What is Cloud Accounting?

You can cut down on a number of costs, whether that be office rental or costly software updates. You can also have far more flexibility with your employees if you allow them to work remotely. If you’re working with a desktop based accounting system, you will have to constantly update the software which takes time away from your day. You can easily access “the cloud remotely from what is cloud accounting anywhere as long as you have an internet connection and can access the log-in portal from any device. Cloud accounting is an alternative to installing software on site (on-premises software) or using cumbersome and error-prone paper books. Your employees and third-party accountants can sign in through the internet to access your digital account in the cloud from anywhere.

The are several reasons why businesses need to consider cloud accounting. Below, we have highlighted 4 major reasons why cloud accounting is beneficial. Year-end is the end of your company’s accounting year, when you’ll need to submit statutory accounts and returns from your cloud platform.

Problems with traditional accounting software

You can log into cloud accounting via a web browser from your laptop, mobile device or even from a tablet. Cloud accounting gives you access to your entire business at any and all times. It also allows you access from any location where you have access to the internet.

Cloud accounting involves doing everything in normal accounting procedures but doing them online rather than with messy pens and cumbersome books. This involves keeping your business accounts online and encrypting the information so only permitted users can view the data. To understand what cloud accounting is all about, you first need to understand what the cloud is and how it works. The cloud is anything that can be accessed online, rather than in the actual storage capacities of physical devices. Cloud accounting helps you to streamline your financial processes, improve the efficiency of your bookkeeping, and provide real-time insights into your KPIs. As an accountant or bookkeeper, you can make use of cloud accounting to serve your clients better and increase your efficiency and productivity.