The evolution of cloud computing has fast transformed the day-to-day operations of various industries, especially accounting, as 'Software as a Service (SaaS)' together with prominent cloud subscription platforms are taking the industry by storm.
Here, we reveal 4 major benefits of cloud accounting and how it's empowering MSPs everywhere to run their business with greater efficiency, speed and ease than ever before.
1. All of Your Data in One Place
It's apparent that the days of hard drives and manual accounting methods are coming to an end. Because now, cloud accounting provides an unparalleled solution to extended labour, potential data errors and of course, compliance mishaps.
“Line-of-business leaders everywhere are bypassing IT departments to get applications from the cloud (also known as software as a service, or SaaS) and paying for them like they would a magazine subscription. And when the service is no longer required, they can cancel that subscription with no equipment left unused in the corner.”
- Daryl Plummer, VP Analyst, Gartner
How? It's automated. With cloud accounting, all of your data is kept within a centralised location; enabling complete accessibility across any device (all you need is an internet connection) with real-time accounting data available for whenever or wherever you need it.
2. Capitalise from Enhanced Automation
When you utilise cloud accounting software, you revel in the smooth flow of financial data from various sources, which frees your time to focus on other important segments of your business.
Regardless of the size of your corporation, the cloud grows as your business grows; assuring industry-renowned scalability you can count on. In addition, cloud accounting provides instantaneous information for when you need it most; customer data, cash flow and so much more.
3. Seamlessly Integrate Your Cloud-Based Software
As cloud accounting fast becomes a widespread best practice with more and more accountants making the shift to the cloud, along with this, comes the introduction of many apt tools, systems and other add-ons to achieve your business' individual needs.
“If someone asks me what cloud computing is, I try not to get bogged down with definitions. I tell them that, simply put, cloud computing is a better way to run your business.”
- Marc Benioff, CEO, Salesforce
Cloud accounting allows for the seamless integration of these tools with cross-functionality MSPs can cherish; better enabling you to increase your revenue, minimise your expenses and as a overarching result, to keep growing your business.
4. Smarter Security You Can Trust
When you opt for cloud accounting, you're no longer keeping your private information on a hard drive, which runs the risk of being stolen, corrupted or damaged, but instead, you're now provided with a safer, securer and more convenient way to safeguard your financial data.
While some clients may hesitate to make the shift to the cloud, it proves an invaluable transformation with greater collaboration, control and access. Thus, data is securely stored online and can be accessed at any time; enabling improved efficiency, productivity and overall, smarter business.