Cloud Accounting

Posted On May. 22, 2019

Cloud Accounting

If you are running a business you know that a good accounting program is a must. A program that is able to track your income and expenses, allows you to run reports both quarterly and annually and if you have staff members, one that is able to run payroll efficiently and accurately.There are many different accounting programs available and they fit in with the different needs of different businesses, so that you can select the one that best suits your needs for your business. In recent years, cloud-based accounting software has become increasingly popular – and for good reason.

What is Cloud Accounting?

Cloud accounting is similar to installed software and has the same features and functions however it is all hosted remotely and online. The software itself is not housed on the user desktop and is accessed via logging in through the internet.

What is the benefit of cloud accounting?

There are many benefits to the user when they decide to use a cloud based accounting program.

One benefit is that you do not need to install and maintain the software yourself. Updates are provided through the service provider and you do not need to make any changes in order to receive the updates.

Another benefit of cloud based accounting is that because the software is not being housed on the one desktop or device it means that it can be accessed from any device that has a stable internet connection. This means that you are able to work from outside the home or office.

The other benefit of having the program all online means that if you have hired a book keeper or accountant to assist with the accounting side of your business they are also able to log in to your account remotely from their office and do their work as well.

Is it secure?

Using a cloud based software is as secure as using a program which is installed directly on your computer. When you sign up to the service you receive a login for your account which only you know (and the people you provide it to) which means that there is still that security. A number of the cloud based service providers have also now added in a secondary security measure where you need to provide another method of security to log in after entering your password such as a captcha or a pin code which is sent to your mobile number.

Most cloud-based programs also have the data saved on multiple servers cloud-based which means that the data is not only secure but it is also safe when it comes to ensuring that it is not lost. How many times have you had a program of some type downloaded on your computer and when your computer has fritzed out you have lost all of your information and saved data? passwords does not happen with cloud accounting!

Is it affordable?

The programs are definitely affordable for most businesses. Depending on the number of features and functions you need will determine the cost of the program for you. Those that need payroll functions or that have multiple businesses may need to purchase a higher plan. The good thing about most of the cloud based programs is that you can select to pay for it monthly which makes it even more affordable.

Having a cloud based software also means that you may save money in some ways. Because you do not need to have the program installed on your desktop it means that you can work with smaller devices such as a phone or tablet and you do not need to ensure you have up to date equipment and computers to be able to use the programs.

Many programs not, not just accounting ones are moving towards being housed on the ‘cloud’

There are many benefits to it and if you are looking for a new accounting program make sure you check out the cloud based ones before you make your decision.

It makes things easier for you, your bookkeeper and your accountant. Anything that keeps your accountant happy, BAS and tax returns lodged on time and all your data in one place is a great program right?