Five Ways Cloud Accounting is Shaping Business Finance

The Cloud is big now.  Everywhere you turn you hear about cloud this, cloud that, and the many benefits of switching to cloud-based technology.  One of the areas you don’t hear as much about is Cloud Accounting. In the finance world, once you are using an accounting program, it can be very difficult to switch over, your data is all stored there and teaching a new program is time consuming. This is why the business finance world needs to make smart choices about their accounting program, and taking it to the cloud is the best decision you could make.

Here are five big reasons why taking your accounting to the cloud is the way of the future.

24/7 Access

In today’s highly mobile and technological world, accessibility is key.  If an issue arises, it needs to be fixed as soon a possible. When you use cloud accounting, you can access your data anytime, anywhere.  This is huge with the rise in remote work situations.  It can even be used on mobile technology! With this new technology your whole company has access to important financial information, no matter how widespread they are.

Avoid Redundancy

Financial data is arguably one of the most important sets of data a company can have.  Because of this it is important to ensure that data is entered accurately.  In older accounting programs that rely on manual entry, it is much harder to ensure accurate data. It is also incredibly time consuming, and there is a high possibility of duplicate date being entered. When you are using cloud accounting, there are safe guards that are set in place to avoid duplicate data, as well as built in error checking for various functions.

Security

It can be cost prohibitive to purchase the necessary security measures to protect business data.  It is always prudent to keep a backup of your data on site, as well as offsite in a secure location.  When you buy Cloud Accounting, this additional security is included in the cost of you product.  Your data is always stored at a third party center, and is protected by powerful security measures.

Automation

In today’s fast paced environment, many businesses are trying to do as many tasks as possible in a small amount of time. Prior to cloud accounting, the options for automating your accounting were much more limited. Once you make the switch to cloud accounting, the options for automation are much more vast.  This saves time and allows for easier collaboration within the company.

Easily Set Up Permissions

A major obstacle in any business process is determining who has access to what data, and how to restrict access. Cloud Accounting programs are automatically set up so it is easy to allocate permissions and restrictions. This cuts down on the time it takes to get your new system up and running and makes sure that the only people who are seeing the business finance information are people that are allowed to.

Using a cloud accounting system is the next logical step in the business finance world.  It saves time and resources, in a very secure setting.  It also allows for a flexibility in the work place due to its ability to be accessed from anywhere.