5 benefits of taking your accounting to the cloud

Naturally, you might regularly seek to learn new ways of smartening and speeding up your business operations. However, a burdensome amount of your corporate time could currently be spent on administrative tasks. Trying to keep on top of accounting responsibilities could be particularly messy.

If you often find yourself in tangles due to your accounting, chances are that it isn’t in the cloud. Here are reasons to consider shifting accounting to the cloud; the sky isn’t the limit after all!

Your business can become noticeably more time-efficient

Right now, much of your staff’s time could be drained due to such repetitive tasks as making reports and invoices and putting figures through a currency converter. However, cloud accounting would allow you to automate all of those processes and so save a lot of time.

On a monthly basis, reports would be effortlessly generated without human errors, says AccountingWEB. That would free up time for your personnel to devote to other tasks.

You could make much-needed savings in your budget

Of course, businesses have to regularly think about money – and, if you keep a close track of your outgoings, you might notice that many are spent on in-house IT support staff and floor space.

You wouldn’t actually need either if you take up a cloud accounting solution. Neither would you require servers or licences – or even funding for installing or upgrading the software. Upgrades for that software will be delivered automatically – and at no extra charge – by the software provider.

Cloud security is pleasingly stringent

Turning to a cloud accountancy provider would involve you trusting that company with storing your own firm’s data. However, you shouldn’t fear lapses in security, as you would be largely relieving yourself of the responsibility of ensuring that security yourself.

Should your laptop disappear, the data would remain safe provided that you haven’t leaked the login details. A fire engulfing your firm’s premises wouldn’t affect that data’s security, either.

Data can be accessed more securely

There might be occasions when you want to let particular, carefully-selected individuals view the company’s accounting data. In the old days, you might have allowed this by emailing the files or placing your data on a USB stick which you then send out.

However, either strategy could see the data compromised and so fall into the wrong hands. A more secure method would be to tinker with the access levels of accountancy data stored in the cloud.

A cloud accountancy solution can be easily implemented

Given the well-publicised merits of switching your accounting to the cloud realm, you could fear that getting everything up and running could still prove arduous. However, the task can actually be straightforward when you partner with a company like the Leeds-based Accounts Lab.

The company offers a fixed fee accountancy service whereby you can use software of either QuickBooks or Xero; Accounts Lab staff are certified agents of both. You can learn more about business benefits of using Xero on the software purveyor’s own website.