When it comes to accounting, more and more businesses have their head in the cloud. These online systems allow users to control access to bank accounts and provide an electronic trail for each transaction boosting fraud protection. Storing your important data in the cloud is safer than on your laptop, which is at risk of getting infected with a virus, or your network falling victim to a security breach. Cloud-based accounting has other benefits as well. Here are the top three reasons you should consider heading to the cloud.
Finances in Real Time
Uploading your data to the cloud means you can view your accounts in real time, no more clicking through outdated reports. You can download daily banking transactions directly into your accounting system. This approach allows for better-informed decisions which impact the bottom-line of your business. And with the cloud you can check your cash flow, approve and pay vendor invoices, and access your accounts anywhere you have an internet connection, whether it’s in the office, at home, or using an app on your tablet or phone.
When you add up the hidden costs of traditional accounting software, moving to the cloud is a less expensive option. With software, you pay for licensing and annual maintenance fees. If you factor in network servers, backup storage, IT professionals, and additional costs for a possible technology meltdown, you could spend up to 75% of your IT budget. With the cloud, you don’t need to buy servers, upgrade software or pay extra for tech support or remote access since it’s typically included in the monthly fee. In fact, cloud-based systems usually cost 10 to 12 cents per transaction. Often you can see a return on the investment within two years.
By putting your business in the cloud, your accountant is now an integral part of your management team and can collaborate in real-time to make sure your financials are up to date. This is especially beneficial when it comes to filing your year-end returns. Instead of spending hours getting paperwork together, the information is organized and easily accessible.
When choosing a cloud-based system you want to find an application that best fits your business needs and improves workflow as well as the efficiency of daily tasks. For more information on moving your business to the cloud, contact Margo Hoegler, your MarksNelson professional at (816) 743-7700.
About the author
Margo Hoegler works with businesses to assist them in preparing their financial statements, planning for their tax situation, managing their cash flow and payroll needs, and forecasting their future financial needs. She can assist with accounting software consulting and training, as well as accounting staff training.