Every day we turn on the TV or read an article and hear about the benefits of working in the cloud.
How the IT industry is using it to make a bigger mark in the world.
How the medical industry is using it to become more innovative.
But what about YOUR industry?
Yes, there are a lot of other industries that can benefit from working in the cloud. And there are a plethora of advantages why someone in those industries should use the cloud more. Even for accounting. Yep accounting.
Accounting is one of those conservative industries. Not too much risk-taking going on. Well, if you haven’t figured it out by now, I am not your traditional accountant. I like to call myself and The Tech Savvy Accountant™. I like numbers, but I also like technology. I could never find the time to play with the latest and greatest gadgets until I discovered cloud accounting.
Cloud accounting is the process of managing your business finances over the internet. You can say “in the cloud” or you can also call it “virtual accounting”. It essentially means the same. And today I am going to share 6 key advantages of using cloud accounting.
1. Saves you time
Cloud accounting saves you a ton of time with your day to day processing. By connecting your accounting system to your bank account, your transactions are automatically downloaded for you. This saves you hours of inputting each and every transaction. (say it slow)
2. Reduces your costs (code for saves you money)
There is no initial or upfront fees, no installation costs and no expensive software to purchase. Simply sign up and subscribe for a the low monthly fee. And in most cases you get to try before you buy. If you don’t like it, simply cancel the program. You don’t have to worry about trying to package it back in the box like you never opened it. (Don’t act like you haven’t tried that before).
3. Accessible anywhere and anytime
Are you always on the go traveling for work or for play? Well now you can check in and see how business is going while you’re away without picking up the phone. Simply connect to the internet and login. Easy as pie!
4. Real time financial data
Take that access anywhere feature a bit further. With cloud accounting, you have access to real-time data. You can know what money is being spent at any given moment. Need up-to-date financials for a meeting? Just a few clicks and you will have those reports right at your fingertips.
5. Go Green
You are doing something good for the planet. Once you start using cloud accounting, you also start using other cloud services, such as cloud storage. The end result equal less trees killed for you to print out all those reams of reports every month.
6. Up to date technology & systems (code for no maintenance)
Technology changes every minute. Have you heard the saying that as soon as you take a car off the lot it depreciates? Well I think the same thing is true for technology and software. As soon as you leave the store there is an update. When using cloud accounting, you have access to these updates 24/7 and they occur without you doing anything. And they are at no additional cost to you. Those IT worker bees are constantly at work to make your life a better place. 🙂
What advantages have you benefited from since using cloud accounting?
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It would be interesting to hear more about the types of businesses coming on as early adopters to online accounting…we are finding that many high tech oriented entrepreneurs are more open to cloud accounting.
Thanks for the great article!
I agree. they are more open to cloud accounting than most businesses especially brick and mortor.