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As more businesses seek digital strategies to drive their business, cloud-based accounting software has taken off as a flexible, easy and affordable alternative to traditional paper accounting and old-school desktop applications. Offering security, flexibility and convenience, cloud accounting has become a mainstay in the small-business world for the ease with which it allows accountants and businesses to communicate and share private information securely.
Rockstar Finance has listed five benefits of using cloud accounting over conventional accounting software (not mentioning names here, Microsoft Excel).
1. Boost your productivity
With desktop accounting, productivity is constantly a challenge. Financial information must be inputted manually, which can be time-consuming and result in human error. With cloud accounting, you can automate repetitive bookkeeping tasks and avoid errors that occur because of duplicate entries. Cloud accounting makes managing your business easy. You can create invoices and expense claims, send payment reminders to customers instantly, and monitor business projects against budgets in real-time.
2. Access your accounting information 24/7
At Rockstar Finance, we believe that all businesses should have access to accounting information on the go so they can make reliable, informed decisions quickly. With cloud accounting software such as Quickbooks Online, you’ll be able to check your financial information with your smartphone, anytime and anywhere. Bank account records are synced automatically with your accounting software, making it easy to track your cashflow in real-time. This greater flexibility makes communicating with your accountant and bookkeeper much simpler.
3. Reduce costs
With cloud accounting, you’ll always have everything you need at your fingertips, saving you both time and money. As cloud accounting software doesn’t require a server and hardware, you’ll never have to purchase hosting from a server or buy new hardware. All software updates are automatic and included in the monthly subscription.
4. Automatic data backup for increased security
With cloud accounting services, data is automatically stored and backed up in the cloud. You can be certain that once your data is stored in the cloud, it will always be safe and secure with no risk of being misplaced, damaged or lost if your personal computer goes missing. Some cloud products, such as Quickbooks and Xero, use advanced security technologies to encrypt your data with every transaction to keep your business’ financial information safe.
5. Easy and quick to implement
Cloud accounting software packages are incredibly easy to install and keep up-to-date. While for desktop accounting, it can often be a slow, tedious process to get all locations equipped with accounting software, and the process is often disjointed, with cloud accounting this is not the case. With cloud-based accounting software, you have access to free updates, meaning there’s no need for installations or maintenance. Best of all, your accounting system can be up and running within minutes.
If you’re looking for a way to streamline your accounting process, your best bet is to seek out accountants with real world experience in cloud accounting to make sure your business stays ahead of the curve financially. Rockstar Finance are well-versed in using cloud accounting software such as Quickbooks, Xero and MYOB accounting package to deliver simple, effective and secure online accounting services to our clients.
Need more information about cloud accounting? Call Rockstar Finance on 0404 021 916 to talk about how we can help you determine which cloud accounting software package best suits your business.