How Cloud Accounting Might Boost Your Business

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There is generally a lot to be said for sticking with what you know in the context of running a business and there is no substitute for experience and expertise. When it comes to accounting software, some of the latest innovations are well worth investigating and investing in, regardless of what kind of business you’re involved in operating.

Here are just a few of the reasons why cloud accounting software, in particular, is proving to be a real game-changer for so many businesses.

1 – More mobility

However, you go about managing your business and monitoring its finances, mobility and transferability of documents and data will make life at least a little easier. Cloud accounting software is designed in a way that means files and data can be accessed from anywhere at any time and from any device with relevant login details. And even if the bulk of your work is done from a traditional desktop computer then there is no harm in having the flexibility to operate and access information from mobile devices such as your laptop, your smartphone or your tablet computer.

2 – Seamless collaboration 

Collaboration is often an essential and routine part of managing a company’s finances. Where this might once have involved different parties gathering around a single computer screen, cloud accounting makes collaboration far easier than ever before and doesn’t rely to any extent on proximity or the location of particular stakeholders.

So with cloud-based accounting platforms, suddenly collaboration becomes much more commonplace between individuals in different offices and even different time zones. In short, many of the traditional barriers to effective workplace collaboration have been overcome and the efficiency gains can be enormous.

3 – Greater visibility

Another of the major advantages of cloud accounting software for businesses is that individual documents can be routinely worked on, added to and adjusted with full visibility being maintained by everyone involved at all times. This kind of ready access to crystal clear information can be priceless and serves to radically streamline what might otherwise have been protracted interactions full of confusions, vagueness, and miscommunications.

4 – Cost savings

There is nothing that retail operators or accounting professionals like to see more than costs being saved in the short and longer term and, thankfully, cloud accounting software is able to deliver on both counts. Costs are saved in the short term through efficiency gains that free up valuable resources and in the longer term too with data storage requirements being handled at the low cost off-site. From an enterprise perspective, savings on data servers alone can be very considerable and significant over time.

5 - Enhanced security

The issue of data security is one that no customer-focussed business can really afford to overlook, with cyber attacks proving increasingly commonplace and hard to stop in so many cases.

Cloud accounting software helps to make company accounts and financial details safer because the information is stored not on physical hardware or old PCs but in the cloud, where it can be more comprehensively and effectively protected by experts in the field.

The above are just some of the ways in which companies in any sector might look to leverage real advantages from cloud-based accounting platforms. Sometimes technological innovations aren’t quite so ground-breaking or genuinely as useful as they initially seem to be but cloud accounting is steadily helping more and more businesses derive tangible benefits and make important everyday operational improvements.

Mark Halstead is from Red Flag Alert, part of the Begbies Traynor Group, and is now in his 10th year with the business. He’s worked at companies across the financial services industry and is a fellow of the Institute of Sales and Marketing.