What is cloud accounting?

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Put simply cloud accounting is like many other accounting software packages, but it is accessed via the internet. 

Is it safe?

Many say its safer than traditional accounting software:

  • The cloud-based applications use encrypted connections which means that before you send the information from your device it is encrypted and then sent to the remote server and again when it returns. But what does that mean? It means that because the data is encrypted it cannot be read or intercepted by a third party
  • No trace of financial information is left on company laptops or computers
  • No need to put data on flash drives
  • Backups are often kept by the cloud accounting providers in more than one location should a network go down – meaning you still have access to your data

How will it benefit my business?

  • Flexibility – anywhere, anytime on any device with an internet connected via the web or an app
  • 24/7 Real time data and visibility throughout the business increasing collaboration across departments and offices and with bookkeepers and accountants
  • Increases control of your financial processes
  • No issues with different employees working on different software versions
  • Frees up internal resources as you don’t have to install, back up or maintain the software yourself
  • Real time financial reporting
  • Potential monetary savings – eg less overheads; reduced IT costs, reduction in paper reduces storage costs
  • Sustainable and reduces paperwork, printing, and postage costs
  • Speeds up payment processes

How does cloud accounting work?

The process for cloud accounting is very simple and is usually a simple 3 step process eg

  • Scan your financial documents
  • Upload to cloud accounting platform
  • Let the software work its magic

What is the best software for my business?

You must pick the right software for you and your business.  Knowing your requirements is key so that you can compare the features and benefits available.

Listed below are just some of the most popular cloud accounting software platforms:

  • Xero
  • Quickbooks
  • Sage Cloud Accounting
  • FreeAgent
  • Kashflow

Enterprise level:

  • Twinfield
  • NetSuite ERP

This is not a comprehensive list of cloud accounting software providers.

If you would like to discuss this topic further please contact us on 0845 555 8844 or complete our enquiry form and we will get in touch with you.

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