5 Benefits That Will Make You Switch To Cloud Accounting

Cloud technology has revolutionised our daily lives in recent years. We upload family photos to Facebook, utilise online banking to pay our bills and check our email on the go with our smartphones. So, if we use the cloud in our personal lives, why aren't we doing the same in our professional life?

Cloud-based accounting software in Australia now provides all of the functionality and dependability of your trusted desktop accounting system, plus many other advantages that only internet technology can provide.

Cloud accounting can help you and your tax accountant in Liverpool or elsewhere achieve a better work-life balance by streamlining your accounting process. Thus, making it more intuitive while also keeping you more informed about your finances.

Here are five benefits of switching to cloud accounting.

1. Access from anywhere
   You can access your accounts and crucial financial information from anywhere at any time using cloud accounting. You are effectively confined to the office when you use an old-fashioned, desktop-based solution. All of your accounts and data are stored on a local drive. As a result, the amount of access you and your bookkeeper in Liverpool have to your financial information is limited.
   
   
   This limitation is removed with cloud-based accounting. Your data and records are securely encrypted and kept on a cloud server. And there is no software to download; you simply log in and work from your web browser, anywhere you have access to Wi-Fi and the Internet.
   
   
2. Time and cost-effective solution
   Working online reduces IT expenses and saves time by keeping you linked to the business at all times. Desktop-based systems require an investment in IT gear as well as ongoing maintenance. You'll need a server to store the application software and the data it generates. You'll also have to employ an IT specialist to maintain the server and the office network, which might be a significant cost.
   
   
   Cloud accounting is done entirely in the cloud. You don't have to worry about maintaining expensive IT infrastructure and you or your tax accountant in Liverpool can use the software whether you're at your desk, at your kitchen table or at a customer meeting.
   
   
3. Boost your productivity
   Productivity is a constant struggle with desktop accounting. Financial data must be manually entered, which can be time-consuming and lead to human error. You may automate repetitive bookkeeping activities with cloud accounting and eliminate errors caused by duplicate entries.
   
   
   Cloud accounting makes it easy to run your business. You or your accountant in Liverpool can instantly send payment reminders to customers, create invoices and expense claims and track business projects against budgets.
   
   
4. Data security
   When it comes to security, the traditional methods of using business accounting systems can be insecure. With multiple versions of the same file, backup systems can be complex and storage for these can be costly. Data can potentially be lost and not recoverable.
   
   
   However, with cloud accounting, your data is regularly backed up and securely kept away. Even if you lose your IT gear due to viruses, theft, accidents or obsolescence, your cloud system will keep all of your data safe and accessible.
   
   
5. Less paperwork
   Cloud accounting can help you achieve your goal of having a paperless office. Dealing with documentation, data entry and financial admin can eat into your business time when using traditional accounting. Everything has to be printed out and dealt with in hard copy, which is inefficient, time-consuming and harmful to the environment.
   
   
   You may considerably reduce your dependency on paper by using an online accounting system. Invoices can be sent directly to clients via email, saving money on printing and postage while also speeding up the payment process. Incoming bills and receipts can be scanned and saved in your accounting software alongside the related transactions. Because all of your papers are digitised and kept in the cloud, you won't need to keep the originals, and this will save you space and money.
   
   
   If you find that your bookkeeping processes in Liverpool or elsewhere are time-consuming and generating crucial financial reports is a challenge, it may be time to consider switching to cloud accounting.