How cloud accounting can help your small business to grow

Everything is stored in the cloud these days:

Your photos, credit card details and even your step count - so why not your accounting, too? Accounting software can free up a significant chunk of your time and help you keep more accurate financial records, representing big wins for your business. If you haven’t switched over to the cloud yet, it pays to move with the times.

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What is Cloud Accounting?

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Cloud accounting is software that works over the internet rather than storing data and programs on your computer’s hard drive. Cloud-based software has transformed many industries, including accounting. Besides, it’s here to stay, so it's wise to adapt and use it to your advantage.

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Is the Cloud Secure?

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One of the biggest concerns business owners have regarding the cloud is its security. The cloud is more secure than traditional hard drive storage. Your computer is prone to physical damage, such as spillages, fire and electrical faults, not forgetting loss or theft. If something goes wrong with your computer, cloud accounting software makes sure that you’ll still be able to access your data from another device.

Most cloud accounting options provide vital protection for your sensitive data, utilising secure encryption solutions to keep your accounts safe. It’s much more difficult for a hacker to gain access to the cloud than your laptop - and easier to recover your data, thanks to automated backup solutions.

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Flexible Working

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The cloud enables you to manage your accounts anywhere, on any device. This allows you to lead a more flexible lifestyle as a business owner. For example, if you need to update your accounts over the weekend, cloud software saves you the trouble of driving to work to access your office computer.

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Real-Time Updates

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Cloud software guarantees that all parties will be able to access the latest data, simplifying communication and ensuring efficient collaboration. Real-time updates save time, giving you instant access to financial data and allowing you to identify potential problems quickly and fast.

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Automated Processes

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Accounting is known to be a time-consuming process. Cloud-based software can automate many complex tasks, making you less likely to need those headache tablets you’ve got stashed away in your desk drawer. Cloud accounting software allows you to focus on client generation and business growth by freeing up time. Like money, your time is a valuable resource, and you should always be looking for ways to save so that you can re-invest elsewhere.

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Reduced Costs

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Traditional accounting software has many costs, such as maintenance, regular upgrades and system administration. These processes take up much time and get in the way of running your business. With cloud-based software, upgrades are free, automatic and won’t take time out of your day.

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Easily Scalable

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Rapid growth can present a bunch of issues for a business. When you use traditional accounting software, it can be difficult to scale up at the same pace as your business is growing. Cloud programs present no such issues. It’s simply a case of upgrading your subscription to cope with increased transactions.

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Summary

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Cloud software makes accounting a smoother process, saving your business both time and money that you can reinvest in growth. With cloud-based programs, you can work remotely, allowing you to run your organisation with much more flexibility. Real-time updates will enable you to stay up to date and put you in control, whilst automated processes and calculations reduce human error and save time. The days of USB sticks are well and truly over; cloud accounting is the way forward.

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