Online Accounting: The Benefits of the Cloud

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Today’s business world is moving fast. Fast because any company, big or small, never knows what’s around the corner – new product launches, new competition in the marketplace, new challenges in managing employees, tax and expenses, new areas of financial compliance…the list goes on.

It’s enough to keep any business busy. Throw into the mix huge leaps in technological capabilities and you’ve got a demand for 24/7 availability. Whether you’re selling products or services, consulting or supplying, you and your business are expected to have the capacity to be everywhere at all times.

Ditch outdated software and keep on top of your finances

With this fast-paced world comes new demands to speed up old processes. Perhaps unsurprisingly, some accounting solutions have not kept pace with this new world. Cumbersome systems that require you to enter financial data in one place at a specific time, or only allow you to access your financial details or reports from a specific computer are no longer adequate for today’s business.

Enter cloud-based accounting. Put simply, cloud-based accounting platforms, such as Xero, give you access to your financial information wherever and whenever you need it. Whether that’s on the go via a mobile or tablet, at home or the workplace. You can see everything from the latest bank transactions to current quotes and invoices. Personal expenses, traditionally a bugbear for any business, are managed easily – just take a photo of the receipt and it’s saved online.

Improved security with cloud technology

Cloud technology offers a flexibility unparalleled in traditional accounting software. And rather than worry that this model brings risks, it can actually be more secure. Data is never recorded or held on a computer or device – all a business’ financial details are safely held on a secure server and any device,  be it computer, tablet or smartphone, can access it using bank level security protocols. So if that technology malfunctions, is lost or stolen, the financial details are safe and sound.

Always up-to-date with automatic updates

Another downside to traditional, desktop accounting software is software updates, which often result in disruption, technical problems and compatibility issues with computers or devices – all of which mean downtime and losses for your business.

With cloud-based technology all improvements and updates are automatically delivered, meaning there’s no need to update software and so no negative impact on your business.

Your financial resources – linked

Cloud-based accounting solutions have the added benefit of automatic bank feeds, designed to make your life much easier and your business finances more efficient. What this means is data from your bank account is immediately available to view and process, so you always know where you are financially speaking. Whereas before you needed to download the data and import it as a file into your accounts, you can now do virtually everything at the touch of a button.

The simplicity of online accounting solutions, such as Xero and FreeAgent, make them ideal for small and growing businesses because they deliver the information you need in a straightforward way, whilst allowing your professional accountant the access and tools they need to effectively manage the financial side of your business.

If you’re looking to modernise your business call us now for a free, no commitment chat on 01730 823 000 or 023 9235 2133

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