Not sure if you or your clients should make the switch to cloud accounting? Learn the benefits of using cloud-based accounting software for you and your small business. As more companies are leaning towards remote work, cloud-based accounting software makes sense in the always changing modern workplace.
There are many benefits of cloud accounting. No longer tied to your desk, cloud accounting software allows you to access all your documents no matter where you are working from. Perfect for virtual teams, all your accountants can login and make updates in real-time.
Learn more about the benefits below.
Traditional desktop software tends to have a high licensing fees or buying packages to install on individual computers. Cloud software is offered at lower prices and tends to provide software as more of a service than product.
Due to all your data being stored on remote servers instead of your hard drive, which means there is no need for high-end computers to use cloud-based software.
Cloud-based accounting software comes with add-ons like customer service or program maintenance which is included in the fixed monthly subscription costs. This will allow you to reduce staff and support costs.
Don’t waste time downloading software or updates for your desktop accounting software. Switching to cloud-based accounting means that there is no need to download any software, a simple bookmark and login will get you started on your accounting to-do list as soon as you sign-up.
You won’t have to sit and wait for your software to update. Because it is backed up on remote servers, all updates are automatic, which means gone are the days of manual updates or purchasing the latest in the software line.
All of this will allow you to spend more time focusing on what matters – driving profits and growth for your small business.
Because all you need is a secure login, cloud-based accounting software means multiple-users can access the software at one time. All they have to do is sign-in with their email and password, and they can update their accounting data and small business information, like timecards, expenses, and more, in real-time.
It is a lot quicker and easier sharing data and documents instantly. For example, a co-worker on a business trip to Beijing can quickly find a company document through online systems, rather than waiting for her teammates in the home office to find them and email them.
Unlike traditional desktop accounting, cloud software allows for cost-efficient multi-user access. It’s therefore much easier to collaborate with colleagues and advisors to produce results and solve problems.
Sleek App Integration
Stop manually transferring data from your favourite accounting apps to your computer, with an in-app integration feature. These third-party apps specialize on specific tasks, like expense tracking, inventory management, and more. You can sync your favourite apps with cloud-based accounting software for a complete and accurate picture of your small business’ financial activity.
This will allow you to get things done more efficiently and will fill any gaps by allowing your favourite speciality apps do what they do best. Plus, you can get an accurate and complete picture of your small business’ financial health.
Security is one the biggest concerns voiced about software. But with secure logins for all the users, cloud-based software is more secure than you think. It guards against physical theft, such as a break-in to the office or your car. No one can access the cloud-based software unless they have log-in details.
The cloud also allows you to control the level of access individuals have to your data, so you can restrict someone’s view to only what concerns them, without revealing all of the company’s details.
Plus, if your computer crashes, all of your accounting documents are securely stored in the cloud. Cloud-based accounting software securely stores all your data in a cloud-based server. You’ll never have to worry about backing-up your documents again.
The latest technology developments means that we can access everything we need on-the-go. And with remote work becoming more popular across industries, your accounting software should be mobile too. You won’t have to email documents from home to your work computer, because you can simply save them in the cloud and access them from both locations.
By syncing your cloud-accounting software across all devices, you can run your business from work, home, or even international destinations. With everything updated in real-time you can have an accurate picture of your business wherever you are.
Moving to a cloud-based system also shows the environment a little love. Do away with filing cabinets and paper copies of all your accounting and small business documents, because all of your paperwork is stored in the cloud. Plus, when your cloud needs fluctuate, your server capacity scales up or down to fit your small business needs, so you only use up the energy you need.
Removing physical storage, reducing the amount of paper product, and using only the necessary energy will help reduce your carbon footprint.
File Faster Online
Cloud-based accounting software, like QuickBooks Online, will allow you to streamline your workflow come tax season. With a direct connection to online, you can file your Federal T1 and T2 returns directly in the software. There is no need to export files from one system to another, because Pro Tax is built into the cloud-based software. Manage books, run reports, and file tax reports in the cloud.
Filing taxes through cloud-based software ensures that everyone is compliant with government digital tax requirements.
Cloud-based software is fast becoming a popular way to conduct business. Switching to a cloud accounting system helps you get your finances under control quickly and efficiently. Because the software handles calculations, you save time and reduce stress, so you can spend time growing your actual business instead of crunching numbers.
With over 5.6 million subscribers, it is easy to see that QuickBooks Online offers benefits for both you and your clients. Join them today!