers have mobile apps you can download meaning you can check the data anywhere. Not only does this allow for more flexibility, but also gives you peace of mind when making financial decisions about your business. Furthermore, you can have multiple members of your team using the software and working in different aspects simultaneously.
2. They provide real-time financial information
Long gone are the days where you have to scroll through pages of management reports to find the information that you need. Using cloud accounting allows you to get an up-to-date view of your businesses current financial situation wherever you are.
3. They tighten security
Encryption is key to securing sensitive financial data, and all information sent to the cloud is saved and stored with the highest levels of encryption. Your information couldn’t be safer. There is no waiting at the end of the day for information to be backed-up as work is saved automatically as you go and, because no data is saved on a physical hard drive, you can be safe in the knowledge that only selected members of your business can access that information.
4. They are good for the environment.
Sustainability is key for any business, and cloud software allows you to become paperless. All invoices and receipts can be imported directly into the software which improves efficiency, but also saves trees. Plus, it helps you keep your office space tidy and organised.
5. They reduce costs and save you time
There is now no need to invest in IT hardware. With this, it becomes unnecessary to have a server to house IT hardware. On top of this, you no longer have to pay an IT expert to maintain this hardware. Think of the costs you are saving by moving your accounting needs to the cloud. Everything you need is at your fingertips whether you are at work or home and it gives you time to concentrate on the aspects of your business you are passionate about.
Our goal is to take away some of the accounting and administrative elements of your business saving you time and money. Partnering with multiple cloud software platforms and certified with Xero and FreeAgent we can find the best fit for your needs and can offer discounted prices and packages. We are licenced and regulated by the ICB so you know you are in safe hands.
Our mission is to help you apply your skills to where your business needs it most and not have to worry about your accounts. Imagine what you could do with that free time.
Whether you want regular or ad-hoc services, give us a call to find out more.