In this day and age, it’s profoundly unlikely that you won’t have heard of cloud computing. In fact, most businesses have now migrated to the cloud, and with good reason.
However, that doesn’t necessarily mean that you’re taking full advantage, with many businesses failing to move to cloud-based accounting. If you haven’t already made the switch, here are just a few important reasons why you should.
As with most cloud-based applications, one of the main advantages of cloud-based accounting is being able to access your information from anywhere. Employees can work through invoices from any location, and you can take care of your bookkeeping while you’re on the go. Everything will be synced immediately online, so accounts will be up-to-date for all users regardless of their individual location.
One of the main issues smaller or medium-sized businesses have with traditional desktop accounting platforms is that they typically involve quite a high upfront cost, and this is made even harder to bear by the fact that you’ll usually be charged for any upgrades. Cloud-based platforms generally provide several monthly plans to work around your individual needs, and upgrades will be included in the price and conducted automatically.
Data loss is never pretty, but it can be particularly serious when you lose your bookkeeping data. Doing so can make it very hard to pay your taxes, and collecting all that information together again can be extremely difficult. Of course, you can create back-ups using external hard drives, but the problem here is that you’ll need to add to accounting files on a regular basis. Unless you want to commit to making daily updates to your back-ups, you should move to cloud-based accounting.
Sync with Accounts and Accountant
Most cloud-based accounting platforms can be very easily connected to your bank accounts. This means that some work will be conducted automatically as payments come in, and it also makes doing your taxes significantly easier. You’ll also be able to let your accountant access your files at any time simply by providing them with a username and password.