There are many different studies that assert the value of cloud accounting in the contemporary business setting. One of these is the recent study conducted by the information technology research and advisory firm, Gartner. The said study predicts that the size of the cloud computing market could surpass $150 billion this year. This is not a surprise, considering that cloud accounting programs have made a strong impact on SMEs. If you’re unconvinced, read this post and find out exactly how the use of cloud accounting software can improve the financial efficiency of your business.
Cloud accounting software automates your business accounting functions, thus cutting the time spent on various finance and accounting requirements. This automation process also makes it possible for businesses to meet critical deadlines and compliance standards because it speeds up the entire finance and accounting processes.
To say that your manual accounting exposes your business to common data entry errors is an understatement. There is always the possibility of duplicated financial entries and errors in encoded financial entries. Through cloud accounting programs, you can veer away from such errors, maintaining the accuracy and precision that is necessary across all your financial transactions.
3. Streamlined processes
Business financial processes invariably come with complex procedures. The good news is, you can do away with all these complexities with the use of cloud accounting programs. Cloud accounting software can streamline processes such as approvals, bank reconciliation functions and budgeting tasks, among many others. This results in a simplified and more organized way of dealing with your business financial transactions.
4. Data backup
Data security is an important issue that every business needs to address properly. By shifting your accounting operations to the cloud, you can be sure that your critical business financial data is safe and secured. In contrast, accrual-based accounting programs may easily lose your pertinent financial data.
5. Remote access
Acquiring full financial data control and collaborating effectively with your accountant is another important priority for your business. Through cloud accounting, you can easily gain access to all your financial information anytime you want to. Moreover, cloud accounting also makes collaborations with your accountant very convenient.
Cloud accounting has changed the way businesses do their finance and accounting processes. Do not get left behind - experience the benefits of financial efficiency through the cloud today.
Need help in moving your business accounting functions to the cloud? We can help! Contact us for more information.