What Are the Benefits of Cloud Accounting?

Have you heard about cloud accounting? It utilizes online servers for your accounting needs so you don't have to worry about expensive equipment or constant software upgrades. I want to take a moment today to tell you about cloud accounting. We CPAs are involved in varied areas of accounting and tax. One of my specialties happens to be income tax and tax problems. I also specialize in accounting and consulting for small business, which some may refer to as bookkeeping and consulting. Today, I wanted to introduce some things to you in the area of cloud accounting. Cloud accounting is similar to traditional, desktop-based accounting solutions, except for the fact that it uses Internet servers to host the programs and data rather than your in-house machines and software. Most of the services are provided very inexpensively as software or as a service, rather than requiring a large up-front investment. You also don’t have to worry about maintaining expensive equipment and constant software upgrades. You can access your programs and data on almost any device, including your iPhone, Android, iPad, or computer. As long as you have a good high-speed internet connection, you can work on cloud accounting programs without the expense of the latest and greatest hardware. “ With cloud accounting, you don't have to maintain any expensive equipment or constantly upgrade software. ” The companies who now provide cloud accounting services to small companies include Intuit Quickbooks, Xero, NetSuite, Freshbooks, and more. All the good cloud accounting services are secure and have a high level of protection. Here are some of the many benefits of cloud accounting: Safe storage of financial data; you don’t have to worry about backups. These programs offer many automated processes that link your bank and loan accounts to the software. This saves a huge amount of time in data entry as some of the account coding can become automatic. Your bank accounts are also reconciled very quickly, saving more time. The software can size with your company, starting out very inexpensively with modest increases for additional features, adjusting to the growing needs of your company. Your data can be synced between your cloud accounting software, add-on software, and other vendor offerings to help your business run more efficiently. Multi-user issues are simplified with access for all your users from anywhere. Cloud applications are more reliable than a local application on your computer. You never have to worry about backups or hardware upgrades. Access is secure, usually with multi-level security requirements. If you are interested in learning more about the growing cloud accounting revolution, please give me a call or send me an email soon. I'd be happy to help you.

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What Are the Benefits of Cloud Accounting? is an episode from Tax Resolutions Podcast with Tom Scott by Tom Scott.

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This episode was published on Jan 23, 2017.

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