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Cloud accounting: Is it the best solution for my business?

cloud accounting

As a business owner working remotely you have a lot to do, think about and plan for each day. The last thing you need is complicated systems that take up precious time.

For all businesses, small or large, your accounts and the software you use is very important – hence why it is always approached with trepidation. Using cloud accounting software, like QuickBooks Online, will get rid of that feeling and instead, give you a feeling of ease with its simplicity, accuracy, and accessibility.

What is a cloud-based accounting system and how is it different from a traditional on-site system?

Cloud accounting is a computing service provided through computers or similar devices, like smartphones, tablets, etc. via the internet. Simply put, working in “the cloud” is all the ways we use the internet.

It is more flexible as you can access your financials from any device that connects to the internet, from anywhere, at any time. A traditional on-site accounting software system can only be accessed from a few computers situated inside your office.

Cloud accounting updates financial information automatically and offers you real-time reporting. Not only does this eliminate the possibility of human error in data capturing, but you can have peace of mind that your balances are always accurate.

A system based in the cloud can better handle multi-currency and multi-company financial transactions.

There is no need for you to fork out money for fixed, expensive equipment and software licences as your business grows. Cloud computing cancels out increased licence, database, systems management and software costs for a growing business.

Unlike on-premises accounting software solutions, cloud accounting solutions don’t need as much maintenance. Updates happen automatically and there’s no need to update or download anything on a company computer.

When working off cloud accounting, employees in other departments, offices or across the world can access the same accounting data and the same version of the software.

You can easily share data in the cloud. All it takes is two users logging in with their unique user names and passwords. Traditional methods can be more cumbersome and require you using a flash drive, for example, to get information from one computer to another. This is also a security risk as the flash drive or disc being used can be lost or stolen.

But you’re a little concerned a cloud-based accounting system will compromise the security of your financials.

Cloud accounting is as secure (if not more secure) than traditional accounting.

Think of it this way. The accounting information stored on a traditional in-house accounting system on your laptop will be lost forever if that laptop is stolen, let alone the information breach this could lead to.

With your financial information in the cloud, none of your financial data can be traced on company computers and the information in the cloud is encrypted and password protected.

QuickBooks offers online accounting software solutions for small businesses. Find your right fit by calling us on 010 203 4300 or emailing today.

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