The Ultimate List of Benefits of Cloud Accounting

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    A day in the life of an accountant means constantly adapting to the ever-evolving changes in the industry. It’s no longer just a cut-and-dry “process month-end reports” or “log this in QuickBooks.” As you know, it’s become so much more than that. You’ve got to be quick on your feet, or else you’ll lose the efficiency and satisfaction game with vendors and customers.

    These efforts include utilizing technology innovations like cloud accounting, which can provide considerable advantages to doing daily work quicker, more efficiently, and with less human error. Even better: it doesn’t matter what size your business is. Small or large, you can reap the rewards of cloud accounting.

    If you aren’t aware of the cloud yet, it’s basically a secure platform that makes your information and software accessible and up-to-date from anywhere, at any time, on any device (provided there’s internet). You can see how this would empower accounting firms everywhere to work more efficiently and with far fewer errors and problems.

    Let’s jump into some of the benefits directly linked to cloud accounting:

    Real-Time Updates

    Remember how cumbersome operating system updates were? They required an entire overhaul of your computer, which disrupted the workday and pushed “pause” on literally everything. Now, with the cloud, you aren’t held back by software updates, as everything is browser-based and happens automatically for you. That alone will give back minutes and hours, as software updates are more frequent than ever now.

    Comprehensive Backup

    Cloud accounting software is backed up, so you don’t have to invest in costly hard drives and onsite equipment to manually perform backups. It only takes one week of forgetting or a natural disaster to set your business back and cause a slew of catchup and unneeded replication problems. Nowadays, it’s not worth the costly risk of not having a backup, especially with sensitive financial information.

    User Friendly to All

    Having online access to accounting systems means your employees can always jump on and get financial data and reports. Say goodbye to installation speedbumps and annoyances! This means your accounting department can be more agile, and it can help upper-level executives make intelligent financial decisions, rather than being chained to their desks. Freeing up the time that would’ve been spent on hefty, tedious financial reports allows accountants to be more flexible and dynamic in their positions, bringing more value to your organization and department!

    Low Cost of Ownership

    Time and time again, the cloud proves its cost-effectiveness through the cumulative cost of ownership. Rather than investing in on-premise hardware and equipment, all you need are updated computers with internet access, and you’re done. Not only does this cut down on your IT needs, but it also lets you make quick changes if you have an influx or drop in business. Cloud accounting works at your pace, and then some!

    Simplify Your Reports and Finances

    You can accurately pinpoint KPIs and generate actionable reports with cloud accounting software. It’s liberating to know your accountants have the capacity to view your important business reports and advise the department on suggestions for improvement. When you spend less here, you’re able to invest more in training to help boost employee performance and morale.

    Cloud Accounting: Possibilities Abound

    Take back your accounting department with agile software that helps you do the tenuous tasks. That way, you can focus on what matters: revenue-generating activities and projects that directly tie back to your bottom line.

     

    Are you ready to take the next step in your cloud accounting journey? We invite you to try out our ROI calculator, which gauges how much money you could be saving with accounting automation!


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