What Are the Benefits of Cloud Accounting and Why Is Cloud Accounting Better?

Cloud accounting has taken the accounting world by storm with more and more businesses opting for an off-site cloud-based accounting solution over ‘on-site’ accounting software run on their own systems. With the advances in cloud technology and drastic security improvements implemented by cloud-based software such as MYOB and Xero, it’s easy to see why accounting firms throughout Australia are also transitioning and encouraging their clients to make the switch to cloud-based accounting software. While cloud accounting may not be the perfect solution for every business, there are certainly a number of key benefits of cloud accounting that could vastly improve your current business processes and streamline your accounts.

Benefits of Cloud Accounting

  • Access Your Accounts Anywhere – One of the biggest advantages of cloud accounting is that instead of having to update and access your accounts on a home or office computer, your accounts are stored online and can be easily accessed from any device anywhere in the world.
  • Ability to Instantly Update Your Accounts – Whether you’re out on the road, have just made a sale, need to update an invoice, or process a credit note, with cloud-accounting there’s no longer a need to ‘wait till you get back to the office’. React in real-time to account changes as you need them.
  • High-Grade Data Security – With an increasing number of hacks and data breaches, data security has become of the utmost concern for businesses worldwide. While storing your business data on the cloud may seem riskier than within your own network; One of the key benefits of cloud account software is that service providers have and continue to invest heavily in keeping their customers data secure. Studies have shown information stored on the cloud is in most cases safer than an internal network due to the increased security measures implemented by cloud service providers.
  • Sharing and Collaborating Has Never Been Easier – Another one of the key advantages of cloud accounting is that sharing, and collaborating is easier than ever. By creating user accounts, you can provide varying levels of access to team members in need. From an accountant’s perspective, we can monitor and access your files regularly to advise areas of concern or opportunities as they arise.
  • Sustainability in Business – With the big push for sustainable business practices, cloud accounting allows your business to reduce paper usage or even go completely paperless. As documents are stored, viewed and sent directly from the cloud, printing invoices, statements or accounts is no longer needed.

Want to Get Started with Cloud Accounting?

Need more information on whether cloud accounting is right for your business or want to learn more about the benefits of cloud account software? Get in touch with our business accountants from Taggart & Partners on (07) 3391 1188 today.

*This information has been prepared without taking into account your objectives, financial situation or needs. Because of this, you should, before acting on this information, consider its appropriateness, having regard to your objectives, financial situation or needs.

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