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Cloud accounting in 2023 – Where to start?   

Are you still relying on desktop accounting software in your office? If your answer is yes, this blog is for you! Completing forms by hand to keep track of your business bookings can take time and effort. However, cloud accounting offers more advantages than your tried-and-true on-premise solution.   

In this blog, we will discuss the advantages of using cloud accounting software compared to traditional desktop-based software to assist you in making an informed decision about shifting your business to the cloud. 

What is cloud accounting?

Cloud accounting may seem complex, but it is simply the execution of standard accounting assignments via cloud-based software. Accounts payable, accounts receivable, preparing financial statements, and managing customer data; everything you think of is possible in the cloud. Using software in the cloud has several advantages, but in this day and age, it is incredibly convenient that your employees can edit their accountants’ location-independent. Need to correct or process something quickly? No more going to the office first; make your taks and edits securely from your laptop at home!  

Benefits of accountancy in the cloud

  1. Work compliant. Cloud accounting platforms provide a convenient and efficient way for private and public companies to comply with tax regulations. The platforms generate accurate financial statements, quarterly tax estimates, and annual tax returns and help business owners avoid underreporting and overpaying taxes. In addition, cloud platforms enable businesses to keep up with national and international tax regulations, and some of the leading solutions can even automate revenue recognition to comply with accepted accounting standards; 
  2. Secure storage: Cloud-based accounting is far more secure than desktop-based software or paper-based systems for storing financial information. SaaS providers regularly back up data on multiple servers located in different places, eliminating the possibility of data being stolen due to the lack of physical storage points. Furthermore, this helps to safeguard data from potential natural disasters;
  3. Save time with automation. Automate recurring operations, leaving you more time for real attention to the customer. Processing invoices, automatic reminders, subscriptions, and automatically matching payments make your work much more manageable;  
  4. Real-time reporting is also a significant advantage. You provide insight into the current situation by working in the cloud and always having the most up-to-date figures. By using KPIs and processing the data into visually appealing graphs, you are always helping the customer move forward;  
  5. Paper-free/eco-friendly. By leveraging digital tooling, your office can become paperless and work sustainably. This transition can eliminate the need for physical documents, envelopes, and printers, providing benefits to both you and your clients, while reducing the environmental impact of your operations;
  6. By purchasing a comprehensive service, you can reduce laborious operations and avoid the need for backing up software and data. You can be assured that IT work and analyzing the server room will be taken care of, and you can rest assured that your package is always kept up to date, making it ideal for your needs. With good tooling, you can digitize everything, soon eliminating letters, envelopes, and printers. 
  7. Scalability ensures the smooth and efficient running of your office. By allowing your software to develop alongside your office, you can easily add features and make upgrades as needed, eliminating the need for prolonged spreadsheet data entry.

Cloud accounting solutions offer numerous advantages over desktop-based accounting products and manual spreadsheet-based processes. The leading cloud solutions automate all accounting tasks, minimizing manual effort, boosting accuracy, and expediting the immediate financial processes. Employees can access real-time financial data and collaborate no matter where they are located. Comprehensive cloud-based solutions can also integrate with a vast array of other business applications and can be scaled and customized to accommodate the needs of expanding businesses.  

Would you like to understand the financial and technical implications of transitioning your office to the cloud? Our experts can provide you with more information to help you make an informed decision. 

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