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 Your clients will never have to worry that your reports and data are out of date.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.

 

Explore the modern workplace

 

OTHER NEWS

T-Tech Wins Prestigious IT/Telecoms Support Award at Go:Tech Awards 2024

In a resounding testament to our dedication to our clients and innovative solutions, T-Tech has clinched the IT/Telecoms Support award at the Go:Tech Awards 2024.

The Go:Tech Awards, renowned for spotlighting the best of the UK's technology...

READ MORE

Be Ready for the Automation Revolution

Its clear automation has the power to revolutionise the UK accountancy sector, empowering accounting firms to unlock their full potential. At the recent ICAEW Annual Conference AI was a hot topic and speakers spoke of practical applications of its...
READ MORE

Microsoft Copilot: what is it, why does it matter and what you need to know

You may have heard the words Microsoft Copilotbeing used when looking at recent trends in AIWell, the new AI offering from Microsoft is being released next year. Microsoft are betting big on Copilot, having invested 13 billion dollars over the...

READ MORE

Explore Microsoft's Copilot

Are you ready to revolutionize the way you do accounting? Imagine streamlining your accountancy practice, boosting productivity, and delivering exceptional results for your clients, all with the power of artificial intelligence. Microsoft's Copilot...

READ MORE

Streamline Success: 4 Lessons from the Intapp Webinar

Staying ahead in the accountancy industry is not just about crunching numbers; it's about embracing innovative solutions. More than just a recap, this blog will show the key takeaways of using a document management system from Intapp, which can shed...

READ MORE

Microsoft 365 Copilot is coming but is your organisation ready?

Technology is rapidly evolving and many industries like the accountancy industry are embracing the advantages it has to offer. Microsoft has finally introduced their ground-breaking AI tool namely Microsoft 365 CoPilot, designed to transform...

READ MORE

T-Tech Ranked on Channel Futures 2023 prestigious MSP 501 list

T-Tech has been named as one of the world’s premier managed service providers in the prestigious 2023 Channel Futures MSP 501 rankings.

READ MORE

10 questions accountants should ask their IT provider

As businesses increasingly rely on technology to operate efficiently, it's important for accountancy firms to have a reliable IT provider to help manage their systems. However, finding the right IT services for accountants and the right IT provider...

READ MORE

Why Antivirus and 2FA Alone Won't Suffice for an IT Security Strategy

Antivirus and two-factor authentication (2FA) are two commonly used security measures in the world of cyber security. While these measures can be effective when used properly, they should not be relied upon as the sole security strategy for several...

READ MORE

The Power of AI in Accounting: A Game-Changer

Artificial intelligence (AI) has been transforming various industries for several years now, and the accounting industry is no exception. AI has the potential to significantly improve the efficiency and accuracy of accounting tasks, and it's time...

READ MORE

Practice Gateway: T-Tech’s answer to moving beyond the MTD conundrum

“For 30 years we’ve had the self-assessment tax return ‘season’ – a complete slog for tax teams to endure and navigate. That time is about to end, in dramatic change.”

READ MORE

Time to close the books on traditional accounting and upskill with automation

The accountancy market is going through unprecedented times. There is significant client demand, pressure on fees, and the market for recruitment means salaries are going up, and people have less loyalty toward their employers. Recruitment for the...

READ MORE

T-Tech 2022 Wrapped is here. Here are our most memorable moments.

To say this year has been busy would be an understatement. We have had a jampacked year full of highs and lows (but mostly highs!), so let’s take a look back at some of the highlights.

READ MORE

Over half of UK accountancy firms are making technology solutions a priority, report finds

More than half of UK accountancy firms are making technology solutions a priority over the next 12 months, but 88% feel overwhelmed about the options available.

READ MORE

Daniel Teacher named One To Watch in The LDC Top 50 Most Ambitious Business Leaders programme

Daniel Teacher, Managing Director of T-Tech, has been named as a One To Watch in The LDC Top 50 Most Ambitious Business Leaders programme for 2022.

READ MORE

MTD for ITSA: get ahead of the curve and prepare your clients

Making Tax Digital is evolving. We saw MTD-compatible technology take the industry by storm in 2019, and now it’s advancing even further with MTD for ITSA being introduced in April 2024.

READ MORE