Cloud computing has paved the way for innovation in nearly every realm of business. More organizations than ever before are turning to the cloud to revolutionize their most vital business processes. Accounting is one such area that can benefit from migration to a cloud environment.
Moving your organization’s accounting system from in-house and onto the web may seem like a daunting step, but there are many reasons why it may be exactly the right fit. Read on to explore a few of the best arguments for cloud-based accounting:
You will have more seamless access to information
Cloud systems reside in the Internet, which means that your organization will never be far from its accounting information. Unlike in a traditional on-premises system, you and your staff won’t need to wait until you get into the office to access your desktop- or paper-based data. You can connect with your accounting platform using any device, from smartphones to laptops.
By moving your organization’s accounting system into the cloud, you will also streamline your team’s access to the information they rely on most. Between client data, spreadsheets, files, and more, traditional software can become overfilled with information, making it difficult for your staff to find the data they need. Cloud-based accounting systems create one file for each function, which ensures that your team will be able to quickly and easily access any information.
Financial data will be safer in the cloud
Guaranteeing the safety and security of your organization’s financial information is critical. Cloud-based accounting systems can afford the various security features that you will need to protect your data in every sense of the word.
At the most basic level, the cloud makes accounting more secure because you will have the opportunity to store your data in well-maintained servers with numerous protections in place. From physical security to anti-malware platforms, the measures your cloud service provider will use to safeguard your data are extensive.
Migrating your accounting system into a cloud environment will also enable your organization to access a wide array of secure applications. This alleviates some of the worry surrounding multi-device accessibility, since the accounting apps your team uses will keep your information safe at all times.
You can rest assured thanks to backups
Protecting your organization’s accounting information involves more than security; you also need to ensure that you have backups of your files in case of an emergency. Doing so within traditional accounting infrastructure is no easy feat. If you want to back up your data on a daily or weekly basis, then you need someone to do so manually.
The cloud eliminates the hassle of creating accounting backups by doing it for you. You can schedule your system to perform automatic backups at any interval, thereby guaranteeing you won’t lose your accounting data should the unthinkable happen.
You can monitor data in real time
Automation is one of the most attractive features of the cloud; it allows you to gather and monitor important financial data in real time. This is a major step forward from more traditional accounting platforms, which require you to manually input and change each piece of information in every place that it occurs within your system. As data updates in the cloud, it will make changes to all of its various instances on the platform. This ensures that every user is seeing the most recent information. Moreover, your staff can more easily generate reports on demand using the latest numbers.
From balancing sheets to project finances, you can use the cloud to monitor nearly any accounting data set. Having access to up-to-date information will not only help you gain a better view of your organization’s finances, but it will also help you make more informed business decisions faster.
The cloud streamlines essential accounting processes
Cloud-based accounting systems have a more far-reaching scope than you may realize. In a cloud environment, you can simplify some of your most fundamental accounting operations.
For instance, cloud accounting tools help reduce the chance of human error that occurs in invoicing. On the billing end, a cloud system ensures that you will receive payments from your customers in a timely manner and that all invoices reach the correct parties without fail. When managing your own expenses, a cloud accounting system can improve the accuracy of your invoices. By photographing or scanning these documents instead of entering them manually, you will avoid potential errors and save time. The cloud can also store invoices for years, so you will be able to access them when needed.
In a cloud-based accounting system, you can also support other key business functions such as human resources. When integrating your accounting platform with payroll software, for example, you can automate the process of creating paystubs and other financial documents.
Your users won’t even need accounting experience
Not all companies have a talented accounting team. If your business relies on those who do not have a wealth of accounting expertise, then a cloud-based accounting system may be the tool you need to fill in those gaps. These platforms are simple to use for those of varying skill levels, even those who do not have prior accounting experience. Between handy guides and automated features, cloud accounting platforms can support your team as they adopt this new technology and leverage it to take hold of your company’s finances.