Updated: Sep 23, 2018
Cloud accounting is the most exciting thing that had happened to the accounting industry in recent years. This has enabled the bookkeepers and business owners to work on the same system simultaneously regardless of their location. Bookkeepers and chartered accountants no longer need to go through the pain of importing client’s data files into their systems.
Business owners can access their data anytime from anywhere. Business owners are always on the move and are increasingly using tablets and smart phones to access latest financial data. With cloud accounting, they can see the business account balances, outstanding invoices, overall cash position and much more from anywhere 24/7 as long as they can access an internet connection.
Cost of ownership is lower as compared to traditional accounting softwares. There is nothing to install and maintain. Software updates automatically without user intervention. This results in overall reduction in cost. This enables small business owners to focus on the core business activities.
Cloud Accounting is secure. Normally, proper security measures are not implemented by small businesses to protect their financial data. Cloud Accounting softwares like ProfitBooks maintain high security standards. Backups are taken at regular intervals, servers are scanned for vulnerabilities and data is transferred over the encrypted connection.
Online Accounting Softwares are integrated with other services. For example, ProfitBooks can be integrated with popular file sharing application Dropbox to store and share files. There are endless possibilities to extend the functionality by connecting with other online softwares.
It brings the entire team together. Cloud accounting enables business owners and accountants to work on the same file simultaneously eliminating the need of data transfer and physical meetings. Time is money, isn’t it?