How cloud accounting can change your business

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Cloud technology has changed the way businesses conduct their work, communicate with their co-workers and customers, and share information.

Cloud accounting is a prime example of this. It has changed the game for accounting firms, allowing clients to access their records remotely over the internet and send updated information to their accountants in moments.

Through the cloud, many processes that would once have taken time-consuming physical interactions, commutes, and processes, have been simplified to a few clicks on your PC.

In turn, this removes the need for data storage locally or in servers at multiple branch offices.

Adapting to changing times is the life’s work for every business. With the rise of cloud accounting, it can be challenging but vital for accountants and bookkeepers to keep up in today’s marketplace.

What is cloud accounting?

Cloud accounting, also known as online accounting, is a way to take care of your company’s financial records. It gives you the ability to track your business finances from anywhere at any time. You can do it from your laptop or desktop computer, or even from a mobile device.

Businesses are able to share important information with their accountants faster and smarter, which has led to many competitive advantages. The accounting software means all financial records and business information is available at your fingertips.

This makes it easier for accountants to provide better service for their clients. A recent survey revealed that while 38% of accountants view new tech as a threat to the profession, 96% are confident about the future of accounting.

Accountants no longer have to worry about coming into the office and dealing with paper documents anymore. With cloud accounting, they can access all of the data they need for their job from an internet connection anywhere in the world.

Cloud accounting and traditional accounting

Cloud accounting does not require any installation, and offers a user-friendly interface which can be accessed from anywhere and at any time.

Traditional accounting, on the other hand, is not as flexible as cloud accounting. It needs to be installed and can only be accessed from one computer. Furthermore, it’s usually more expensive than cloud accounting.

Cloud accounting offers greater flexibility without the high cost of traditional accounts, such as Sage or Quickbooks, which offer similar services as Cloud Accounting software, such as Xero or Zoho Books.

The traditional way of recording financial information is not only time-consuming but also leads to errors due to manual data entry, making it difficult to compare and analyse the data. Cloud accounting provides value in terms of efficiency and accuracy.

Cloud accountants offer a wide range of services including payroll, bookkeeping, and tax services that are all accessed through an online dashboard.

How cloud accounting will change your business

Reduced costs:

cloud accounting takes the headache out of bookkeeping. It eliminates the need to buy expensive software, maintain it, upgrade it as needed, and handle installation issues.

Improved cash flow management:

cloud accounting solutions allow you to track your revenue and expenditure in real time, which gives you an opportunity to manage your cash flow more efficiently. The system automatically calculates your monthly expenses based on the number of transactions you have so far.

Improved accuracy and reliability:

information is stored in the cloud and can be accessed from anywhere using an internet connection, which means there's no chance of human error due to misplacing paperwork, inputting incorrect numbers, or making mistakes with calculators from home.

Facilitate paperless work environment:

cloud accounting software provides a paperless work environment by digitising all data, which leads to higher productivity and improved accuracy.

Accessible anywhere, anytime:

businesses can keep track of their finances with little effort, and the data is backed up in the cloud. This means that managers and CEOs can analyse their performance, make better decisions about how they want to spend their money, and know what's happening at all times.

Simple back-up processes:

business owners can store their data on the cloud instead of storing it locally on their own devices or servers. This makes it easier to maintain back-ups as there is no need for physical storage space anymore.

Greater financial visibility:

cloud accounting systems allow for transparency and more control over your financial data. It also helps companies plan for more accurate budgets, as some features allow them to determine future expenditure projections.

Flexible approaches to financial management:

cloud accounting can be customised to suit your business needs, providing maximum flexibility without the need to employ more staff. For some businesses, this could be a huge advantage because it means more time for them to focus on their core competencies.

Your experts in the cloud

The benefits of moving to cloud accounting over traditional accounting are numerous, and keeping up with modern technology in this digital age is vital for any business to succeed.

Talk to the cloud specialists at RODIN about making the move to cloud accounting. They have all the expertise and solutions to help you on your journey.

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