Cloud based accounting has taken off in the past year. So many businesses are embracing tools such as Xero and Quickbooks to automate and streamline their internal procedures.
If you are yet to jump on this virtual bandwagon, and perhaps looking for the right reasons to automate your business, here are the biggest benefits to utilising cloud-based bookkeeping systems…
1. Skilled employees can concentrate on more important tasks.
Cloud-based tools are a simple and easy form of automation. Any kind of automation means that more time can be spent during more important and engaging work, rather than employees being weighed down with time consuming manual tasks. There are solutions for automating everything from document workflow, to forecasting cash flow, to data entry.
2. You’ll have access to real-time financial reporting.
Well-managed cash flow and financial success go hand in hand.
Cloud-based bookkeeping provides instant insight into the business’s financial health. It is constantly updated, and accessible 24 hours a day from anywhere with an Internet connection. Entrepreneurs are able to keep up with their company in real time; enabling them to monitor the financial health of the business and adapt accordingly.
3. Enables easy collaboration for employees, advisors and clients.
The data stored in the cloud can be accessed from anywhere, so employees can quickly and easily complete their work from any location.
Different departments, or allied businesses, can collaborate together to complete tasks efficiently. Even clients can complete and submit paperwork online, which can then be easily stored in the cloud.
And unlike filing data away in a cupboard or hard drive where it will never be found again, advanced cloud tools allow team members to search by virtually any term to locate information. So searching for a needle in a haystack becomes a really quick and easy task.
4. It will automatically backup your data.
Backing up data is often shoved aside in favour of “more important” tasks.
Using the cloud integrates bookkeeping software and a variety of add-ons, in order to make the backup process automatic. The advantage of the data being stored and backed up in the cloud also means physical hard drive space is not always being chewed up with storing and retrieving enormous amounts of data.
5. It is the future of bookkeeping.
Cloud-based bookkeeping is the future. The systems are always being improved and updated to accommodate ever-changing business needs. Updates are free, and based on user feedback, unlike desktop software where you have to struggle on with an out-dated service until you’re ready to fork out and pay for the new version.
More and more businesses are moving to cloud-based solutions, and desktop software will eventually die out. If you integrate your system now you’ll be ready for the next stage of automation when it comes along. Your business will always be ready to adapt to new technology, which is such a crucial part of keeping your business relevant and efficient.
For more information about cloud-based accounting services, check out the Xero website.
Originally posted by Aintree Group.