Record keeping is the bane of many businesses existence. Knowing which records to keep and how long to keep them for can be an issue, but of course you also need to have somewhere safe and secure to store them.

There are many reasons why businesses are attempting to go paperless, with security being the main one, but increased efficiency has to come into it also. When going paperless, or simply cutting down on the amount of paper based records kept, there needs to be another option in order to keep the records you need and access them in the moments you need them. Cloud storage has changed the world in terms of storage, but when it comes to financial records, Cloud accounting is leading the charge forwards too.

Cloud accounting is a software package and service which allows businesses to employ the services of an accountant virtually. This means that all financial transactions and record are stored virtually in the Cloud, and can be accessed at any time by the business themselves or their accountant. Everything is always up to date, because everything is synced and kept in real time, and therefore accuracy is a given. In addition, mistakes are less likely because of the up to date nature of your financial records, and because you’re hiring someone who is highly qualified and knowledgeable in financial law and accounting techniques.

How Can Cloud Accounting Help to Make Your Record Keeping Endeavors Easier and More Efficient?

Because you need less paper! It’s that simple. You are utilizing Cloud storage at the same time, and you don’t have to worry about privacy because everything is encrypted more than once. You also have password protection and peace of mind that comes with it. Everything is backed up, and that means your records are literally in the ether, waiting to be pulled down if you need to look at anything or print anything out.

You do not need to keep endless reams of paper, which in itself causes a security and confidentiality risk. When everything is stored virtually and backed un to this extent, there is no need to have filing cabinets and no need to have endless print outs that you’re not sure how long to keep.

Put simply, Cloud accounting isn’t just a financial system that helps you keep a track of everything and allow your tax returns to be filed effectively and quickly at the end of the tax year. Cloud accounting is a way to store financial information safely and securely, so you can access it at any time you need to. No worries about things being lost, as your software will organize everything in a way which makes it super-easy to grab what you need on the go.

More and more businesses are opting to use Cloud accounting, rather than regular accounting services. Perhaps it’s time you got on the bandwagon too?

Contact your Accountants today click on this link —> https://capexcpa.com/contact

- The Capex Team