In this day and age, every business relies on some kind of technology to help with productivity. For example, we use a computer instead of a typewriter, we have a broadband connection as opposed to a dial-up. In this field of accounting, more and more SMEs are starting to move into cloud-based accounting systems like Xero. At Tax Agility, we have been using cloud accounting for some time now, and we would like to share the benefits of going to the cloud.
It may be beneficial to explain that cloud accounting refers to accounting software that is hosted on remote servers, and where you record transactions over the internet. This practice means you don’t have to install the software in your computer, or own a dedicated server.
Benefits of the cloud
Do work on the go
By using cloud accounting, you are no longer tied to the particular computer in your office that runs the accounting software. You can now easily access your accounts from anywhere – in a coffee shop, at home, in another country. As long as you have internet access you can access the cloud.
Moreover, cloud accounting software is device dependent. You can access your account from any device – desktop, laptop, tablet and smartphone. This means even if you just take your smartphone on a holiday, you can still be on top of things in the event when an urgent accounting request happens.
Account information is kept safe
The cloud always backs up the work you’ve done, keeping it safe from loss. If there’s a problem or data was accidentally deleted, you don’t have to fret as it can be easily recovered. In business, time is money, keeping your data safe means you don’t need to waste time trying to recover any lost data.
Best of all, the cloud protects your data from cyber attacks or break-ins. This means you don’t have to worry about your accounting data being stolen. Think about the negative effects if your business’ financial information were stolen – the risks of someone stealing from you or using the data against you – each risk has plenty of undesirable and daunting consequences. Cloud accounting can significantly lower your risk and exposure.
Colleagues can collaborate on it
Do you have an accountant that manages the bookkeeping and finances for your business? Sometimes that can feel like you’ve got a bit less control over the business. By using cloud accounting, you can always keep a watchful eye look alongside your accountant.
For larger organisations with satellite offices in other countries, cloud accounting means colleagues from across the globe can access the data in real time. There isn’t a need to print out and send the spreadsheet via another method to colleagues in another country. Cloud accounting saves time and effort.
At Tax Agility, we are a team of chartered accountants, highly experienced and knowledgeable in all accounting needs. If you have yet used cloud accounting, perhaps it is time to start now. We can help to advice and guide you along the way.