6 Reasons to Use Cloud Accounting

It seems that nowadays most people are using ‘the cloud’ to improve their digital world. For those of you wondering what that means, ‘cloud computing’ is defined as; the delivery of hosted services over the internet. This includes storage, backup, social media and software services.

According to a survey commissioned by Xero, one of the leading accounting software firms and Incisive Accountings’ favoured cloud accounting provider, 65% of accountants have made the switch to cloud accounting and here’s 6 reasons we think you should consider doing so too:

1. Where there’s an internet connection, there’s a way.

Cloud accounting offers complete flexibility. Many of us use a multitude of different devices and having the appropriate software on all of them is a burden we seldom manage. With cloud accounting you simply sign in to your secure online account and you can pick up where you left off. Have you ever been in a meeting and found your laptop to be broken? Not a problem, sign in on your phone and continue like a boss. Wherever you are, as long as you have an internet connection and a device, you can access and work on your account.

2. Storage wars.

Storage is costly for businesses. Server hardware, operating systems, applications, admins and updates are expensive in both money and time. With cloud accounting, none of this is an issue. The software and information is held in the cloud and all you need to do is sign on securely.

3. Great for teams.

Cloud accounting allows for multiple users to collaborate in real-time so you can invite your accountant and fellow team members to use your account. This means you no longer have to rely on just one person to keep the books up to date and poor Barbara can get some help. Wait a minute… does that mean that Jonathan the noob can accidentally do something destructive to your books? Not at all, you can set up team members with different sorts of accounts such as ‘read only’ and ‘invoice only’ so you have complete control and flexibility at the same time.

4. Risk-free recovery.

Every business needs a safe backup for their data. With cloud accounting, all of your data is safe from break-ins, acts of the weather gods, computer malfunction and cyber attacks. If the worst happens and you have to start from scratch; downloading all your backup data, software and other such delights on to a new device, your accounting data will be sat waiting for you to just sign in, just as it always is.

5. Easy integration.

Do you have a payroll management system? Or Receipt Bank? Or other software that you use to make your accounting easier? No problem. You can integrate all your data management tools into your account with no headache trying to get them to talk to one another. Xero can connect to 600+ third party apps.

6. Increased efficiency.

No time consuming installation, no complicated storage management issues, free and easy updates, fast bank reconciliation, tracking on invoices, sales and purchases, reduced manual data entry on payroll and great support on community forums. You will be able to utilise your resources in a completely different way and improve your teams' productivity no end.

There are a variety of other reasons to choose cloud accounting; security of data, cost saving, accuracy of data due to the lack of human error and easier navigation to name a few. It can be daunting to change your system from one that’s working to another unknown, even with the metaphorical carrot of better efficiency dangling before you. It may help you to know that Xero are offering a 30 day free trial, no credit card details needed, unlimited users and every feature available. Maybe now's the time to take a gamble and give it a try?


Photo credit to FutUndBeidl.