There has been a fair amount of discussion and promotion of cloud accounting software of late and with all good reason. It's great! Well actually it's pretty awesome. With several providers in the cloud accounting space, it's as competitive as ever and while many advisors steer clients to one particular software provider, we like to step our clients through the options and work out together which software suits them best.
But let's go back to the basics of cloud accounting software and run through some of the key advantages of moving to the cloud, regardless of the cloud you choose.
Thank you Internet! Cloud based software runs via the Internet so it is accessible on any device that has Internet connection and browser or app access, which these days is pretty much every single electronic device I know.
Real time data
With the Internet connection comes the beauty of real time data. Real time data is achieved predominately through the ability to directly connect your cloud accounting software with your bank. The bank sends all the transactions of your selected bank account straight through to the software and bang, they are there ready for coding.
Your information within your cloud software is super secure and you can thank the banks for that. Bank security is extremely tight to allow the ability to send through your bank information. The security offered with Internet banking is the same security offered with your cloud software.
Cloud accounting allows to you to collaborate with multiple people. Each person has their own log in, with restrictions if you need, and together you can be looking at the same information at the same time, on separate devices and even at different locations! Awesome. You, your bookkeeper and accountant can all collaborate simultaneously without the need for backups or sharing the same computer.
So those are a few basics of cloud accounting that are sure to get you interested in moving your business to the cloud. Keep in mind there are many providers to choose from that all offer similar benefits, so it's best to check them out and see which one is best for you.
Want to know some of the popular choices? Check them out below, we even have bookkeepers who specialise in each of them so you know you are in good hands when it comes to your bookwork.