10 Reasons to Use Cloud Accounting Software
Accounting, balancing the books and dealing with business finances can be one of the biggest time drains for many small business owners. All those endless days spent staring at spreadsheets and endless accounting sheets to keep track of, as well as essential monthly figures to do and then the dreaded yearly taxes to prepare and submit.
What about that expensive software that sits on your hard drive, taking up space and constantly needing to be backed up and updated…. the list goes on! Keeping on top of your business accounts can be pretty tiresome, yet it is a necessary burden that is part of running a successful business.
But what if there was another way? What if there was a way to free up your precious time to focus on other important areas of your business? The good news is that there is – cloud accounting software. And here are 10 reasons to use it.
Simple to use
Learning new software can be time-consuming and takes people away from their other duties. But the benefit of cloud accounting software is that it is very easy to use and is specifically designed for people who aren’t trained accountants. This means you can pair it up with information sources such as bank accounts easily and set up a process to monitor it and make sure all information is included.
More cost effective
The joy of cloud software is that you and thousands of other businesses can use it and you, therefore, pay less for access to it than you would in a traditional, one-time purchased and downloaded or installed software package. You can also avoid costs associated with updating and maintaining the software as this is done for you by the provider. This means that your accounting package will never go out of date and will use current figures, rates and allowances.
Less chance of a crash
Anytime software is installed on a system there is always a risk of a crash and the loss of vital data. It also means that regular and complex backups are needed, often off-site to ensure information isn’t lost if something goes wrong, such as if your building suffers a flood or fire. But with cloud software, there is no need to worry about this as data is backed up by the provider on powerful centralised servers and you most likely would never know if there was ever a crash.
Access the software anywhere
As businesses change their working model, cloud software adapts with you. So, this means that you can access your data anywhere – while working from home, in the office or even while travelling on a business trip. You don’t need to be physically present in a central office to get your business accounting done and you can easily access the software with a password and username via any internet connected PC, laptop, tablet or smartphone.
Pay for what you need
Accounting software packages used to be standard across the board and this meant you could end up paying for a lot of features that you didn’t need or would ever use. But with cloud software, you can personalise your package to suit your business needs and that can save you a lot of money. And all of your updates and improvements are instantly included without you needing to pay out for an engineer to come out and update your package. As your business grows and expands, you can easily upgrade if you find you need something extra adding to the package.
Cloud accounting software is a very competitive marketplace, and this means you have plenty of choice about where to get your software from and what package you choose. This means that prices are kept as low as possible to make the software attractive and you spend the smallest amount of money on very effective and functional, user-friendly software.
Easy to monitor business finances
Good cloud software comes with an easy to view dashboard that tells you a series of important financial facts and summaries at a glance without having to go digging around to find the information you need. This means you can better monitor the business finances and keep an eye on income and expenses effortlessly without the need to get information from a host of different spreadsheets and bank accounts.
Give an accountant access
With some high-quality packages, you can also easily grant access to an accountant or bookkeeper to handle your financial data and submit your business tax returns. They can monitor figures, make sure data is accurate and compile tax returns from the information provided by your cloud accounting software. This can save you money as it takes them less time to do the leg work required with compiling and checking number. It means you can also always have an idea about how much tax you will have to pay as the money comes in. This makes it easier to budget and set aside enough money spread over the year to pay your tax bill.
Learn from the software
While you might not want to be an accountant by trade, you do learn from the software and good accounting programs will also include lots of helpful articles and guides that allows you to better understand your financial position. You also get good interactive help including email, phone and even live chat support to find out about things you need to know.
Be more productive
By using cloud accounting software, you can save yourself time spent on your accounts and this means better productivity for your business. It can also mean that you don’t need to hire a full-time accounts assistant or someone working on your business bookkeeping on a full-time basis. And when you need financial information, you can easily and quickly access it yourself without waiting around for your accountant or bookkeeper to compile it for you.
So, what’s not to love about cloud accounting software? Could it benefit your business?