How to Maximize Cloud Technology in Bookkeeping

Author: Keith Huggett

You might already use cloud-based technology to store documents or access your email from any computer, but have you thought about how cloud-based bookkeeping can benefit your company? Rather than installing accounting software on every computer terminal in the office, you simply assign user IDs to staff who need to access your financial records.

Because the accounting program is hosted on a remote server, you don't have to worry about version compatibility, installing updates or other IT issues. This means that you and your staff can spend time on more important business functions. Consider these three benefits of cloud-based bookkeeping and imagine how they would impact your business: 

• Increased mobility - You can have up-to-date financial reports at your fingertips, even from mobile devices like tablets and smartphones. You can also enter data from the road, such as business travel expenses and bills.

• Better data security - If your computer fails, your data may be lost or corrupted. Even if you have a file backup system, data that has been entered since the last backup will be lost. Because cloud-based bookkeeping systems store both the software and your data on remote servers, your information is safe and protected no matter what happens to your computers.

• Efficient workflow - If multiple people need to access your accounting files, either to enter information or to run accurate reports, a traditional system can create lag time or possible errors when the data isn't synced properly. Cloud-based systems allow all users to access real-time data simultaneously, improving workflow and increasing efficiency.

Another great benefit of using cloud-based bookkeeping is the ability to easily outsource your business accounting function. Both you and your accountant will have constant, real-time access to your financial data, so you can always run accurate reports and they don't have to wait for you to send an accountant's copy of your files.

With decades of experience, our professionals can expertly handle your books -- so you don't have to. If you're ready to transition to cloud-based bookkeeping or just want to learn more,  contact us to schedule a consultation.