2018-01-31 00:00:00 Technology English Learn how to effectively utilize cloud accounting applications to save money and time, and help you provide better professional accounting... https://quickbooks.intuit.com/ca/resources/ca_qrc/uploads/2018/02/employee-completes-accounting-tasks-with-cloud-software.jpg https://quickbooks.intuit.com/ca/resources/pro-accountant-tech/accounting-tasks-cloud-software/ How Cloud Software Can Help Your Accounting Practice

How Cloud Software Can Help Your Accounting Practice

2 min read

Use cloud accounting software to help your accounting firm and your clients operate more efficiently and cost-effectively. Cloud accounting services can save you time and money, and also help improve your image with clients as a cutting-edge accounting professional offering them the very best in accounting services.

Advantages of Moving to the Cloud

Accounting practices in the past typically used standalone, non-integrated software accounting packages. Smart accounting firms, just like many other financial professionals, are rapidly moving toward using cloud computing services. Cloud accounting apps operate just like traditional accounting software, except that cloud computing uses servers, software, and data stored in secure data centres rather than “in-house.”

The basic advantages of cloud computing include substantial cost savings and improved work efficiency. You save money because cloud computing eliminates the need for owning and maintaining large computer servers at your office as software and data are both kept on cloud servers. Cloud accounting services carry the additional benefit of enabling you to operate your accounting business more efficiently. You can access software and data for your accounting firm or your clients not just at your office but anywhere you have access to the internet. And because information is stored in the cloud rather than on your device, you can easily access it with just a tablet or smartphone. For example, you can review accounting information with a client right at a lunch meeting, using an iPad, rather than having to go back to your client’s office or your own.

A virtually unlimited number of computers or other devices can all access data stored in the cloud simultaneously without affecting computing performance. This makes for vast increases in processing abilities and storing data.

A Real Money Saver

A lot of people fail to appreciate what a huge technology cost savings cloud computing offers. You might be aware of the basic money savings resulting from not having to buy expensive servers, but cloud computing offers your accounting business considerable IT savings beyond that. You no longer have to worry about many system or software updates, maintenance, or backups, since the cloud servers handle all of that for you. Computing downtime is dramatically reduced. You can also save time and money from reduced data entry because cloud accounting software can enter data across multiple modules all at once. This also benefits your clients since you can provide them with “real-time” information for analysis and decision-making.

Practical Help With Cloud Accounting Apps

There are dozens of cloud accounting apps compatible with QuickBooks Online that you can use to improve your work efficiency, serve clients, and realize cost savings.

Expensify offers one-click receipt and mileage tracking, credit card reconciliation, and expense report recording, routing, and reimbursement easily integrated with QuickBooks.

Bookvalu is a cloud accounting app that can be a valuable service addition for your accounting practice and your clients’ businesses. This app uses your existing QuickBooks Online information to enable you to easily generate financial reports for your company or a client. It also offers in-depth financial analysis tools, including popular financial ratios and cash flow and profitability forecasting.

You can offer clients in the e-commerce industry a professional financial edge with a cloud accounting app such as Amazon FBA. It automatically retrieves sales revenue and expenses data from Amazon, and with just one click, properly records it all in QuickBooks Online and prepares a full financial report for the specified time period.

Your accounting firm and your clients can save money by using cloud accounting services that are less expensive than buying standalone software and are also deductible business expenses.

Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

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