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Whether the business is small or medium sized, and even if the company stands on a turnover of a hundred thousand pounds, nothing can be more beneficial than accounting software that caters to all the needs of the company and reduces the cost measured for accounting itself.

Introducing Cloud Accounting

One of the most beneficial and recent changes to the accounting domain is the introduction and application of Cloud Accounting. An easy concept to adapt to, online cloud accounting basically puts the entire accounting system in a private online space such that it is completely accessible to the users over a secured connection and secured access. Also, the ease of accessing the system via a remote location is an added ease, along with the fact that the Cloud Accounting Software most suitable to company needs can be just installed on one Server and can be accessed from anywhere.

One of the most beneficial and recent changes to the accounting domain is the introduction and application of Cloud Accounting. An easy concept to adapt to, online cloud accounting basically puts the entire accounting system in a private online space such that it is completely accessible to the users over a secured connection and secured access. Also, the ease of accessing the system via a remote location is an added ease, along with the fact that the Cloud Accounting Software most suitable to company needs can be just installed on one Server and can be accessed from anywhere.

There are two ways to be in the cloud for accounting. The first way is to host the entire system using an easy cloud accounting software. This could be a desktop or a laptop and anywhere without geographic bounds.

On the other hand, the accounting needs may be alternatively outsourced to a company that specializes in this domain and engaging them to handle the accounts while the access to view and control all the functions is granted to a select group of people. In this case the backend is located at a different location within the company to whom the task has been outsourced to.

Why should I not stick to the traditional Accounting methods?

While the manpower has been used to the traditional accounting methods, there are several reasons that justify the change from the earlier system to the new cloud accounting system.

  • The first and the biggest advantage would be the flexibility of the cloud accounting system. The ability to access data from anywhere and at any time lends the ease of use to the accountants with just the primary requirement of an Internet Connection. Also, the cloud can be accessed from any device instead of the traditional accounting methods of having the data available on selected systems.
  • Secondly, this method of accounting ensures that the updates are made with automation and reports are generated in real time thereby leaving no scope for accounting and calculation errors as in case of manual data entry.
  • Thirdly, cloud accounting has been designed to handle all currencies and values and therefore lends an ease of use in multi-currency transactions and inter-globe operations.
  • Using Cloud Accounting for Small Businesses
  • Contrary to the belief that Small and medium businesses need lesser attention to accounts and managing finances, small business in fact need greater attention to reducing errors considering a small and medium enterprise have a fluctuating need for inputs and outputs. And every time a company seeks growth, it needs a greater and bigger software licensing and sees an increase in the cost of maintenance as well. Along with the basic increase in costs, a huge amount of money needs to be paid for licenses and databases plus the cost of the systems management.

By using an online cloud accounting software, a business does not get stuck with a permanent investment of hardware and software that it needs. Also, there are no costs that increase much with a little expansion of the business.

Not to forget, the cloud accounting software for small business is lesser maintenance and handling in comparison to traditional accounting. With regular backups and automatic updates, the system does not need to be manned every time.

Concerns about Cloud Accounting

The primary concern that a small business may have with cloud accounting is the security of the data which is primarily confidential to the company. However, cloud accounting is considered to be one of the safest and securest methods of accounting with least errors and drawbacks. Like traditional accounting, no one can steal the entire data of the company by stealing the desktop that has the accounting software. Also, it tends to consume lesser time and effort making it save time and money for the company.

The biggest claim to cloud accounting being safe and secure is proven by the fact that could accounting does not even leave a trace of financial data on the computers of the company and that the access to any information is encrypted and password protected.

Add to it the ease of access which can be remote or through a different location. All the user needs is login rights which are confidential and not shared. This restricts the usage and access to the system altogether blocking the data from the employees who should not be seeing it.

Again, the backup servers are always static in more than one location. In case one network goes down, you can simply access the other one.

Benefits of shifting to the Cloud Accounting:

  • Anytime and anywhere access
  • Uniformity in the versions and regular automatic updates of the system
  • Access from multiple locations
  • Tighter security for the data and one central file that has limited access rights
  • Automatic backup and recovery
  • Lesser cost and time invested for maintenance

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