7 BUSINESS BENEFITS OF CLOUD ACCOUNTING

In the current digital era, the benefits of Cloud accounting are extensive and cannot be overlooked. To keep pace with increasing consumer demands, it is vital that accountancy firms modernise and embrace new technical solutions. Cloud accounting solutions offer significant benefits, including increased efficiency, streamlined operations, greater flexibility and security.

In this blog, we’ll deep dive into the 7 benefits of cloud accounting:

1. Increased flexibility
2. Real time information updates
3. Access to the app ecosystem
4. Always working with the most up to date software
5. Secure data sharing
6. Less administration Automation

What exactly is Cloud accounting? 

When you use cloud accounting solutions, you store and access your business books online via the Cloud. This means that all records of income, expenses, assets and liabilities are encrypted and stored in the Cloud. This enhances the flexibility of your business, as application functions are no longer performed on the user’s desktop, but can be accessed remotely from anywhere with an internet connection. Most cloud accounting software also comes with useful tools that aid quoting, invoicing and managing bills. 

What are the benefits of Cloud accounting for your business?

Benefit 1: Increased flexibility 

Flexibility is one of the greatest benefits of Cloud accounting. Cloud accounting frees your team from your office or even your desks. You can access key information, accounts, and numbers anywhere, at any time. As remote and hybrid work becomes the norm, cloud accounting software ensures that your entire team will remain productive and up to date, no matter where they are based.

Benefit 2: Real time information updates 

Cloud accounting software provides you with access to the most up to date and relevant information at the click of a button. An instant, real-time overview of your client's financial situation is right at your fingertips. This is one of the biggest benefits of Cloud accounting as it helps you to make the most informed and effective decisions about budgeting and spending. Your clients will never have to worry that your reports and data are out of date.

Benefit 3: Access to the app ecosystem 

Is your accountancy firm slowed down by repetitive tasks and unnecessary administration? With the right cloud accountancy software, you can expand your core business system with a range of third-party applications. Whether you need additional resources for cash forecasting, project management, online invoicing, or something entirely different, there is an app to help you. 

Benefit 4: Always working with the most up to date software  

When you access your accounting platform via the Cloud, you can feel confident that you are always working with the latest version of the software. This is a huge time saver; there is no need to worry about inefficient updates or delays. This helps improve your customer relationships; you can start working on their finances as soon as you log in, keeping them satisfied. Everything is handled for you, ensuring a seamless, productive working experience.  

Benefit 5: Secure data sharing

With cloud accounting software, cyber security threats are minimised. Not only will your software provider apply security fixes for you, but you can access your clients’ accounts securely. In the accountancy sector, data protection is vital as you handle extremely confidential, valuable information. Cloud applications encrypt your data before it is transferred, preventing it from being stolen or read by third parties. With the right software, both your data and customer reputation are effectively protected.  

Benefit 6: Less administration

Another of the time saving benefits of Cloud accounting comes from the minimal administration it requires. You do not need to waste time installing software or performing backups as you are accessing the software over the internet. You also do not need to manage IT infrastructure or severs to run your software. This means your staff will have more time to invest in accounting activities that productively grow your business.

Benefit 7: Automation

Automation is one of the fundamental benefits of Cloud accounting. Many Cloud-based accounting platforms automate key accounting tasks which helps to reduce manual work. For instance, Cloud-based accounting software can schedule reports, import transactions, calculate discounts and flag exceptions.

Begin your journey to Cloud accounting

Are you ready to implement cloud accounting in your business? As award-winning accountancy IT specialists, T-Tech are primed to help you begin your transition. We specialise in providing bespoke IT support for the accountancy sector so we can make your migration as seamless as possible.

Contact our experts today to learn more our Cloud services.

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