Save Time And Money With Cloud Accounting

The rise in Cloud based computing has brought huge advances to the workflow of small businesses. One of the biggest advantages of working in the cloud is that the centralised nature of cloud computing raises efficiency and saves masses of time. That often translates to big cost savings as well.

Cloud accounting is one of the obvious ways a company can benefit from the cost and time savings that online applications can offer. Here’s how:

It’s Much Faster than Traditional Bookkeeping

Back in the days of paper accounts, you’d have to make a not of every single transaction that goes through your company account. When you’re dealing with a huge paper bank statement, that’s a massive chore. These days, it’s incredibly easy to download a CSV file of your transactions and then upload it to the cloud accounting app.

At this point, you can even set up a filtering system, much like in an email app, so that the transactions are sent to different folders for better organisation. It’s often a steep learning curve, but these types of systems save massive amounts of time over the course of a financial year.

Save Time Meeting With An Accountant

Gone are the days of collecting up your account books and files and ferrying them to the accountant on a CD or USB stick. With everything resting in a cloud based app, your accounts are constantly updated, and an accountant can log in remotely and chat to you over the phone without you having to search for missing receipts and payments.

Easier Auditing

If you’ve employed the services of an accountancy firm like Clough and Company to perform a large audit on your business, a cloud based accounting solution will ensure a much smoother process. The accounting company will be able to focus on improving your workflow and streamlining performance, instead of wading through a mass of untidy paperwork. Click here for more information.

Piece Of Mind When Disaster Strikes

If you have a computer issue, cloud accounting allows you to hop onto another PC and access your accounts from there. It sounds far fetched, but if there’s any kind of accident in the office, from a break in to a fire, you’ve got the piece of mind that your data is safe. These things happen with surprising frequency, and an offsite backup of your data is absolutely vital. Cloud accounting solves this in one hit.

A Smoother Workflow

Once you’re able to access a financial record from just about anywhere, it opens up a great deal of opportunity to improve workflow. You’ll be able to check if an account is falling behind on payments before you issue another invoice, likewise your managers will be able to approve expenses submissions as they happen, rather than creating a bottleneck at the end of the month.

Cloud accounting, like most other aspects of business, is most definitely the future. Gone are the days of clunky desktop applications and unorganised shared folders. If you’ve not yet embraced cloud accounting, give it a chance. You’ll be pleasantly surprised at the savings you can make.

Author Bio:

Harry Price is an entrepreneur from the UK. He enjoys the freedom that entrepreneurship has offered him and he has vowed not to live in one place for more than 3 years.