Small to medium enterprises (SMEs) can benefit greatly from using cloud accounting software for their business. A great number of businesses, 96% of Australian SMEs, seek to increase spending on cloud accounting software for their business.
Some of the most popular cloud accounting products in the country are Xero, MYOB and Intuit.
So why should you consider cloud accounting?
Cloud accounting software is accessible from any device. Using the Internet, you can access your accounting data anywhere and at any time. This frees you up to balance your activities while making your tasks run as efficiently as possible. You can add different users who can log in wherever they are. The software can sync with the right people – your bank or your accountant – minimising any effort and making things more convenient and accurate.
- Lower cost
It saves time via accessibility, and saves money through investment. A subscription for cloud accounting software will cost less in the long run than using physical software. It’s usually on a monthly subscription basis and you don’t need to upgrade, saving you from maintenance costs.
- More accurate
The software gets updated automatically. Reports detailing your business are immediate and very accurate, obtainable whenever necessary. Your software can further detect and alert you if you are making an error. Overall, you also save on time from checking on these errors.
- More secure
Security is a main driver for cloud investment with 44%, according to research. Cloud accounting software has certain built-in features that detect fraudulent activity before it does serious damage. Regardless of any on-site event, your financial data is secure as it is stored online. Only authorised users can access the cloud accounting software. With the permission of the client, the accountant can access his records and provide him with advice.
- No upgrades
It’s in the automatic cloud system; there’s no need for upgrades or any installations, thereby also cutting down on IT costs. Adding add-ons to your existent cloud accounting software adds on different functions or features too.
6. Better control of your financial process
The efficiencies of online accounting software give you greatly improved control of your core financial processes.
Xero, for example, has an online invoicing function that streamlines the whole invoice process, giving you a better view of expected income, an overview of outstanding debts and a clear breakdown of what each customer owes your business.
Cloud accounting software gives you a lot of time at your hands and added security and accuracy. This is why cloud-based accounting, with the development of technology, is the future of the accounting industry. If you’re not specialising in accounting, but need a trustworthy account and finance manager, cloud accounting software can act as a great helper, with more accuracy minus the cost. Cloud accounting software is a great investment with many benefits for your business.
Talk to us about moving to cloud accounting
Are you beginning to see the benefits of a cloud accounting approach for your business and financial management?
If you are currently using a desktop-based accounting system, and want to see first-hand how cloud accounting can benefit your business, please contact us today.