Cloud based applications are installed and hosted in the cloud as opposed to traditional style applications that are installed on your computer hard drive. The benefits of using cloud based accounting software include:
Accessibility:
Your accounting data can be accessed over a variety of hardware systems including your phone, tablet or any computer from anywhere in the world. Multiple users can also be setup to access your accounting information such as accountants, bookkeepers and staff with varying levels of accessibility to control what information they can see, edit and process.
Constant and Instantaneous Upgrades:
Cloud based accounting software is constantly upgraded and instantaneous without the need to purchase upgrades. Users can feel secure they are working with the latest version of software to ensure their accounting systems continually meet new legislation and reporting requirements released by the ATO.
Security:
Most cloud based accounting systems, such as Xero, have installed state of the art security systems that are independently audited to ensure the information they hold on their servers is secure. Additionally, their servers never hold information in one place to prevent data loss from hardware failure. Traditional based software is locally installed on your computer, therefore in the event of a computer crash, your data could be lost if you don’t have a recent backup. Cloud based software will always keep your information intact regardless of whether your computer is lost, stolen, or experiences a hard drive crash.
Integration and automation:
Xero and other cloud based accounting systems contain AI to improve workflows with automation. Additionally, Xero integrates with many third party applications that may be suited to your business to automate processes within your business that provide increased efficiency and speed in your workflow.
Cost Efficient and Scalable:
Cloud based accounting systems are affordable and scalable which means you can purchase the subscription that suits the size of your business whether it be small, medium, or large. As your business grows, your accounting system can grow with you by simply upgrading your subscription to suit your needs.
Cloud accounting software is essential to any business and provides endless capabilities.
Contact us today for a free consultation on how we can assess, design and implement new workflows to grow your business and keep you balanced.