There are many benefits of cloud accounting, which is why businesses are increasingly choosing to use it over traditional accounting software. We take a look at the problems with traditional accounting software and why cloud accounting is the perfect solution.

Accounting software shouldn’t be a chore to use

Small business accounting software that’s not available via the cloud can be tedious. Traditionally, it can suck up far too much of your business’ time and effort. This doesn’t add value and takes the fun out of being in business. On the other hand, cloud software can save your company time and money.

Problems with traditional accounting software

  • The data in the system isn’t up to date and neither is the software.
  • It only works on one computer. This means it’s only accessible by one person at any time.
  • It’s costly and complicated to keep backups (if this is done at all).
  • It’s expensive, difficult and time-consuming to upgrade the software.
  • Customer support is expensive and slow.

Why the cloud and accounting software are the perfect match

You can use cloud-based software from any device with an internet connection. Online accounting means small business owners stay connected to their data and their accountants. The software can integrate with a whole ecosystem of add-ons. It’s scalable, cost-effective and easy to use. 

In the cloud, there’s no need to install and run applications over a desktop computer. Instead, you pay for the software by monthly subscription.

Five ways cloud accounting software benefits your business

  1. You have a clear overview of your current financial position, in real-time.
  2. Multi-user access makes it easy to collaborate online with your team and advisors.
  3. Automatic updates mean you can spend more time doing what you love.
  4. Everything is run online, so there’s nothing to install and everything is backed up automatically. Updates are free and instantly available.
  5. Upfront business costs are reduced – version upgrades, maintenance, system administration costs and server failures are no longer issues. Instead, they are managed by the cloud service provider.

Work smarter with accessible data in the cloud

The beauty of this software is the flexibility it gives you to run your business from work, home, or on the go. You can be confident that you have an up-to-date picture of how your business is doing, no matter where you are.

Software updates can be developed and delivered faster and more easily in the cloud. This means you don’t need to worry about installing the latest version and you’ll get access to new features instantly. With cloud accounting software, you have the option to run your business remotely, from anywhere in the world. And, when data is fluid and accessible, the possibilities are endless.

We hope this overview of the benefits of cloud accounting has been useful. If you have any questions at all, please don’t hesitate to get in touch.