Talking about online accounting, every day more and more businesses are turning to cloud – the platform where you access the data online anytime, anywhere, from any device.
Comparing with traditional Desktop versions, cloud-based versions may have slightly different functionality but they are versatile & provide long-term viability. Their peculiarity to get easily deployed, managed and upgraded than the contracts of the past, makes it an ideal choice. Although, it simplifies your accounting process from start to finish.
Benefits of Cloud Accounting:
Ease of Access:
Accessibility is the prime benefit of cloud-based bookkeeping. While using that old desktop-based system, all your data & accounts are on the local drive. Consequently, you get stuck in one location – resulting in limited access to your data & financial information.
However, with the cloud-based accounting, you are no more restricted. All your data is safely encrypted and stored on cloud-server. In order to access your business’s financial data from anywhere worldwide – whether you are traveling, gaining new clients or taking care of other important business matters – all you need is your device and an internet connection.
Cost:
Eliminating the need for expensive computer equipment and resources to set up and maintain office servers, it cuts the wide amount of cost for your business. Thereupon, it is the most economical way to go.
Usually, there is a monthly subscription fee in the cloud-based systems – in which updates in software and hardware are done automatically by the service provider. This helps you in staying always up-to-date at a reduced implementation cost.
Collaboration:
Well, in the desktop approach, there is limited access to the accounts. Hence, the collaboration with other colleagues & advisors is difficult.
On the other hand, cloud-based approach lets you view real-time accounting information anytime, anywhere. As a result, Key People can stay connected with up-to-date information, regardless of the location.
Security:
Keeping your data secure is critical for any organization. When you are using a cloud-based system, all your data is stored online with Military level encryption. Also, it includes backup functionality to prevent the possibility of data loss.
Even if your computer is stolen, no one can access your data unless they have a login to the online account. Your data is safe and backed up because your data is no longer at a physical server in the office. Thus, it also controls the privacy access of confidential data.
Free Storage:
All the records – file, information, and data are stored online on ‘cloud storage’. This means there is no need to install anything on local hard disks. It saves a huge amount of storage & hence reduces cost. Although, every time you log in to your account, you will get to the most up-to-date version of the software – without paying any extra cost or without updating it yourself.
This proves that cloud accounting is an accessible, cost-effective and secure solution – regardless of the Industry or firm you are competing in.
Being a business owner, you might have exclusive entrepreneurship skills but if talk about financing and accounting, it could be a tedious distraction. While you are focusing on building your brand and growing your business, it is too burdensome & toilful task to manage your bookkeeping concurrently. Thus, to alleviate your stress & pressure, Flawless Figures has come across exclusive cloud-based bookkeeping services involving Business setup, Payroll, Bank Reconciliation, Accounting software & much more.