The Many Benefits of Cloud Accounting
The move from desktop to cloud accounting brings a number of benefits to an organization which are essential for a business to thrive in our ever-changing economy.
Cloud accounting takes the functions provided by desktop accounting and moves them online. Providers of cloud accounting services like Xero and Quickbooks Online maintain the accounting software and make it available via the internet. This allows subscribed users to access the software and their own data records from anywhere at any time as long as they have a web browser, an internet connection and a secure login.
Benefits of cloud accounting are tangible, immediate and include the following:
Ease of Use - cloud accounting software is installed, updated and maintained for users by the service provider. Data is securely stored and backed up on a regular basis. Users log in from any location to access their data and the most recent version of the software.
Security - similar to other on-line financial services, cloud accounting benefits from encryption of information to ensure the transmission of data is secure. Offsite storage and regular data back up also means users can be comfortable that their data will be safe in case there is a robbery, fire or natural disaster at their place of business.
Collaboration and Decision Making - better access to up-to-date financial information helps leaders and decision makers understand how the business is being impacted by changes in the market. It also provides leaders with the opportunity to collaborate with outside advisors like lawyers and accountants: leaders and advisors can have open, fact-based conversations on how to develop and enact strategies aimed at improving the organization’s financial performance.
Integration with Banks and Financial Institutions - when cloud accounting programs are directly integrated with bank accounts, organizations don’t have to enter bank data into their accounting system and the process of bank reconciliation is more efficient. Organizations also benefit from a more accurate and timely view to bank balances.
Access to Apps - Users with on-line access to up-to-date and accurate financial information can also take advantage of third-party applications and tools to improve productivity and financial performance such as online invoicing apps, online payment apps and forecasting apps.
Tracey and her team at digitaltaxCPA work with all of the providers of tax accounting services and they are particularly proud to be a Xero Gold Partner. The digitaltaxCPA team is experienced and can facilitate a smooth transition to a leading-edge, cloud-based solution that will save time, provide quality information, and streamline bookkeeping and accounting functions. As Tracey points out, “our clients benefit from the hands-on support of the entire team through the transition process, leveraging our automated reports tailored to the client’s business and that begins with the important standardized chart of accounts”.
A move to cloud accounting can be transformational for a business hoping to thrive in today’s economy, especially if the move is guided by a team with the experience and insight of Tracey Jennings and her team at digitaltaxCPA.
