We hear a lot of different terms in the finance and accounting world, and it can sometimes become confusing. You want to know that you’re utilizing the most up to date techniques and processes, but that can be difficult if you’re not sure what something means!
Cloud accounting is a term that we’re hearing a lot about lately.
The best way to think about Cloud accounting is to talk about Cloud storage first and foremost. Most of us use the Cloud to store large documents or images, for instance, our personal photos. This is because the Cloud is able to store things easily, without taking up a huge amount of space, and it is also secure. These days, security is a vital part of the jigsaw. If you want to share documents or images you can password secure these and allow someone else to access them, a person you have given express permission to.
Cloud accounting follows many of the same principles, and it is basically the ability to access and make changes to your accounts and financial information from anywhere, because they are stored in the Cloud. In addition, you can employ the services of a Cloud accountant, who is responsible for your financial arrangements. This person will use your accounts stored in the Cloud, and you can view them at any time. You contact this person via email, via video calls, messaging, or you can pick up the phone if you prefer.
In many ways, Cloud accounting is regular accounting but much more secure and much more convenient.
The Benefits of Cloud Accounting
• Access to a wider range of accountants - This is because you can employ someone from another city if you want - your accountant will work online, and therefore isn’t restricted to being close to your business address. You can also search for accountants who are specialists within your business type, and therefore understand your specific accounts far better.
• Security - There are no concerns about security when it comes to Cloud accounting. Your accounts are backed up over several servers and are also encrypted. Only those who need to have access to your accounts can, due to password protection.
• Access at any time - If you are on vacation and you suddenly forget something which you need to input, you can do this anywhere in the world; all you need is your password and you can log into your Cloud-based accounts.
• Extra features - Features such as the ability to scan receipts, auto-invoicing, etc, are all fantastic added extras which you can use as part of Cloud accounting software packages.
• A more streamlined service - Everything is kept in one place, and that means your accounts are far less likely to be inaccurate. When everything is synced and streamlined, you’re very unlikely to miss anything.
Cloud accounting is certainly growing in popularity, and when you look at the range of benefits which could come your way as a result of utilizing it, it’s hardly surprising that more and more businesses are choosing to opt for the Cloud.
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- The Capex Team