The 5 benefits of cloud accounting

Are you a small business owner who often finds yourself labouring over the business’ financial information until late in the night, at the mercy of computer glitches and slow, painful data entry? Cloud accounting can help you establish a better work life balance by simplifying your accounting process, making it easier and more intuitive, while keeping you more up-to-date with your finances.

 

Consolid8 has listed five benefits of using cloud accounting over desktop accounting software.

 

1. Boost your productivity

With desktop accounting, productivity is constantly a challenge. Financial information must be inputted manually, which can be time-consuming and result in human error. With cloud accounting, you can automate repetitive bookkeeping tasks and avoid errors that occur because of duplicate entries.

Cloud accounting makes managing your business easy. You can create invoices and expense claims, send payment reminders to customers instantly, and monitor business projects against budgets in real-time.

 

2. Access your accounting information 24/7

At Consolid8, we believe that all businesses should have access to accounting information on the go so they can make reliable, informed decisions quickly. We recommend Xero accounting package for small businesses.

With cloud accounting software such as Xero, you’ll be able to check your financial information with your mobile or smartphone, anytime and anywhere. Bank account records are synced automatically with your accounting software, making it easy to track your cashflow in real-time. This greater flexibility makes communicating with your accountant and bookkeeper much simpler. As a bonus, the Xero Me app empowers your team, giving your employees the ability to log in and view payslips, check their leave balance, and apply for leave.

 

3. Reduce costs

With cloud accounting, you’ll always have everything you need at your fingertips, saving you both time and money. As cloud accounting software doesn’t require a server and hardware, you’ll never have to purchase hosting from a server or buy new hardware. All software updates are automatic and included in the monthly subscription.

 

4. Automatic data backup for increased security

With cloud accounting services, data is automatically stored and backed up in the cloud. You can be certain that once your data is stored in the cloud, it will always be safe and secure with no risk of being misplaced, damaged or lost if your personal computer goes missing.

Xero uses advanced security technologies to encrypt your data with every transaction to keep your business’ financial information safe.

 

5. Easy and quick to implement

Cloud accounting packages are incredibly easy to install and keep up-to-date. While for desktop accounting, it can often be a slow, tedious process to get all locations equipped with accounting software, and the process is often disjointed, with cloud accounting this is not the case.

With Xero software, you have access to free updates, meaning there’s no need for installations or maintenance. Best of all, your accounting system can be up and running within minutes.

 

Need more information about cloud accounting? Call Consolid8 on 1300 222 353 to talk about how we can help you determine which cloud accounting software best suits your business.