The benefits of cloud-based accounting


Cloud Based Accounting

Cloud based accounting offers many benefits for businesses, whether they are sole traders or multi-national companies.

For many businesses tackling the accounts can be a time-consuming process, and the traditional model of accounting can sometimes be costly. The systems are simple to use and offer complete access to your financial affairs, providing you with a greater understanding of where your business is.

Access Anywhere

One of the main benefits of cloud-based accounting is that you can have access to your accounts from anywhere and at anytime. All your data is stored online and is completely up to date, allowing you to work out of hours or remotely and still have access to all the correct information.

Reliable and Secure

Cloud-based accounting provides you with a more secure system than having everything stored on one hard drive. There is no way that anyone else can access your account without the relevant log-in details. This means that even if your laptop is lost or stolen, as the information is not stored on the actual machine, all your financial details will still be safe. The information is stored off-site, so it won’t be damaged if your office is affected by fire or flooding. This will allow you to keep the business running even if you’re without official premises. All the information is automatically backed up on a regular basis, so there’s no risk of losing the latest updates or forgetting to run a manual back-up.

Puts You in Control

With any business it’s important that all the relevant people know what the current financial situation is. This is even more critical with a small business, where maintaining a healthy cash flow is vital. By using a cloud-based system, you can see exactly what is coming in and going out of the business without having to wait for the monthly or quarterly accounts to be done. This enables you to respond quickly to business needs, which could make the company more profitable and prevent a financial crisis from occurring.

Cost-Effective and Compatible

The problem with many traditional accounting software packages is that they can be costly to purchase and upgrade. A cloud-based package provides a business with more flexibility, as there are no large up-front costs. The system is based on a monthly subscription, allowing you to keep more cash within the business. The application is easy to update, so there’s no need to wait for a new version. This ensures that the system maintains its reliability and any issues can be fixed much faster. This form of accounting is compatible with a range of systems and will work across both Macs and PCs.

A Team Effort

As the cloud-based system works in real time and can be accessed from any machine, different people within the company can have access to the same data at the same time. This enables teams to work together and discuss relevant information without it being out of date.

Running a company shouldn’t result in stressful situations, and with a cloud-based system and the support of the right accountant, you can spend more time on developing the business rather than worrying about the money. Allsquare offer expert support in bookkeeping and accounting and work with a range of cloud-based software, including Xero, FreeAgent, and Sage One.

Call Allsquare today on 0131 343 1510 to see how we can help take the stress out of your finances.