Small businesses and community groups are formed because of their passion for what they do -- not to spend time managing paperwork. Taking the leap from traditional accounting practices to cloud-based accounting solutions enables you to reduce time spent managing information and improve overall operational efficiency.
What is Cloud Accounting? Data is sent into "the cloud," (which is a remote computer) where it is processed and returned to the user. All application functions are performed off-site, not on the user's desktop. In cloud computing, users access software applications remotely through the Internet or other networks via a cloud application service provider. Using cloud accounting software frees you from having to install and maintain software on individual desktop computers.
Cloud Accounting is a wise choice and is becoming increasingly popular. Here are just some of the many benefits of Cloud Accounting:
Accessibility - information stored in the cloud can be added or accessed from anywhere; you and your team can quickly and easily complete their work no matter where they are. Accounting data can be accessed on any device with an internet connection, rather than on a few select on-premises computers. You can send an invoice when out of the office or check a payment on the run.
Accuracy - financial information is updated automatically and facilitates financial reporting in real-time. Data can feed direct from your bank which mean account balances are always accurate and fewer errors occur than with manual data entry.
Collaboration – other team members, your bookkeeper and/or accountant/auditor can, with your approval, access your file to enter transactions, fix mistakes, access information etc. For community clubs this means transitioning from one treasurer to the next is far easier.
Security - cloud accounting requires far less maintenance than its traditional counterpart. The cloud provider does the backups and installs updates. You do not ever have to download or install programs yourself. Cloud providers usually have far more security and higher quality backups. If you are still concerned about backups you can keep your own additional backup or arrange for a third party to keep an external backup just in case. Never again will you fear losing access to your files if your computer dies or your club treasurer moves away.
Integration - as soon as a small business starts using one cloud-based accounting technology, it is easier to extract and leverage data across a number of different platforms and thus reduce time spent on manual data entry.
Efficiency – save time and save money - reduce set up costs and time consuming migration, backup and updating problems. Subscription-based models are popular among cloud accounting providers, and in most cases these subscriptions are usage-based – pay only for what you use.
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