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Cloud accounting has transformed the accounting industry. The signature accounting ledgers, excel charts, manual receipts and clunky storage are now being replaced by simple web-based accounting – thanks to cloud computing and storage.
Cloud accounting tools have not only simplified the tedious job of accounting professionals but have skyrocketed efficiency. The improved visibility and control of accounting processes have given a greater strategic edge for business and have widened the scope of growth potential.
Cloud accounting is not an exception but a norm today. Yet most small and medium businesses are yet to completely leverage the potential of cloud accounting software. If you are one of them then this blog is for you.
How cloud accounting software can help small and medium businesses?
Higher accuracy, saved time, easy collaboration: Errors due to manual accounting are the bane of the accounting industry which cloud-based accounting eliminates effortlessly. In principle, a cloud-based accounting software automates manual and repeatable tasks (which accounting is filled with) to save hundreds of valuable hours for bookkeepers and accounting professionals in SMBs.
The financial data is pulled from versatile resources like images, e-mails, bank statements and other online sources and are consolidated, categorized and reports are generated and stored in the cloud for easy sharing and collaboration with different teams.
Remote access for accounting personnel: Given the data is pulled, categorized and stored in the cloud, the accounting data is now securely accessible 24X7 from any web-based device. Businesses can customise permissions for personnel and secure access while serving multiple clients at once. Secure remote access to accounting data and systems is also a fundamental pillar for remote accounting which has now become a norm post-pandemic.
Highly secure environment: Manual accounting systems are notorious for their security loopholes. Even the regular in-house accounting system needed elaborate security frameworks to guard the sensitive financial data. On the other hand, cloud accounting software and tools come pre-built with robust encryption and security firewalls that enables top-of-the-line confidentiality and privacy for small and medium businesses. Cloud accounting tools also provide automatic data backups on the go to safeguard sensitive accounting data in case of unforeseen calamities. These tools are regularly updated with new features, guidelines, security patches and compliance functionalities seamlessly.
Flexible & scalable: A cloud accounting software is not a one size fits all solution. Each software provider offers multiple versions based on the business’s requirements.
The flip side of this flexibility is the scalability that clouds accounting offers. As a business grows its accounting requirements jump up and the business can scale up its version effortlessly. As the requirements grow, third party integrations can be leveraged by businesses to perfectly cater to their requirements from one single place.
However not every cloud accounting software is perfect only a few perfectly capture the needs of the users to deliver a reliable product with the right blend of functionality and affordability. If you are looking for recommendations, we would be happy to guide you.
Why Choose Effective Accountancy?
As one of the leading remote accounting firms in the business, Effective Accountancy has been leveraging cloud based accounting software for delivering accounting services since the early 2000s. Our certified accounting experts are power users with a great track record in providing a comprehensive bookkeeping and accounting services.
As a remote accounting firm specializing in providing Accounts Payable, Accounts Receivable, Bank Reconciliation and Tax Consulting Services, we are perfectly placed to leverage our accounting expertise to deliver stupendous value with our outsourced services.
Contact us for a free consultation today!
