It’s safe to say that cloud accounting has changed how we manage our finances. But with technology evolving at such a rapid pace, some may worry that cloud accounting will be too complicated if they make the switch from traditional software.
If that sounds like you, don’t panic; cloud accounting is much more straightforward than you think. Here’s why there’s nothing to worry about, even if you don’t consider yourself tech-savvy.
What is cloud accounting?
First things first, what exactly is cloud accounting, and how does it differ from traditional accounting software?
While traditional accounting technology requires users to install software and run updates manually, cloud accounting is based entirely online. All you need to do to access your financial data is a password and an internet connection.
Cloud accounting systems store your data on remote servers, employing robust security measures to keep your information safe and saving you time by updating the software behind the scenes.
What are the benefits?
So now you know the basics, what are the benefits of cloud accounting vs traditional software?
- Easy access: With cloud accounting, you’re not limited to managing your finances on your office computer. So long as you have an internet connection, you can access your financial data on the go using your smartphone or tablet.
- Save time and reduce errors: Cloud accounting platforms offer various automation features which save you time and reduce the risk of errors in your records. For example, linking your business bank account creates an automated bank feed, eliminating the need for manual data entry and providing you with real-time updates.
- Improved decision-making: With real-time financial information at your fingertips, you’ll better understand your business’s performance and financial health. This can enable more data-driven decision-making, helping you move your business forward.
- No more manual updates or backups: Instead of implementing expensive in-house accounting systems and running updates yourself, cloud accounting platforms save you time and money by handling everything remotely.
- Scales with your business: As your business grows, your accounting needs grow with it. If you need to access more advanced features later down the line, you can quickly and easily switch to another cloud accounting software plan.
What are my options?
With so many cloud accounting products on the market, it’s hard to know which platform will work best for you.
We have experience working with many cloud accounting platforms at P B Syddall, but our preferred software is Xero. Here’s why:
- User-friendly interface: You don’t need to be a tech whizz or an experienced accountant to get to grips with Xero. One of this platform’s biggest drawing points is how easy it is to use, making it an excellent choice for first-time cloud accounting users.
- 24/7 customer support: If you need help familiarising yourself with different processes, Xero’s friendly customer support team and training resources are available 24/7. As your accountants, we can also help you set up your account and provide training so that you can get the most out of your software.
- Collaboration: Unlike many other cloud accounting platforms, Xero lets you add unlimited users to your account at no extra cost. This makes collaborating with your accountant and employees a walk in the park.
While we could keep singing the praises of Xero cloud accounting for the rest of this article, we know that many businesses prefer other software providers.
The good news is our cloud accounting expertise is universal, which means we can provide comprehensive in-house training on platforms including QuickBooks, FreeAgent, Zoho, Sage, Kashflow and more. We adjust our services to fit your needs – not the other way around.
Hopefully this blog article has helped put your mind at ease. Making the switch to cloud accounting may seem daunting at first, but it offers many advantages once you know how to use it.
If you want to make the most of your cloud accounting software, why not contact us? P B Syddall is here to guide you through the process, whether you need help choosing the right software, navigating different features, or just want to ask a few questions.
Check out our cloud accounting services to learn more about our in-depth training and support.