Cloud accountants are accountants who have moved onto the latest software and technology when it comes to managing and updating finances in a way which is efficient, accessible, secure, and resourceful. With the world moving ever closer to constant connectivity and using the internet to their advantage in business, Cloud Accounting is the next essential step for today’s businesses.
What is Cloud Accounting?
Cloud accountants are now making use of software which keeps all company financial information on a secure account on the web instead of a single hard drive. This might not sound like a big change; however, once you see the benefits of this move of data from offline to online, you will understand why so many businesses are looking to make the change.
Efficient & Accessible
Imagine you, your team, and your accountant have instant access to updating your financial records at any time, in almost any place. This means that whatever expenses or capital gains you might incur can be taken into account almost instantly. No more would you need to keep a note of what is going on with your business’s money and then pass this on to your accountant every so often, instead you can make these changes within a few clicks. In this way, your cloud accountants can also make changes instantly which you can track on a day-to-day basis.
The constantly updating nature of cloud accounting means that businesses save time and therefore money; making the change to cloud accounting from traditional accounting a worthwhile endeavour. Eventually, most leading companies will be using cloud accountants to their advantage, if you are a business owner you really do not want to be left behind.
Safer & More Reliable
It is no longer good enough to simply keep your financial data insecurely stored on a single computer, all it takes is one mistake or hardware failure for all of your important financial tracking to disappear. With cloud accounting, this is extremely unlikely to ever happen due to the fact that your data is held in multiple locations which are all updated together. If one location happened to shut down, the others still have the latest versions of your finances saved.
Often the question is asked as to whether cloud accounting is secure or not. Many expect that because your financial information is being held in locations across the internet that it can’t possibly be secure, however, this couldn’t be further from the truth. Having your accounts saved insecurely on a hard or thumb drive is actually much less secure and comes with the danger of someone stealing these details both electronically and physically. Cloud accounting, on the other hand, keeps this information encrypted and out of the hands of outside sources – even if outside sources did acquire this data, the encryption would make it impossible to make any sense of.
Less Errors & More Intuitive
Due to the fact that data updates instantly across all devices when changes are made, errors are that much more likely to be spotted and therefore less of them are made overall. There is nothing more frustrating for a business’s finances that finding out that a mistake made some time ago has severely affected the figures at a later stage. This is easily avoided with the help of cloud accountants who can see these changes happening in real-time and amend any mistakes quickly.
One more extremely helpful aspect of cloud accountants is that real-time reports and statistics can be accessed at any time in order for business teams and accountants alike to make financial decisions. The nature of cloud accounting software also makes it that much easier to manage transactions between multiple companies as well as exchanging between different currencies.
Should You Choose Cloud Accountants?
Cloud accountants are becoming ever-more popular and for good reason, there are simply too many benefits to this kind of software and financial data management to not be considering switching away from more archaic methods of accounting. With the constant evolution of information management in our digital era, eventually almost all businesses will be reaping the advantages of cloud accountants.
Have any questions about how cloud accountants can ensure you and your business keep strong, secure, and organised financial records? Get in touch with our team of qualified accountants by calling 0141 333 1852 or sending an email to email@example.com.