First things first, what are Cloud Accounting Systems? Usually, Accounting is done using a software which is downloaded to the hard drive of a computer. Cloud Accounting Systems, however, use software that is hosted online, keeping your information up-to-date and accessible from multiple locations.
- To save money
With Cloud Accounting Systems you avoid traditional software costs by forgoing maintenance and upgrades all of which is completed by Cloud Software providers. Traditional software is purchased with one lump sum payment and usually has specific computer requirements, whereas Cloud Accounting software’s usually offer monthly payments to help decrease costs and don’t have specific requirements.
- To save time
Cloud Accounting Systems allow for the ability to automate many accounting and bookkeeping processes. This includes entering invoices and receipts, sending recurring invoices to customers, and more. They are also incredibly intuitive and are designed for new users to easily get the hang of.
- To stay informed
Cloud Accounting Systems permit you to view real-time financial data anywhere you have internet access, whether it be on a laptop, phone, or tablet. The use of Cloud Accounting Systems allows for quick and simple collaboration with your team, no matter where in the world they are. There is even the ability to have multiple users with different permissions so you can collaborate with a variety of different members on your team without worrying about what they can access.
- To have peace of mind
Storing data in the cloud means that no matter what happens in your home or office, your data is backed up and safe. You don’t need to worry about flash drives becoming corrupted, your computer dying suddenly, or natural disasters. Cloud Accounting Systems also ensure that your information is kept secure in the cloud by using various levels of encryptions and https certification.
- To help the environment
By using Cloud Accounting Systems, you greatly decrease, or even eliminate, the amount of paperwork you are dealing with day-to-day. This not only reduces paper waste but also reduces the waste and pollution that comes from discarding hard drives and ink cartridges.