Top 10 Reasons For Making The Switch To Cloud Accounting Software

Top 10 Reasons For Making the Switch to Cloud Accounting Software

Any small business owner knows that bookkeeping is a necessary evil that takes time and energy away from the revenue-earning aspects of the business. It can be frustrating to try and keep track of all of the transactions associated with your business. It can be complicated further by erratic cash flow. Having a cost efficient accounting system reduces many of these frustrations, which is why I advocate the use of cloud accounting.

Following are the reasons your small business or start-up should utilize cloud accounting software:

1) Ease of Use

If you have been using a cumbersome PC-based accounting system that is only loaded on one computer and requires an accounting degree to use effectively, then you will find the user-friendliness and ease of access of cloud accounting software a refreshing change. Processes that previously were difficult to master can be picked up and used by just about anyone. Many vendors also have a knowledgebase available and 24/7 customer support to answer any questions that you may run into.

2) Economies of Scale

Due to cloud accounting software being a resource shared by many, there are further benefits to be had, such as automatic updates and the availability of a large server for storage.

3) Security

With cloud accounting software you are alleviated of the regular backups required with a PC-based accounting system. Service providers can guarantee that your information is kept safe and secure at all times.

4) Flexibility

Rather than being stuck in a stuffy office doing your accounting functions, with cloud accounting you can work from any location where you can get internet access. You are no longer restricted to just one computer either, as the software is accessible by anyone you give authorization to, whether they’re using a laptop, desktop, tablet, or smart phone.

5) Pay For What You Use

Unlike traditional software, you only pay for what you use so you don’t have to worry about paying more than what you need. And as your company grows, you don’t have to worry about whether you are outgrowing your software package, which makes cloud accounting software a great option for startups. The software is installed at no cost and you continue to have access for as long as you want, provided you pay your monthly subscription. This is great news for you, the customer, because it gives the providers incentive to continue to provide excellent value through improvements and innovations to the software.

6) Lower Pricing

There are a great many providers of cloud accounting software, most easily found through a quick Google search. Due to the large number of competitors, you are able to benefit from competitive pricing.

7) User-Friendly Interface

Cloud accounting software has simplified how you access your information and now everything you need to know about your business’ financial status is clearly set out on the dashboard, in an easy-to-read format. You can see at a glance your current bank balance, your accounts receivable and accounts payable balances for the current month and next month.

8) Single User Interface

Regardless of who accesses the information or from what location, the same information is available. This makes communicating with your business adviser and/or accountant much easier, as they see the same figures you see. You and your accountant can work together in real time to project cash flow, sales figures and so much more. This also gives you the ability to plan ways to minimize your tax bill.

9) Knowledge is Power

No longer do you need to waste valuable time in waiting for an answer to your question when accessing the software’s Help section. It is likely that your question has already been asked by another user and therefore the answer is readily available through a user community forum. If the answer is not readily available there is a strong possibility that someone within the community will be able to provide you with the answer very quickly. New Zealand-based cloud accounting provider Xero was one of the first to take this approach with customer support, and others have followed suit.

10)Increased Productivity

Cloud accounting software requires less input, but at the same time has the ability to produce results in a more efficient, faster manner. Armed with accurate, up-to-the-minute information, you have the ability to increase productivity, make better decisions, and expand your company.

Is your business enjoying the full benefits of cloud accounting software? Are your competitors? In order to make your business operations more efficient and competitive, you need to be using cloud accounting software or you could be left in the dust by your competitors.

By Sam Michaels,

Sam is the managing editor and creator of Cloud Accounting Today. He holds a MS in Accounting and has over 10 years of experience in the field. He currently resides in Northern Virginia.

About CloudTweaks

Established in 2009, CloudTweaks is recognized as one of the leading authorities in connected technology information and services.

We embrace and instill thought leadership insights, relevant and timely news related stories, unbiased benchmark reporting as well as offer green/cleantech learning and consultive services around the world.

Our vision is to create awareness and to help find innovative ways to connect our planet in a positive eco-friendly manner.

