Why use cloud accounting software?
What are the benefits of cloud accounting?
Many of our clients, who don’t already use it, are unaware of the many advantages of cloud-based accounting. In fact, we are often asked ‘why use cloud accounting and how is it different to what we already have?’
In the past, it was necessary for organisations to hold hard copies of invoices and other paperwork on file. Subsequently, desktop accounting systems meant that spreadsheets and documents were stored on a computer’s memory and software. Latterly, cloud-based accounting has meant that all data could be held and accessed via the internet.
In this article, we’ll look at the many benefits of cloud accounting and explain how this could help your organisation…
What is cloud based accounting software?
Cloud-based software is hosted on a remote server. With cloud-based accounting software, you store your business ‘books’ exclusively online, in ‘the cloud’.
Your organisation’s financial information is completely protected through an encryption process, so only authorised staff are permitted to view and access the data.
When it comes to bookkeeping, everything from records of income and expenses, to assets and liabilities can be stored in the cloud.
Why use cloud accounting software?
Using cloud-based accounting software offers many advantages over more traditional accounting methods.
Here are 5 benefits of cloud accounting:
- EASILY ACCESSIBLE
Data related to your sales, income and purchases can be seamlessly aligned in real-time.
Unlike traditional accounting, you’ll have an up-to-date view of your financial position at any time. Your accounting data is safely stored in the cloud, meaning that you can access it from anywhere, via your PC, laptop, tablet or smartphone.
- CONVENIENT & TIME-EFFECTIVE
With the right software, data can flow automatically from your bank account to your books without you having to get involved in the process.
The automated processes reduce the need for manual input and ensure greater accuracy. Depending on the software you use, you can also:
- Send branded quotes and invoices
- Process bank transactions automatically
- Process suppliers invoices
- Process expenses and payroll
- Prepare and submit VAT returns
Without reliance on hard copy paperwork, all authorised staff can collaborate and access live data simultaneously and from remote locations.
- SECURE & SAFE
There’s nothing to install or update – all your data is backed up automatically and encrypted to ensure that it is secure.
Your data will be stored on a remote server which is backed up to data centres in different locations. Even if one of your data centres is compromised, your organisation can continue to run as normal.
- SMARTER ORGANISATION
With cloud-based accounting software, you’ll have better control of your financial processes.
You can set up a dashboard showing important financial information, such as clients who owe money, suppliers who need to be paid, when bills are due, and more.
Why choose us for cloud-based accounting software services?
From small start-ups to large and established businesses, cloud-based accounting is an ideal solution for all. Here at Hartley Fowler, we cater for organisations of every sector and size.
We offer our clients our expertise in a number of leading cloud accounting options, including:
- QuickBooks Online
- Sage One
If you haven’t made the transition, we are happy to guide you to the optimal accounting software for your organisation.
We have also partnered with Xero and QuickBooks to offer a bespoke cloud bookkeeping system to suit your business needs.
When you opt for cloud-based accounting software, with your permission, we can access your data to provide support and assistance with your bookkeeping. Click for more information on our cloud-based services.
Simplify the process even more with an add-on
We are pleased to offer our clients a useful add-on to their cloud-based accounting software and have teamed up with Receipt Bank. This award-winning accounting software add-on can automatically convert our clients’ supplier invoices and receipts into data.
Receipt Bank’s functionality means that it is easy to send your financial information straight to the software.
With seamless integration, it is easy to keep track of every receipt and invoice. This makes the software efficient and hassle-free, with no need for anyone to handle paperwork.
The flexible software provides a range of ways to share data, so you can choose whichever methods suit your company’s workflow, including:
- Receipt Bank app for iPhone or Android
Using Receipt Bank also means that you will:
- avoid the hassle of filing, collating and sending your paperwork
- save space, as you won’t need to hold onto paper documents
- save time, as all documents are searchable
- have peace of mind that your data is securely stored in the cloud
- have access to real-time information to provide accurate insights for business decisions
Receipt Bank is such a convenient addition to your company’s software. If you’d like to discuss Receipt Bank, please contact us and we can get you set up with your own account.
NEXT STEP: Call to discuss your accounting needs
So when we’re asked: ‘why use cloud accounting?’, the short answer is: cloud-based accounting is ideal if you want your business to work smarter, faster and more efficiently.
For all enquiries about our cloud-based accounting software support services, please contact us to book your free consultation.