Many business owners and increasing numbers of property investors are now enjoying the numerous benefits of cloud accounting services. As an innovative technology, cloud accounting has been surrounded by media hype at the expense of relevant, clear and concise information that allows you to objectively evaluate cloud accounting for your own situation. In this article I outline five key benefits of cloud accounting and, importantly, how using the cloud enables your accountant at Rosenfeld Kant to serve you better.
The ‘cloud’ is a platform that makes data and software accessible online at any time, in any location, using any device. All you need is an internet connection. Instead of purchasing, installing and running software on your desktop, in exchange for a regular subscription fee, the cloud software you need is instantly available for your use. Updates take place automatically and backups are included.
Five Key Benefits of Cloud Accounting
1. Flexibility
Cloud accounting enables you to access your business records, enter transactions, issue invoices and pay suppliers regardless of where you are in the world, as long as you have an appropriate device and a reliable internet connection. If you also give access to your team and professional advisors (including your accountant), it makes meetings, collaboration and decision making quicker, easier and more convenient. You will save time and increase your efficiency as a business owner.
2. Real Time
Live bank feeds and bank rules mean the financial information contained in your accounting program will be current, giving you a real time view of your business’ health: profitability, debt levels, cash flow and more. This allows you to identify, analyse and respond to threats and opportunities in real time, as they arise rather than wait until the relevant information arrives by email.
3. Reduce Paper
OCR (optical character recognition) software allows paperwork such as receipts to be scanned and imported directly into your cloud accounting service. Invoices can be emailed directly to customers without having to be printed to paper. This enables you to drastically reduce the amount of paper that you need to retain, decluttering your office and your home and contributing to reducing waste.
4. Secure Online Storage
When you use the cloud, your financial records are stored in secure cloud servers that are automatically backed up and accessed instantly should the need arise. This means you no longer have to worry about maintaining adequate physical storage space or complex online solutions that may not be as reliable.
5. Third Party Applications
A myriad of third-party applications have been designed to integrate fully with cloud accounting programs. These include systems for Point of Sale (POS), job management, inventory management and customer relationships. These applications can be used to improve your work flows by systematising the core processes that your business relies upon.
How We can Serve you Better with Cloud Accounting
If your accountant at Rosenfeld Kant has access to your cloud accounting service, we can then regularly review key performance data for your business and, as a result, offer you more timely and substantial business advice. The cloud also enables us to offer you additional valuable services that include cash flow forecasting, profit improvement strategies, industry benchmarking, Key Performance Indicator (KPI) analysis, debtor management services and more. As always, our focus is to help you enhance your circumstances and, quite simply, make your business better.