In the meantime, you may connect with CloudTweaks by following and sharing our resources.

View All Articles

4 Responses to Top 10 Reasons For Making The Switch To Cloud Accounting Software

  1. Automatic data entry and bank reconciliation are two of the many best
    feats of an online accounting software. Ours are capable to do both. Our
    trademark, AccuScore, lets our users manage their accounts and see
    which categories needs correction or worth rechecking.

  2. An accounting software saves lots of time so it is really good thing if you have an accounting software, even a small company need accounting software today. According to me QuickBooks is the best software as of now.
    I have written reviews on best accounting software with their prices, features, tips and tutorials etc…

  3. that’s Fab …. thank god for kiwi made  http://www.xero.com   all the above with document storage (great for staff records and loan documents), of course live feeds, GST automagical adjustments and Fixed Assets List with depreciation at the touch of a button – love it

  4. Cloud-based accounting solution are really a boon for businesses. It is something which not only saves time but also the energy, which can be utilized in some other object-oriented tasks.

World Backup Day: Understand The Data You Are Protecting

World Backup Day: Understand The Data You Are Protecting

World Backup Day: Understand The Data You Are Protecting Did you know that 113 phones are lost or stolen every minute? What about the fact that 1 in 10 computers are infected with a virus every month? Thanks to World Backup Day, an independent initiative that was started in 2011, awareness is being raised about…

Methodically Plan Your Cloud Design First

Methodically Plan Your Cloud Design First

Are You Sure You Are Ready For The Cloud: Design For the last few months, we have been discussing getting ready to go to the cloud. We have covered topics such as Financial and Business Security reasons. We have even discussed the type of knowledge you should obtain. This month, we are going to take…

You’ve Moved Your Data To The Cloud…What Now?

You’ve Moved Your Data To The Cloud…What Now?

Data To The Cloud…What Now? You’ve done the research. You’ve vetted multiple cloud solutions. You’ve chosen the right vendor. And you’ve migrated your data to the cloud. All done, right? Not so fast… While it has become a bit of a scary proposition for many organizations to put their trust in the cloud and start…

Risks Of Virtualization In Public And Private Clouds

Risks Of Virtualization In Public And Private Clouds

Risks Of Virtualization Server virtualization is one of the cornerstone technologies of the cloud. The ability to create multiple virtual servers that can run any operating system on a single physical server has a lot of advantages. These advantages can appear in public, Infrastructure as a Service (IaaS), as well as in private clouds. However,…

The Cloud Is Not Enough! Why Businesses Need Hybrid Solutions

The Cloud Is Not Enough! Why Businesses Need Hybrid Solutions

Why Businesses Need Hybrid Solutions Running a cloud server is no longer the novel trend it once was. Now, the cloud is a necessary data tier that allows employees to access vital company data and maintain productivity from anywhere in the world. But it isn’t a perfect system — security and performance issues can quickly…

The Meaning Of Secure Business Agility In The Cloud

The Meaning Of Secure Business Agility In The Cloud

Secure Business Agility In The Cloud As cloud continues to accelerate business delivery and shift away the balance of power from IT and InfoSec to business users, organizations need to find ways to ensure that security is part of a business process rather than an afterthought. Today’s organizations are transacting some of their most valuable…

Small Technology Providers (STPs) — VARs, ISVs, Integrators, And SME Consultants

Small Technology Providers (STPs) — VARs, ISVs, Integrators, And SME Consultants

Small Technology Providers (STPs) Continuation from last weeks article. See the article here  Here’s the opportunity for little / middle guy.  It’s funny, I’m a big networker and I can’t tell you how many conversations I’ve had with IT folk across all these specialty functions and everyone says the same thing:   They all felt like…

CloudTweaks is recognized as one of the leading influencers in cloud computing, infosec, big data and the internet of things (IoT) information. Our goal is to continue to build our growing information portal by providing the best in-depth articles, interviews, event listings, whitepapers, infographics and much more.

Sponsor