Cloud accounting software has become a viable option for small businesses over the last few years.
You’re probably familiar with the concept of cloud computing – storing your data on virtual servers instead of a PC and using web-based software in lieu of installed programs on office computers. As business owners, my guess is you already use different types of cloud technology to run your company. Dropbox, Google Drive, Salesforce, etc. – these are just a few examples of cloud applications companies have adopted into their workplace. Whether it’s to have greater flexibility in and out of the office, foster team collaboration, or streamline data management, the advantages to “working in the cloud” are numerous and wide-ranging. Cloud accounting is another technology we’ve been encouraging business owners to consider using, here’s why:
The ability to view your finances and work from anywhere with a Wi-Fi connection, even on a mobile device and tablet. Simply put, you can transition away from the dedicated office computer and cultivate a work/life integration that makes sense for you.
Gone are the days of performing manual backups of your files or dealing with the stress of a computer crash. With cloud based accounting your data is always protected, security updates happen automatically and no more worrying about losing your data on a PC.
Software as a service typically works on a subscription basis, which saves business owners the huge sum of money involved to purchase the software outright and install it on a desktop. Making the switch to cloud accounting can increase company cash-flow, especially if you have many users on your staff. For instance, Xero offers unlimited users for the same monthly price.
This is where the real magic can happen – team members can have different access profiles based on their individual needs. Your staff and accountant will have the ability to view the same data in real-time, whether remotely or in the same room. Decisions can happen faster and jobs can be completed sooner by employees who are better informed.
Do you have specific needs unique to your business? Perhaps you require a robust inventory system or a modern CMS platform. With cloud accounting you have the ability to integrate these systems together by using Add-Ons. In addition, staying up to date with compatibility is a seamless process compared to the inevitable issues businesses face with outdated versions of PC based software.
As mentioned earlier, our firm has really embraced Xero as the state of the art cloud accounting software on the market. Xero’s approach to business accounting software not only offers a great user experience for the business owner but also aligns with our own values when it comes to partnering with clients. Xero recognizes the importance of accountants who come alongside business owners in their accounting, tax and business planning needs. Their software is created from the premise and designed for this relationship to exist.
If you’re ready or interested in making the switch to cloud accounting, contact us so we can work together on the ideal transition time, becoming comfortable with a new platform and getting the most out of the cloud eco-system.