Top 5 Reasons Your Bookkeeping Should Be Done in the Cloud in 2018

Top 5 Reasons Your Bookkeeping Should Be Done in the Cloud in 2018

Are you looking to save time, money, and improve the efficiency of your accounting and bookkeeping? Then you need to make the move from a traditional accounting system to a cloud-based system.

Since there are a lot of misconceptions regarding the cloud, here are the top five reasons your bookkeeping should be on the cloud within the next year.

1. Cost

Cloud accounting packages charge a fixed-rate so that you always know how much you need to set aside each month. Additionally, there are no IT staff costs, no updates to worry about downloading, and no pricey software licenses to purchase.

As if that weren’t enough, you don’t have to invest in hardware, which is going to reduce your energy costs.

Furthermore, switching to the cloud means that you’re going paperless. Instead of paying someone to enter data, like receipts and invoice, you can import them automatically and directly to your cloud-based bookkeeping software.

This is also going to save a ton of space in your office since it replaces all those filing cabinets eating up valuable office space.

2. Accessibility

Being on the cloud means that you can access your data from anywhere in the world whenever you want. Better yet? This information is in real-time so that you have access to the most up-to-date insights into your business’ finances.

With this info, you’ll be better equipped to make more timely financial decisions.

Since cloud software integrates easily with other accounting apps and software, you can access and manage all of your accounting and bookkeeping software in one ecosystem.

3. Collaboration

Unlike traditional accounting systems, which restricts access to only qualified accountants, cloud software is designed to be used by your entire staff.

This allows them to input data, view real-time information, and collaborate with each other remotely. Instead of chasing down documents from colleagues, the cloud gives everyone access to these documents when needed.

Ultimately, this makes decision making faster and employees more informed.

4. Backup

Manually backing up data is a royal pain. Besides, how often are you really going to backup your data? Life and work happen to get in the way more often than not.

Backup is automatic with the cloud. In fact, backing up your data typically happens without you ever even knowing.

5. Security

Between automatic backups and disaster-recovery procedures, you never have to worry about losing any of your sensitive data in the event of a fire or theft. Most importantly, the cloud uses the highest level of encryption so that it can’t be stolen from cyber criminals.

The Bottom Line

We’re still in the early days of the cloud, but more businesses should start embracing the cloud when it comes to your bookkeeping. The technology is always improving, is cost-effective, secure, and easy to access for everyone on your team.

And, unlike traditional bookkeeping software, you never have to be concerned about losing any of your sensitive data because it is stored off-site.

Posted by John Rampton   |   May 3, 2017   |   Share on: