5 reasons why your SME could benefit from cloud accounting software

What are the benefits of cloud accounting packages, and how can your business benefit from them? We could go on at length about the reasons why we could recommend cloud accounting, but it’s often better to keep things simple.

Advantages of cloud accounting:

Ease of access

Ease of access in the principle benefit of cloud accounting.  Because your accounts are online, you and your employees can access financial data from anywhere, and at a time to suit you. There’s no need for downloads and no need to install programmes on your desktop. You can take your business accounts with you wherever you go, and therefore spend your time more productively searching for new clients.

Cloud accounts can be accessed from smartphones and tablets, so the information is available at your fingertips wherever you and your employees are. So cloud accounting is perfect for businesses with mobile sales or service teams. All you need is an internet connection, and you’ll have all the necessary financial information at your fingertips.

Competitive pricing

If you were to buy a desktop accounting package, you would probably have to pay a considerable amount for the service: what’s more you’d have to pay that upfront. With an online accounting package, you can pay your costs monthly, thus keeping your financial outlay reasonable. Cloud accounting can have a substantial impact on your business’ cashflow, as you’ll not only know what your monthly costs will be and will be able to plan for these; but you’ll also reduce the amount of money spent on hardware, upgrades and administration costs as these will be managed by your cloud accounting service provider.

Cost-effective cloud accounting

As cloud accounting applications are generally subscription-based, they are generally cost-effective applications. They allow you to scale up or down depending on your particular business needs at the time. What’s more, as upgrades are managed seamlessly by the service provider, businesses will not have as great a need for an IT presence or dedicated staff. You’ll get all the benefits from the latest software upgrades, but they won’t cost you

Real-time financial information

When properly managed cloud accounting will give you and your business up-to-date and current financial information- usually via a financial dashboard- wherever you might be. Having this real-time information at your fingertips will help you respond quickly to ever-changing business’ needs and demands.

Easy backups

Backup and data security are all taken care of by your cloud accounting service provider, so you shouldn’t have any security concerns. Most cloud accounting service providers offer data security packages which are Payment Card Industry Data Security Standard (PCI)-compliant.  The PCI standard would normally be too expensive for a small business to consider, especially if it is to have its on-site application certified. However, the level of availability and security, backup and disaster recovery applications offered by a software-as-a-service supplier far exceeds the level which a company can provide if its application is housed on-site.  When you use a cloud accounting application you don’t need to pay extra cash for online backups or special servers or desktop configurations: all you need is an internet-enabled device and you’re good to go.  because they are done for you and you don’t need any special servers or desktop configurations – just an internet enable device to use it.

If you would like to find out more about the advantages and benefits of cloud accounting software, or would like help and advice on online bookkeeping, VAT returns, self-assessment tax returns, payroll, cloud accounting, Business Start Ups or company formation, then call Steven Glicher accountants, a Quickbooks Certified ProAdvisor Advanced Online, on 0161 485 8007 or email info@stevenglciher.co.uk.

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