Posted by Cedric Joshua Martinez
Jul 13, 2020
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With how we have integrated rapid technological advancements such as AI and recent fintech trends, the necessity for industries to be flexible to maintain ongoing operations can no longer be denied.
To continue evolving, companies must be equipped to address any potential threats effectively.
With this, cloud accounting has become a welcome development in the accounting industry that allows finance and accounting professionals to continue their work despite any situation. It allows professionals to work from any time and any place and easily ensures that your accounting team’s operations are not disrupted.
What is Cloud Accounting?
Simply put, cloud accounting performs the same tasks as traditional accounting software, except that it runs through the internet and private servers and can be accessed using web browsers.
Read: 5 Ways Cloud Accounting Improves Financial Efficiency
Why Should Your Company Invest in Cloud Accounting?
Cloud accounting software lets you access and view your financial data sources at any time – making it an innovative operational strategy for your company.
Your accountants can use cloud accounting software to perform their tasks. Its collaboration feature also allows you and other employees to add the necessary documents and other files. These files and processes are all stored securely to help everyone access them and maintain a record of all transactions. You can also select the access level of each employee to control who can make direct changes to your financial data, leave comments, or simply view the numbers.
To fully enjoy these benefits, your company can choose to invest in trustworthy cloud accounting software.
Which Cloud Accounting Software is Best for your Company?
QuickBooks Online
Currently the market leader of cloud accounting software providers, QuickBooks Online is the cloud version of Intuit’s QuickBooks.
Xero
Xero was once a young and fast-growing cloud accounting software. Today, Xero has made a name for itself and is widely used in Australia, New Zealand, the United Kingdom, and the United States.
FreshBooks
FreshBooks is an easy-to-use software designed with startups and small businesses in mind. Like others in this list, FreshBooks also has its own mobile app to help users access the software on-the-go.
How to Make the Most of your Cloud Accounting Software
- Use it to access your data anywhere in the world
Going abroad for a vacation? No need to worry! You can still check on your company’s finances anytime, anywhere as long as you have reliable internet access.
- Utilize its fast response and analyzation results
Cloud accounting software provides real-time results. Through real-time results and its data analytics feature, the top management can make the right calls with the right numbers.
- Use it to secure your data
Keep your files safe in a digital location. Cloud accounting software, as well as cloud storage services, keeps your files in secure servers which can only be accessed by users who were given permission. This feature helps minimize risks such as data breaches which can lead to financial and legal repercussions.
- Use it for cost savings
Saving time is saving money. Cloud accounting automates some of the most time-consuming accounting processes. In addition, you also avoid the cost of setting up and maintaining your own server.
- Use AI features in your financial reporting tasks
Most cloud accounting software has now integrated AI into their financial reporting tools. With this, you can get more actionable insights that allow you to better optimize your financial management strategies.
Cloud accounting’s adaptability and highly customizable functions such as predictive analytics in finance allow companies to secure their data, remove any geographical hindrance and reduce operational costs in their financial management efforts. As you decide on whether it is time for your company to integrate the use of cloud accounting into your accounting processes, make sure to investigate each software as different cloud accounting software has different tools and services available.
Read Next: How to be a Paperless Company with Cloud Accounting
Want to Utilize the Power of Cloud Accounting Software?
We have a wide expertise in handling the numbers of businesses across various industries and broad experience in using cloud accounting software to help your company manage your finances and ensure success. Contact us today and we'll help you find the right solution for your needs.
You can also get our free Business Analytics whitepaper for more information on how you can leverage data to drive your business forward.
This post was first published on 5 July 2015 and edited 5 October 2024. Edited by: Aly Tagamolila
