5 Benefits of Cloud Based Accounting

What is the cloud?

Cloud accounting is the practice of storing accounting data on remote online servers. The cloud is the future of data storage, creating limitless possibilities for bookkeepers and accountants. The benefits of cloud based accounting softwares like Quickbooks, Xero and Fresh books give your clients the peace of mind that comes with security and the power of being connected. 

Why Use The Cloud?

Lets examine this a little further; cloud based accounting reduces stress for both the accountant and the client. The cloud allows remote access, so this saves time and money. This ever growing technology reduces the headache of managing those hideous stacks of invoices and bills piled on your desk. Here’s five benefits that the cloud provides.

1. Real Time Updates, Instantly

If an employee of yours makes updates to spreadsheets on a desktop, you had no access to these revisions. Cloud based accounting allows us to create roles for employees to access account balances and monitor bank reconciliation processes.

2. World Class Security

Two-Factor Authentication is a form of security that requires two different components to confirm a user’s identity. This multi-factor authentication makes it more unlikely for unauthorized users to be able to supply the factors required to access such sensitive information.

3. Workforce Collaboration

With your data being stored inside the cloud, you can work directly with your data online. What we mean by this is that you, your bookkeeper, accountant or colleagues all have simultaneous access. Cloud based softwares like Xero allows multiple users to log in and it keeps track of all activities through a transaction log.

4. App Integration is Seamless

Connect your accounting software with inventory apps as well as financial management apps. Some of these integrative apps are PayPal, Vend and SimPro that all work well with your Xero or Quickbooks accounts. The PayPal app seamlessly connects and allows users to categorize and reconcile transactions automatically, which saves time and prevents any mistakes that could occur with traditional accounting softwares.

5. Reduced Business Costs

If your computer crashes, you will not lose data. For instance, the old way of accounting forced us to purchase accounting softwares and install them onto your hard drive using a disc. Switching to a new bookkeeping system removes a lot of stress for you in terms of saving costs. Xero can cover everything from revenue management to Salesforce records, billing, payroll, bank reconciliation, and much more without the lump sum costs. The Xero cloud based accounting software is a smart economical choice for those in search of a great value.

Conclusion

Bookkeeping is an integral part of the success of your business. Choose the smart option when it comes to accounting software and switch to the cloud. We understand that traditional downloaded software can be convenient and easy to use, but cloud accounting can offer instant benefits by saving you time and money which improves your bottom line.

Want to Learn More:

Learn more about Balance Bookkeeping and how our cloud based small business accounting services can help you build a stronger brand.

https://balancebookkeeping.net

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