The Beauty of Cloud Accounting
October 22, 2018
Our world today revolves around technology and society is ever evolving to fit into the recent trends. Over the past two decades we have seen unrivalled advances. Not only have devices expanded in capability and shrunk in size, the solutions available today provide a huge advantage to individuals and businesses.
Modern businesses operate in an environment that is continually evolving, and they must adapt to the increasingly digitised landscape in order, not just to thrive, but to stay relevant. Companies that fail to keep up with this new fast-paced environment risk falling away, alongside their outdated processes.
What are the benefits of Cloud Accounting?
One of the main factors to remember is that cloud accounting is not new. Over the past decade, cloud accounting has crept into every aspect of our day to day lives, whether this be personal or professional. Luckily, cloud accounting makes it easier for businesses to operate virtually, it gives you the chance to access your accounts from any location, any day and any time. But, the main question being; Is it a worthwhile investment to make or is it just an excuse for your accountant to charge you a lot of set up fees and for your company to not see much of a benefit?
For those businesses that have yet to put their accounting into the cloud, here are five good reasons to do so.
- Real-time information
This is primarily one of the main reasons for change. Converting your accounts online, allows a business to see in real time the financial picture of their business, whether this be cash in the bank, money owed or money owing. It allows you to see the bigger picture. With cash-flow being the holy grail to any business, having constant access to your accounts allows business owners to make better informed decisions.
Accountants are here to help you get the best out of your business, to help you become more tax compliment, grow your business and help you achieve your financial goals. With this in mind, online accounting platforms allow for much greater collaboration with your accountant.
- Save Money
For most business owners, the general working day doesn’t start at 9am and doesn’t finish at 5pm. To make business life easier, cloud accounting packages are able to use whenever and wherever you wish. With the click of a button you can find a cloud accounting package that is perfect for you and simply pay one monthly fee. With most cloud accounting software’s, apps have now been developed so you are always in control of your accounts!
- Storing Data Securely
With the world is GDPR, its vital that you are compliant with security. Most cloud accountancy provides high levels of data security which is either compliant with, or exceeds, the Payment Card Industry Data Security Standard. This ensures that all your data is protected, and you don’t have to worry about losing as it is all backed up in the cloud.
- Getting paid faster
And one of the best advantages of cloud accounting is the one that every business loves – getting paid faster. Online accounting platforms allow businesses to issue invoices directly, also sending out a prompt when the payment is due.
If you are looking for a quicker, easier and cheaper way to handle your finances then cloud accounting could be the way forward. Pomegranate Consulting are certified by Xero and we help businesses get the best out of their online accounting software.