Cloud Accounting 101: How Does Cloud Accounting Work?
How does cloud accounting work?
Cloud Accounting performs the same tasks of traditional accounting software, except it runs using the internet and private servers. It can be accessed using web browsers.
- The business owner consults with the accountant and discusses objectives or deliverables.
- The accountant performs tasks via cloud accounting software.
- The business owner can access and check files at any place and at any time, using the internet.
- Files are then safely secured in the cloud servers which can be viewed anywhere and at any time using the internet.
- Scan your receipts, bills, or invoices and upload them to the cloud server in a few clicks.
- Accountants input data, perform transactions and maintain your books.
- You can now focus on running your business and leave the accounting to the experts.
Cloud Accounting Software Providers
QuickBooks – Currently the market leader of cloud accounting software providers, Quickbooks Online is the cloud software version of Quickbooks, developed by Intuit.
Xero – The young and fast-growing cloud accounting software, Xero is currently making a buzz in the US, UK, Australia, and its native New Zealand. It has more than one million users worldwide.
FreshBooks – The software to beat in terms of ease of navigation and user interface. FreshBooks has nifty features designed to make accounting a breeze for small- and medium-sized enterprises.
Cloud Server Providers
Business owners may also request that the files be stored in Google Drive, Dropbox, One Drive, or any other cloud service provider of their preference.
Why switch to Cloud Accounting?
Access – Going on vacation? No need to worry! You can still check on your company’s finances any time, anywhere as long as you have the internet.
Security – Keep your files safe from fire, flood, and other disasters. Your files are kept safe in the cloud with the help of state-of-the-art security that also provides a back-up mechanism.
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 a server.
Find Out How Cloud Accounting Can Benefit You
Learn how you can achieve your business goals through a smarter, simpler accounting process. Schedule a consultation with us and let’s discover how you can take your accounting to the cloud.