By Abdulhafeez Yusuf, Guest Contributor
Introduction
Many businesses that depend on traditional accounting processes are falling behind as technology allows us to do more.
Cloud accounting can help you connect your accounting system to your business, which you have access to at all times, from any device, rather than months after you need it.
But what exactly is cloud accounting?
Cloud accounting is the use of internet-based automated software to perform accounting tasks. It provides businesses with a faster and more secure way of managing basic and complex accounting tasks. It also helps you to view, update and generate reports of all your financial data seamlessly.
Benefits Of Cloud Accounting
Cloud accounting has helped many businesses to amp up their overall performance by a staggering amount. Whether you are an existing business or a start-up, cloud accounting can help you provide a cost-effective, secure, and reliable solution to managing your accounting data more efficiently, enabling you to speed up other processes as well. The following are some significant benefits of cloud accounting;
- Increases Collaboration: With Cloud accounting software, users can collaborate and communicate faster because it provides them with real-time data processing and multiple access features. You can view and discuss your financial data with your accountant from anywhere, anytime.
- Reduces cost: Businesses that use cloud accounting software don’t have to pay additional costs like purchasing hardware devices, system upgrades or maintenance, staffing cost, and providing better management of their business funds.
- Security: The traditional ways of business accounting systems have always proved vulnerable to cyber attacks. Sometimes, businesses lose essential data to fraudsters and cannot recover it. Cloud accounting can make all that go away with an effective backup system that constantly backs up relevant data and stores them securely such that the loss of any hardware device does not affect the data. You can access it in your cloud storage from any device.
- Scalability: This very appealing feature allows you to scale your accounting systems to meet your business demands. If you are a start-up, you can start with essential accounting functions and features and upgrade gradually as your business grows.
- Automation: With cloud accounting automation features, you can cover more ground quickly. Automation also prevents human errors, saves time and effort, and provides an up-to-date and accurate report on your financial data.
Best Cloud Accounting Software for Small Businesses and Start-ups
As a small business, this is the best time to move to cloud accounting to stand a chance against your competitors. Here are the best software to help you work that out:
Aside from the exciting features cloud accounting software provides, it is also cheap and easy to maintain. Some software may range from $0-150 per month, and the good thing is, as your business grows, you can upscale to a better and more reliable plan to meet new business needs.
Dr. Diana Rangaves, PharmD 