Why Should You Make A Shift To Cloud Accounting?
Not sure if your clients should make the switch to cloud accounting? As more companies shift to remote work, cloud-based accounting software makes sense in today’s ever-changing modern workplace. Discover the advantages of using cloud-based accounting software for you and your small business.
Cloud accounting has numerous advantages. Cloud accounting software frees you from the confines of your desk by allowing you to access all of your documents regardless of where you work. All of your accountants can log in and make real-time updates, ideal for virtual teams.
A glance at the benefits below:
Save Money – Traditional desktop software typically has high licensing fees or requires purchasing packages to install on individual computers. Cloud software is more affordable and provides a service rather than a product.
Because all of your data is stored on remote servers rather than your hard drive, high-end computers have no requirement to use cloud-based software.
Cloud-based accounting software includes add-ons such as customer service and program maintenance as part of the fixed monthly subscription fees. You will be able to cut staff and support costs due to this.
Save Time – Don’t squander your time downloading software or updates for your desktop accounting software. You don’t have to download software when you switch to cloud-based accounting; instead, As soon as you sign up, a simple bookmark and login will get you started on your accounting to-do list.
You will not have to wait for your software to be updated. Because it is supported upon remote servers, all updates are automatic, eliminating manual updates or purchasing the most recent software version. All of this will free up your time to focus on what matters: driving profits and growth for your small business.
Easy Collaboration: Cloud-based accounting software allows multiple users to access the software simultaneously because all you need is a secure login. In real-time, they only need to sign in with their email and password to update their accounting data and small business information, such as timecards, expenses, and more.
It is much faster and easier to share data and documents instantly. A coworker on a business trip to Beijing, for example, can quickly find a company document using online systems, rather than waiting for her teammates in the home office to find and email them.
Unlike traditional desktop accounting software, cloud accounting allows for cost-effective multi-user access. As a result, collaborating with colleagues and advisors to produce results and solve problems becomes much more accessible.
- 61 % of users are either transforming or planning to change their accounting software.
- 77% of users are satisfied after purchasing cloud accounting software.
- 52% of Users saw a lower financial error rate by adopting accounting software.
Sleek App Integration – With an in-app integration feature, you can eliminate the need to manually transfer data from your favourite accounting apps to your computer. For a complete and correct picture of your small business’s financial activity, you can sync your favourite apps with cloud-based accounting software. These third-party apps focus on specific tasks such as expense tracking, inventory management, and more.
This lets you work more efficiently and fills any gaps by allowing your favourite specialty apps to do what they do best. Furthermore, you can obtain an accurate and complete picture of the financial health of your small business.
Increased Security – One of the most common situations about software is security. No one can access cloud-based software unless they have login credentials. On the other hand, Cloud-based software is more secure than you think, thanks to secure logins for all users. It protects against physical theft, such as a break-in to your office.
The cloud also allows you to control who has access to your data, so you can limit someone’s view to only what is relevant to them without revealing all of the company’s details.
All of your data is securely held in a cloud-based server by cloud-based accounting software. Furthermore, all accounting documents are securely stored in the cloud if your computer fails. You’ll never have to worry about document backups again.
Mobility – Because of recent technological advancements, we can now access everything we require while on the go. You won’t have to email documents from your home computer to your work computer because you can save them in the cloud and access them from both. And, as remote work becomes more common in many industries, your accounting software should also be mobile.
You can run your business from home, work, or even international locations by syncing your cloud-accounting software across all devices. Because everything is updated in real-time, you can have an accurate picture of your business no matter where you are.
Environmentally Friendly – Moving to a cloud-based system also shows a little love for the environment. Get rid of paper copies of all your accounting and small business documents because everything is stored in the cloud. Furthermore, as your cloud needs change, your server capacity scales up or down to meet your small business’s needs, ensuring that you only use the energy you require.
You reduce your carbon footprint by eliminating physical storage, reducing the amount of paper product used, and using only the energy required.
Cloud-based software is quickly becoming a popular method of doing business. Switching to a cloud accounting system allows you to quickly and efficiently get your finances under control. Because the software handles the calculations, you save time and reduce stress, allowing you to focus on growing your actual business rather than crunching numbers.
Take a look below and get your doubt clear.
- What is the purpose of cloud accounting?
Cloud accounting lets you access your critical business numbers from any location with an internet connection, removing the need to work from a single central office-based computer. Log in using a web browser on your laptop, or use your provider’s mobile app on your phone or tablet to access your accounts.
- Is the accounting industry in Canada expanding?
Has Canada’s Accounting Services industry grown or declined in the last five years? Between 2016 and 2021, the Accounting Services industry in Canada increased by 1.7 percent per year on average.