Cloud-based accounting is the new wave of revolution in the way the business is being operated today. What is even better is that Cloud Accounting Software offers both the functionality and the reliability of a traditional desktop accounting system and is still laced with several other benefits.
It has been found that the use of cloud computing has increased by 12% of what it was in the year 2018. The use of the cloud system reduces the time required to close financial books from 75 to 90 percent and it increases revenue recognition from 45 to 65 percent.
Cloud systems are the best accounting software for businesses. Its use comes with several benefits such as easy accessibility of data, ease of use, the security of data, scalability, centralized data and the list goes on and on.
One can also create invoice online free with this software. So, if you are still stuck with generating and updating invoices manually, you really need to reconsider your priorities and make the right choices. All you need to do is – Upgrade your current accounting process to include the cloud software and see your business benefit with all its multiple features.
Here are some of the top benefits of using Cloud accounting software for Business.
Top 10 benefits of Cloud accounting if you are in the trades
- Automation saves time
Enough of wasting time figuring out invoices and posting them! Cloud accounting software will automatically generate invoices that you have been generating manually otherwise. Not just this, they also give regular reminders about unpaid invoices that help to keep a close watch on the debtors.
You can also choose to link your cloud accounting software with Payroll and HR applications and thus generate payslips and HMRC documents automatically. With all this automation, you save a lot of time that can be used productively.
- Increases efficiency
The Cloud accounting system has all the advantages of the best accounting software for business. It streamlines the processes, saves time, and thus increases the efficiency of the employees who were otherwise busy in redundant, time-consuming tasks.
- Have the fluidity of working from anywhere
With Cloud accounting software, all you need is an internet connection and you have the advantage of working from anywhere in the world. You are not hooked to a single system that has your program; you are also not obligated to maintain all your files at one place!
Online accounting software lets you create invoice online free. You just need to login into your account and you are good to go from anywhere around the globe.
- Does not make a hole in your pocket
A cloud-based accounting software for trade does not dig a hole in your pocket like the accounting software. Unlike the accounting software where you need to pay a big sum in one go, you have the option of paying monthly for cloud software. This helps you to spread the cost over a period of time and thus helps in managing the cash flow in the business.
However, if you choose to pay upfront for your purchases, you will be rewarded with a suitable discount!
- Security of data is a priority
Since all your data is stored in the cloud, you do not have to worry about issues such as computer crashes, data hacking, or data being compromised. All the data is not just saved in a cloud server but is also regularly backed up.
It also offers offline usage privacy. When using in offline mode, all your data will remain only in your device and it is not synced with a server. So you can be sure that the privacy of data remains a top priority in online accounting software.
- They are scalable
One of the best features of cloud accounting systems is that they are scalable and can grow with a growing business. This means you do not have to bother about the growing needs of your expanding business. As the business grows, you can make a shift to a more comprehensive accounting solution. The software can also be adapted to include more features and functions according to the growing needs of the business.
- The software is user-friendly
Some of the best accounting software for businesses are user-friendly and have an intuitive interface. Even though the cloud software has multiple useful features, it is designed keeping in mind the non-accountants. Helpful guides are available on every step so even people who do not have any prior experience in maintaining accounts find it easy to use such software.
- Centralization of data
In the case of cloud-based accounting software, the data is centralized. This makes both its access and management easy. This means it is possible that different employees in the different departments can access the same data at one time. This feature is also helpful when a problem needs to be resolved since all the different parties can access the same file and discuss the issue.
- Measure the performance of your business
Cloud software not just helps in the smooth running of the business but also helps in measuring the performance of the business via graphs and charts that are easy to use. This gives you a clear insight into where your business needs to improve.
- Reduces paperwork in the office
If you are an environmentally friendly person, you will be awe-struck by the amount of paper that is saved by using a cloud accounting system. The traditional form of accounting relies on a hard copy for everything from data entry to creating invoices. This does not just slow the process but is also ineffective and unfair for the environment.
The Final word
A Cloud accounting system does not just allow you to create invoice online free but also reduces postage and printing since most of the work becomes possible online. Besides that, it could improve data sharing, collaboration, and communication for your business too.
If there is anything that is still stopping you from being convinced about the benefits of the cloud accounting system, you can also get a free demo from some of the best accounting software for businesses that are cloud-based.