In today’s business environment, especially with Covid and the necessity to work remotely, it has become essential for businesses to have their accounting systems operating in the cloud.
What is cloud accounting, you ask?
The answer is taking your traditional desk top accounting application and moving it to either an online server or a web-based accounting application.
What are the benefits to moving your accounting application to the cloud?
- Access your accounts from anywhere.
i.e. as long as you have a device that is connected to the internet, you will be able to login to your accounting system. - Multiple persons can log in the system to process entries at the same time.
- You have access to up to date and real time information.
- You can connect third party applications to your cloud-based accounting systems by automating as much of the processing as possible.
- Connect your bank to your accounting system. This enables you to automate the capturing of bank account entries directly to your accounting system.
- The cloud accounting systems often have built in artificial intelligence. This allows you to enter rules so that bank entries are automatically processed to the correct accounts.
- There is no need to ensure that you have backed up your software.
- The version of software is automatically updated in the background and completed for you.
- Your data is stored securely.
- There is functionality built into the system that should automate several processes. This will assist in reducing your team’s workload.
Although it might seem a bit overwhelming to begin with, Cloud Accounting is designed to make your life easier, and your accounting process faster and more efficient.
It may take a small amount of time to adjust but it is definitely worth it.