The cloud is a platform that simply allows you to store data and information over the internet rather than on your computer’s hard drive. With the growth of technology, the cloud has become an increasingly popular alternative to traditional accounting software. The cloud allows business owners and employees to access information at any time and in any place, and all that is needed is an internet connection.
Here are the 4 main benefits of cloud accounting:
- Real Time Financials
- Cloud accounting can provide a clear overview of your company’s financial position, in real time. This will allow management to make more informed decisions, in a timelier manner.
- Remote Access
- Everything is online and accessible anytime, anywhere, and from any device. All that is needed is an internet connection.
- Security
- Contrary to popular belief, cloud accounting provides enhanced security and data privacy. With cloud software, no one can access your data unless they have a login and password. On the other hand, if your laptop is stolen, your information can be compromised. Additionally, natural disasters or fires can wreak havoc on data stored on hard drives and it is a lot more expensive to backup hard drives on a regular basis.
- Software Integration
- Cloud accounting software allows for seamless integration with third party software programs and applications. There are many applications out today that help automate many of the processes that were once only performed manually. Applications such as Receipt Bank integrate easily with most software programs and can save organizations hundreds of hours a year.
