One of the most exciting changes that we all have come across in the accounting industry is the cloud. The entire concept is easy to grasp, and simply puts your accounting system into private space online so that it’s fully accessible to you through your browser or secure remote connection. Businesses who are moving their accounting system to the cloud are gaining huge advantages. Many even continue to have valid concerns about the new system as well.
Recent studies conducted by Oracle and Accenture have revealed that more than 24% of the business executives have either adopted the cloud-based system or are still in a planning of doing so (54%). The wider the adoption of the cloud system in different sectors of the businesses today will continue to grow, finding 75% of the respondents who are already using the cloud in some or the other way when compared to the 67% of the previous year. In order to understand if cloud computing is the right one for your business, we have highlighted the main benefits of cloud computing deciding what you can do for yourself while accounting is a huge way to go.
Data Entry is Oldest Method Businesses can Use
Why in this information age when all the transactional data available in your backing system, should you have to again manually re-enter into your accounting software? Why waste your time and money on it?
Cloud based accounting systems allow organizations to upload and automatically brings live feeds of your entire bank account and credit card transaction data into your accounting system. Through cloud accounting system, there will be no keyboards touched, no download chore, and no upload chore.
The data entry time is drastically reduced. Fast downloads of real-time data happen and they work smoothly with intuitive software allowing you to spend less time on administration and time focussing on business growth.
It offers Mobility, Flexibility and a Better Lifestyle
Through cloud accounting, you can see your account balances, outstanding invoices, overall cash position, and much more from anywhere 24/7 as long as you can access the internet connection.
Through cloud accounting, you can even run your business from an iPad or similar tablet device with applications that you can download onto the device. This translates into a flexible lifestyle while running your business.
You can also have certainty over the financials and banking aspects even when you are not physically present at your business. So go ahead and feel free to call your travel agent now.
Accounting Takes lots of Time and Managing It Is Difficult
Often, the very first noticeable signs that your company or a client needs a cloud accounting system, comes directly from the accounts department. If your employees have been relying on paper-based invoices and sales, spending hours every week manually entering them into the system, you need to consider how much time is being spent on tasks that the cloud can handle instantaneously.
The same goes for financial reporting – for instance, if it takes ages to just integrate the financial information of your company across the systems and spreadsheets, then cloud accounting can make a huge impact.
With all the financial details in a single database, the accounting staff will not have to spend time cross posting the entire information, re-keying the numbers, reconciling the data manually.
Always Updated and Better Security
When you have a well-equipped cloud accounting software, you can stay confident that your software is always up to date. The cloud accounting software is able to manage all your software upgrades delivered over the internet; in short, you don’t have to worry about falling behind the competition.
If your clients are always on the go, then cloud accounting software will be a good fit for their business. Clients can easily access and update their accounts whenever, where ever using their laptops, tablets or smartphones. Being able to update the required information on the fly means it has to stay updated. And for businesses who are looking to remain agile, being able to check their financial situation and specific accounting data at any time can turn out to be incredibly beneficial.
Providing advice is easy but it’s important that accountants ensure any advice given is beneficial to the client, not just to themselves. Accounting firms who are already in the cloud may wish to streamline the entire process, encouraging their clients onto one cloud accounting platform.
Despite its huge features and various advantages, cloud accounting may not suit all their clients, so it’s important for accountants to understand their situation carefully before providing them with any sort of advice.
This means thinking about what works better for you and your clients in the future in order to find the best fit. This again means making an informed choice, finding out more about the offer, and making the recommendation accordingly. So whether your recommendation involves in the desktop, hosted or cloud solution, it should depend on the needs of your client.
When you begin to implement an upgrade to your accounting software then treat it like a project. Have a team put on it, setting the right goals and objectives getting the management to buy in. Make sure your project goals support business strategies setting a realistic scope and continue sticking to it. Also, test and see that you are getting what you need from cloud accounting as a solution to your business.
About The Author
Michael is the Marketing Manager at Ampliz, specializing in email and marketing database management software, editing blogs, case studies, and guides. He tries to make the world just a bit more pleasant enough by working on strategies that would help them prevent and eliminate spam in terms of email marketing.