Top 6 Benefits of Cloud Accounting for Small Business
The cloud is primarily accountable for our always-on, always-connected world. And, as a platform to make data and accounting software accessible online anytime, from anywhere, on any device, your locally-based, in-house server is no longer the central hub of activity.
This shift isn’t just in our personal lives, it’s in every aspect of everything we do. Today’s accounting teams and stakeholders want the same level of access to the programs they use for work as they have to their Facebook or Instagram accounts. Cloud Accounting Software for small businesses offers employees the access and flexibility they expect.
The Top 6 Benefits of Cloud Accounting Software for small business include:
1. World-Class Security
This is always top of the list! Everyone is concerned about the security of a cloud service provider storing your data but, the cloud is actually one of the most secure ways to store information. If a laptop is stolen or a desktop PC crashes, there is no need to worry about your proprietary information as your data isn’t stored on local hard drives and servers. Rather, it’s located on encrypted, redundant, remote servers that require authentication and authorization to access. Additionally, cloud-based accounting solutions can protect you from data loss with failsafes like continuous backups and disaster recovery plans. They ensure that the security and privacy of your data are always airtight and they’re constantly making updates to guarantee this.
2. Real-time Updates for Up-to-the-Minute Information
With cloud software, as soon as data is entered in the system, any related reports, dashboards, or performance metrics are automatically updated. So, not only are cloud accounting companies constantly making real-time security updates to your software but these systems provide real-time updates to your data. With a completely up-to-date view of your current financial situation, CFOs, executives, and stakeholders are able to make better-informed strategic decisions about the financial future of the business. Plus, communication and collaboration are easy as multiple users can simultaneously access the software.
3. Paperless Workflow + Better Organization = Stronger Relationships
Information is key to your organization’s competitive advantage. So, with many companies working remotely, keeping paperwork in order is a challenge. With a cloud-based system, you can minimize your risk of manual errors and see results faster, by implementing a paperless workflow and automating business processes. A cloud-based accounting solution with a paperless workflow also helps you to maintain stronger relationships with vendors, distributors, and other co-workers as you can easily locate invoices and bills or identify whether a payment was missed. Did we mention it’s also more sustainable and promotes the environment?
4. Access Your Financials Anywhere
With your accounting software in the cloud, you’re not tied to the office to do work. This gives you the flexibility to work from home, on the road, or even at the coffee shop down the street. For larger teams, cloud accounting software makes it easy for employees in different locations, like San Antonio and Austin, to work together without worrying about syncing information between devices or overwriting data incorrectly. Best of all, most cloud accounting systems allow you to access your financials on tablets, mobile phones, and other mobile devices, which is especially useful for executives who want to log in regularly to track business performance.
5. Easy Integration
With your accounting software in the cloud, you can easily link to other financial programs or other systems you use to manage your business as most cloud software can be connected easily to any other cloud or web-based solution using web-based APIs. Using integrations, you can build your ideal accounting or business management system with the exact tools and products you need. And, by syncing data across your business, you can eliminate duplicate entry, reduce errors, and improve your company-wide reporting capabilities.
6. No Upgrades or Costly Server Maintenance
With cloud accounting software, you save yourself the overhead of purchasing, maintaining, and upgrading an office server. In addition, you don’t have to worry about downloading or installing software upgrades. These are managed by the software provider and deployed directly through the cloud with no work or downtime on your end.
With cloud-based accounting tools like Sage Intacct, your software will be continually up-to-date, your data will always reflect current, real-time information, and any issues you face will be quickly handled by your cloud service provider. Plus, Sage Intacct is the first and only preferred provider of financial management software of the AICPA!
Does your company use Cloud Accounting Software? If not, what are you waiting for… join us on August 19th at 12 PM CST for a “Moving to the Cloud” webinar. At Express Information Systems, we enjoy having conversations about moving forward and are excited to help you explore the world of Cloud Accounting Software.