Cloud accounting software is similar to desktop-based solutions, except it’s in the cloud. That means, users will have access to their data from anywhere that has an Internet connection, and from any device – including laptops, smartphones, and tablets.
Why You Should Adopt It
Cloud accounting gives you the ability to have updates in real time. The best news is that your software is always up-to-date. With cloud accounting new features are being added all the time to increase productivity so you can focus on growing your business.
QuickBooks Online carries a monthly subscription, similar to Netflix. With a monthly subscription you can manage your accounting records including importing bank and credit card fees, emailing invoices and adding third party applications (applications are an additional fee). No long-term commitments mean you won’t feel locked in with a specific vendor or cloud accounting technology.
Know the Benefits
Safe Storage of Financial Data
Data records are routinely uploaded to servers ensuring nothing is lost if your computer crashes. No more worrying about physical hard drives or computers with sensitive data that can be stolen. Since financial information isn’t kept on-premises, the risks of fires and natural disasters are also alleviated.
Synchronize Data Automatically
Automatically sync your bank accounts so you don’t have to manually import transactions or verify expenses. This saves you time for other important business tasks.
Pay As You Grow
Small businesses often experience growing pains, so choosing software with future growth in mind is a priority. Cloud accounting software allows businesses to purchase what they need as they grow. This includes adding more features and third-party applications.
The multiuser feature of cloud accounting allows you to give different people remote access to your financial records and bookkeeping process. This streamlines workflow and makes for efficient communication and collaboration. You can also limit access to certain modules or functions.
Cloud accounting programs promote accuracy by streamlining the data-importing process and eliminating double-entry mistakes or other human errors that might occur.
Prevent Unauthorized Access
Login credentials for your cloud accounting software enable only designated people to view and access your financial information. Data is completely private and protected.
Periodic security upgrades and software updates are essential to keep any program running smoothly. You will experience minimal downtime for such updates and will be alerted ahead of time.