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Benefits, & Tips On When To Opt For Cloud Accounting

Everything today appears to take place in the cloud, from project management to social media! If you run a small business, you’re probably already utilizing the cloud in a variety of ways, perhaps even without realizing it.

Accounting services may appear to be a natural extension, but what are the advantages of cloud-based accounting over traditional software on your office server? How it enhances your remote working process?

Access Virtual Data From Anywhere

Once you start using cloud-based accounting software, you will be able to access financial data from anywhere. Using such software, you can check the financial information of your office from anywhere, even on your mobile.

Real-Time Data Can Be Viewed

You can connect with bank accounts related to your business using cloud-based accounting software and track inventory, sales, and expenses. By keeping everything updated regularly, you can make sure that you are aware of real-time data.

Easy Collaboration

If you don’t like compiling financial reports to be used by your accountant, you can use cloud-based accounting software. As the software and your financial details will be hosted in the cloud, you can access it from anywhere and ensure that your accountant has access to it by logging into the software. You can also control the level of access you offer to your staff. For instance, if you have an employee who is processing the payroll, you can offer him access to the payroll part of the software and ensure that he doesn’t have access to your bank accounts.

Accuracy Is Enhanced

Once your financial details are stored in one place, you can enter the required details into the system on a regular basis, thereby minimizing the risks associated with accounting errors. Cloud-based accounting software is user-friendly and enables you to enter expenses and income when required and categorize transactions. So, each time you verify a report or review your company’s finances, you are aware that the information you are looking at is accurate. Once you switch to cloud-based accounting software instead of an Excel spreadsheet, you won’t have to worry about shortcuts, formulas, or accounting practices. To get reports which are highly accurate, you only need to enter the income and expense-related details of your business regularly.

No Installation Is Necessary

As cloud-based software is hosted online, you won’t have to buy and install the software on your computer. Traditional accounting programs must be installed in the computers of an accounting department.

But to have access to cloud-based software, your staff will only have to type the details into the address bar of the browser and log into the account. You are not using software that is on an in-house server. So, you won’t need to hire an IT team for updating the accounting software.

Taxes Are Made Easier.

Taxes, the dreaded “t” word. Taxes are complicated enough for many small business owners, so you might as well do everything you can to simplify this aspect of your business by using cloud-based accounting software.

There are several reasons why this technology can be beneficial:

  • Cloud-based accounting software organizes your transactions and makes it simple to gather the information you need to file your taxes.
  • Your CPA or financial advisor (if you use one) can easily access your information with your permission, saving you the trouble of transferring a stack of paper documents to their office. It’s beneficial for them to have access all year so you can have frequent touchpoints leading up to tax season to make it less intimidating.
  • You’ll have easy access to accurate accounting records if you’re audited (although having the software in the first place will help you avoid audits because there’s less room for error).

Availability of Tech Support

One of the main benefits of using cloud-based accounting software is that you get easy access to tech support. There are many ways to contact a software company’s tech support department, such as chat, phone, and forum support.

When Is It Appropriate For Your Company To Use Cloud Accounting?

It pays to take advantage of the additional digital connectivity and real-time data capabilities that cloud accounting provides. Cloud accounting’s enhanced real-time data capabilities make it ideal for businesses that need quick access to detailed financial breakdowns, management data, and key performance indicator (KPI) metrics. When it comes to building an app stack and creating a custom suite of business apps, most platforms offer an open API, giving you a lot of options.

The following are some of the key areas where cloud accounting can be beneficial:

Getting more information out of your financial records

You and your management team have instant access to real-time reporting and financial intelligence, giving you the numbers, insights, and key data, you need to make sound and informed decisions.

Online payment of VAT or GST

Using a cloud accounting platform to pay your taxes is much faster and easier. Your transactions will be recorded as you go, and you’ll be able to quickly export them into the appropriate tax return templates and send them to the IRS digitally.

Working from home

If you want to take advantage of the advantages of remote or flexible working, cloud accounting allows your management team and finance department to access all of your critical numbers from anywhere they have internet access.

When Physical Safety And Financial Health Merge

Even during difficult times, users must conduct remote accounting. The benefit of cloud-based accounting software is that you don’t have to be in an office to use it. Members of the team can use technology to manage accounting from anywhere at any time. Your ability to pay bills and process revenue is unaffected by natural disasters. Instead, you have complete financial control and can still keep track of your financial situation.

In fact, remote accounting, also known as cloud accounting, allows teams to stay involved in the day-to-day operations of your company. Many businesses face business delays or have to shut down parts of their operations during times of crisis. You can keep working by shifting your operations to cloud-based tools, including accounting tools. This means that whether you’re at home, in the field, or in the office, you’ll have real-time data on how your business is performing. Accounting in the cloud removes the issue of location from the equation.

Consider the given tips below on how you can enhance work efficiency from cloud accounting software.

3 Remote Accounting Tips

Natural disasters can cause a slew of issues for any business. However, cloud technology allows users to easily overcome these obstacles. Here are three tips for getting the most out of remote accounting.

Establish timelines and expectations.

To keep your business running smoothly, debits and credits must still be managed. Establish a task and rule schedule for your team to keep your finances on track. Tasks, Approvals, and Workflow Rules are all useful platform tools for this.

Keeps You Connected

To provide the best financial analysis, your team must be able to work together on accounts and discuss finances. Furthermore, communication is essential for avoiding mistakes and responding to urgent needs. Make sure your team engages with and reviews the data on a regular basis. Salesforce Chatter, for example, allows accounting team members to communicate with one another and the rest of the group in real-time.

Regularly generate financial reports

It is critical for a business to be aware of its finances, especially during a crisis. Run scheduled financial reports to stay on top of how events and initiatives are affecting your financial health.

Wrapping Up

Transitions can be frightening, especially during times of crisis or uncertainty, but cloud-based accounting software allows you to stay in control regardless of where you are. It’s critical to be able to analyze and manage finances in real-time if you want to keep your business running smoothly. With Pacific Accounting & Business Services you are just a click away from cost-cutting adjustments and answers! That’s over a year of fast, easy-to-use, and flexible accounting software you can use remotely just as easily as you can in the office.

By John Bugh

John Bugh is Chief Revenue Officer for Pacific Accounting and Business Services (PABS), responsible for the strategic direction, planning, vision, growth, and performance of the company’s marketing, branding, and revenue streams.

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