Cloud-based software on a subscription basis is becoming the go-to model for many types of business programs. Adobe has its cloud suite of creative programs, Microsoft Office has its Office 365 functionality, Google has its Drive, Docs and other tools. Businesses of all industries are adopting cloud-based software and using it to power their operations.
It makes sense, then, that we are also seeing an increased adoption of cloud-based tools for bookkeeping and accounting. These tools allow small business owners and their accountants to always stay connected to their data.
Here are just a few examples of some of the benefits of using these tools.
•Updates and information in real time: With cloud-based financial information, you and anyone else with access to the software can access complete information about your finances in real time. When everyone has updated financial information, this allows for more informed decision making related to financial matters, and keeps everyone on the same page about where the business stands financially.
•Going paperless: Keeping all of your financial documentation digital is beneficial in a variety of ways. It’s easier to organize than paper documentation, and much easier to control access to that information. It allows you to reduce your business’s environmental impact by reducing your paper use, and helps you reduce manual errors. Most importantly, it makes your business more nimble, allowing collaboration across large areas and ensuring faster, more efficient results.
•Improved security: Cloud software is extremely secure, as one must have the proper login credentials to gain access. Cloud-based companies stay up to date on security upgrades and are constantly implementing new defenses against would-be attackers. With a traditional accounting software, anyone who gains access to your computer would have your financial information. It’s not that easy with the cloud.
•Organization: We briefly touched on it earlier, but cloud-based software allows you to keep your finances much more organized. Everyone who needs access to your business’s finances will be able to find and update financial documentation efficiently because everything is housed in the same area and gets updated for everyone as soon as one user makes edits.
•Remote work: More people than ever work remotely, so cloud-based software has become a must for business operations of all types. For businesses that have remote workers or who work with third-party accountants or bookkeepers, cloud-based software provides much better efficiency and communication.
For more information about how your business can benefit from the use of cloud-based software for bookkeeping and accounting, we encourage you to contact us at MCG Solutions.