Cloud accounting, although beneficial to all businesses, can be especially beneficial for the small and home-based business markets. If you run a small business then you should really consider switching to cloud accounting.
Cloud Accounting Eases Communication Between You and Your Accountant
Most small businesses do not have on-site accountants and that means communicating with an off-site accountant regarding your financial situation and requirements. Cloud accounting facilitates this communication because you and your accountant can be looking at the same information at the same time. You do not need to send them backups of your work but it is immediately available to them and you can get advice as an event happens instead of waiting.
Most cloud systems are very cost effective and far cheaper than other accounting programs. In addition you will receive updates as they happen instead of needing to purchase updates or download them.
Cloud-based systems can be run on almost any device but are not stored on the device or computer. This means you don’t need to buy the latest computer that’s come out to ensure that your computer functions optimally for your accounting software. Even most older computers should be able to run cloud accounting systems effectively.
Easy to Use
Another advantage of these systems is that you don’t need an accounting degree or bookkeeping qualification to use them. Cloud-based systems make many aspects of bookkeeping much easier for you to do from home or from your small office. Although it is still recommended to get advice from your accountant and ask them about anything you are unsure of, it can even make their job a lot easier. The ability of online systems to upload information such as bank statements means that a lot of time is saved in capturing transactions.
Information at Your Fingertips
Another advantage is being able to access your information anywhere and anytime. If you have access to the internet then you can access your financial information – whether you are in the office, at a client’s, on holiday or anywhere else. In addition to it bringing greater flexibility this can also be advantageous should any disaster happen at your office, even just computers being stolen, that results in a lack of information stored on your computer. You could still continue elsewhere and pick up where you left off without skipping a beat.
Cloud accounting is becoming very popular in all financial circles but it holds special benefits for the small and home-based business. They are generally very cost effective and make capturing transactions and dealing with off-site accountants far easier.