4 Reasons Why You Should Use a Cloud Accounting Platform
Today, businesses are shifting to digitisation and automation. When you incorporate technology into your processes, you streamline your workflows and help create efficiency in your company.
Cloud accounting is an example of a development that enables productivity; accessing an accountancy practice manager online instead of on a company-hosted network has plenty of benefits for small businesses. Here are some advantages to using cloud accounting.
Gives ready access to information
Cloud accounting software allows you to link directly to your company's financial accounts. Platforms like these will enable you to connect to your bank's feed and view transactions easily. You do not have to upload bank statements individually, eliminating redundant tasks for your workforce.
It also means live access to financial information. Since all transactions are captured in the cloud, you can also access debtor and supplier invoices, giving you a better picture of your financial health. An accountancy practice software allows you to make better decisions based on real-time developments in your sales, cash flow, or payables.
Software like these allows you to work remotely. Business owners who enable cloud accounting can work from outside the office, giving them greater flexibility in hours and location. Cloud accounting allows the owner to log in at any time.
Lets you customise reporting and analytics
Since platforms like these can link with banks, it allows you to create detailed and accurate management reports. You can even configure your software to help you produce this information with one click of a button.
Cloud accounting uses reporting tools that can generate variance reports, key metrics, and other financial data, automatically displaying these in graphs and tables.
Allows you to link with your board and investors
Cloud platforms like these have features that allow you to invite investors, advisors, and members of the board to access your company's accounting profile. Your team can have a live view of your financial data, which enables you to reach a consensus and generate strategies even when working from different locations.
Machine learning enables automatic allocations
Cloud software can recognise recurring sales and sorts these automatically. It continuously learns from millions of accounts and processes, allocating your recurring transactions in the appropriate categories.
The more you use the software, the better it becomes at allocating, leaving fewer and fewer transactions to be processed manually. Eventually, your bookkeeping functions can be fully automated.
With a solution like this, you can focus on the daily tasks you have to deal with in running your business. Accountants, meanwhile, will be less concerned with accurate record-keeping. Since they have software to do that for them, they can focus on advising and adding value.
Cloud technology is far superior to desktop accounting software. Virtual encryption ensures data security, and since your information is online, you can access it anytime, anywhere.
With cloud technology, you no longer have to worry about computers crashing, and the data getting wiped clean. Using cloud-based platforms also allows you to meet with your board members and advisors about your financials, even if you are in different locations. All of these benefits point to platforms like these being the future of business.
Give your business a competitive edge and team up with 1 to 1 Accountants. We provide accounting services for small businesses in Hillingdon, and we pride ourselves on delivering modern solutions for our clients. Schedule an online consultation today to learn more!