It seems that everyone in business circles is talking about ‘the cloud’ these days, but is there really benefits for your business to move over to Cloud Accounting? Below are some key reasons why Cloud is better.
Access anytime any place
You and any of your employees or service providers such as accountants/book keepers can access your records, reports and receipts from anywhere in the world with a device and internet connection. No software needs to be installed, it is accessed through a web browser.
One data file – multiple access
With cloud accounting multiple team members can access your files at the same time. So you don’t need to save data on a USB stick and deliver to your accountant/book keeper to use. With the click of a button you can give them access to the files without anything physical being delivered or transferred.
Real time information
Using bank feed technology in conjunction with your cloud accounting program, your bank information can be uploaded straight into your accounting program on a daily basis. This will give you real time reporting capabilities so you can instantly check the financial health of your business. You simply code each transaction to the relevant account, all with one user friendly interface. Over time your cloud accounting system will start to recognize transactions and suggest the account they relate to, further reducing your workload.
Cloud accounting is perfect for Start-ups, entrepreneurs and small business owners because there are no hardware, software or server costs to set it up, just one monthly subscription fee. Ongoing fees are lower too because there are not expenses for annual upgrades of software/hardware or server space hire.
Cloud accounting programs use bank quality security and encryption for their data. Data is located in enterprise grade hosting facilities that have biometric systems and onsite security guards. This level of security far out ways the security most small businesses have for their data and servers. No more lost or stolen hardware or backups that get forgotten to be done. The cloud accounting data is backed up automatically for you.
If you are planning to grow your business by adding more employees, cloud accounting will grow with you without needing to invest in more hardware or server space.
The Proxy Finance Line of Credit facility can link up with your cloud accounting program automatically so that as soon as you raise invoices to a client, 80% of the value of that invoice will be transferred to your account the next business day. All this without the need to manually export and upload excel reports each day.