15 Benefits of Cloud Accounting

Sage 50cloud starts at $340 per year for Pro Accounting and up to $876 per year for Quantum Accounting. In addition, traditional accounting software requires you to support networks, servers, and workstations and can be a considerable expense in comparison to cloud computing. Role-based dashboards in cloud accounting software provide real-time visibility into your key business metrics, empowering your team to track business cost principles and allowable expenses performance much more effectively. With a cloud-based accounting software program, you can immediately import the data from your paperwork into the cloud. Moving this data into the software will give you an easier real-time view of your finances without flipping through papers. This will help you minimize the risk of manual errors or losing important data and result in a more efficient method of managing your finances.

• According to a recent global study by Xero, 37% of U.S. small business owners keep track of their books via spreadsheets and a whopping 39% still use pen and paper.
• And when you’re no longer responsible for all those machines, your IT team will also have more time for day-to-day support, instead of focusing on server maintenance.
• This means you don’t need to send data to your stakeholders separately since it will be stored in a central location.
• For example, using cloud software, if your laptop is stolen, no one can access your data unless they have a login to the online account.

Advanced features like inventory management, time tracking, additional users, and budgeting are available in higher-tier plans. For product-based small businesses, Essentials or Plus will have more options for inventory and customizations. The Advanced subscription is a new offering and provides robust financial reporting.

Advisory Services

Since you host your data over a remote server, you can use your software right away once you purchase the subscription. Some important accounting processes are time-consuming and take away from urgent business tasks. For example, many companies have to schedule payments to vendors and freelancers every month.

Rather than having to manually input changes, cloud software is automated and lets you know what’s going on. Physically storing receipts and sending paper reports is inefficient and unnecessary. When companies take advantage of cloud-based accounting they eliminate unneeded waste and do their part in creating a healthier planet.

What do SaaS CFOs gain by switching to the cloud?

Using a cloud-based accounting program makes it easier for you to collaborate with your accountant. The cloud makes it easier to generate reports that your accountant might need from you. You can also give your accountant access to the software, so they can access your numbers anytime they need to. With an online accounting program, you also have control over how much access to financial information can give to an employee. For example, if you have any employee processing payroll, you can give them access just to payroll without them being able to access bank accounts or financial information. Once you shift your business structure to cloud accounting, you will get added security for all your financial data.

Resources for Your Growing Business

The software is cloud-based and can be accessed through a web browser or through a mobile app. It typically leads to increased productivity and a reduction in hardware, labor, and maintenance costs. The financial impacts of cloud solutions are undeniable and worth consideration. Desktop-based accounting systems typically offer limited functionality which stifles business growth.

Smooth Onboarding to Cloud Accounting

Just start with basic accounting functions and add features and users as your business grows. With cloud accounting software, business owners remove the need to contend with time-consuming software installations, backups, and other administrative tasks. Software is now accessed via the internet and, because it is in the cloud, you always have the most up-to-date version. How can it be that much better than a spreadsheet or desktop application?

Streamlined Collaboration

To avoid this less-than-ideal scenario, you should always understand your vendor’s cloud security policies. They can also leverage artificial intelligence and natural language processing to ask questions and get answers in seconds, without relying on IT or data experts. And say hello to a digital workflow that saves hours at the month-end close.

Learn How NetSuite Can Streamline Your Business

This nifty feature provides convenient and secure access to your financial data. Whether you’re curious about the potential of cloud-based solutions or require support in integrating your clients, we’ve got your back. Reach out to discover how we can leverage cloud accounting to boost efficiency, enhance collaboration, and ensure success for your clientele. Partner with us as we steer towards a horizon where accounting isn’t merely a function, but a strategic edge. Intuit’s QuickBooks Online is one of the most common accounting software used by small businesses and their bookkeeping and tax professionals.