5 reasons cloud accounting will change your business (and life) for the better

1st January, 2015

Numbers in cloud

There are a number of good reasons why businesses and accountants alike love working in the cloud.

Cloud accounting systems are revolutionary. How do I know? Well, my accounting practice has been using the cloud for a number of years, and we have shared this passion with many of our business clients. Ninety percent of our clients now use cloud accounting systems too. We have seen firsthand how the cloud accounting systems impact our business clients’ lives. How? The cloud solution has reduced or eliminated redundant, time-consuming work that — let’s face it — is the bane of most businesses.

Mostly, cloud accounting allows greater access to real-time data, which increases engagement with businesses financials and assists in making decisions. You have probably seen or heard yourself about all the cloud accounting systems that are now available for you to utilise in your business, including MYOB Live Accounts.

I would like to share with you some of the reasons clients and accountants love working in the cloud:

Multiple versions of data files are gone, and backup is automatic

No more version-control data files. No more time-consuming upgrades to that one computer that has the accounting software loaded on it, or large accounting data files taking up all that space. Plus, no more data backups required. Good riddance.

READ: What’s all this cloud computing stuff about?

The files remain in real time, all the time

Even when you are working on the file, your accountant or bookkeeper can be working on the file at the same time. This allows the accountant to interact with you in real time and assist you with any questions about data entry or what the financials are reflecting. It encourages better communication and use of your accountant, who is your trusted adviser.

With cloud accounting, data entry is so yesterday

Why in this information age, when all transaction data is readily available in your banking system, should you have to manually re-enter it into your accounting software? What a waste of time and money. Cloud-based accounting systems allow you to upload or automatically bring ‘live feeds’ of your bank account and credit card transaction data into your accounting stream. No keyboards touched; no download chore; no upload chore. Data entry time is drastically reduced. Speedy download of real-time data and working smoothly in intuitive software allow you to spend less time on administration and more time focusing on business growth.

Business owners can make better decisions

Old-fashioned software that requires you to manually do your own bookkeeping puts your business at a disadvantage because your accounting data is lagging behind reality. A modern business needs information that is real time and always up to date. How else can you make effective business decisions? Now you can access your live accounting data from anywhere, from any device with an internet connection — it’s total mobility.

READ: What you should ask about Software as a Service (SaaS)

It offers mobility, flexibility and a better lifestyle

You can see your business account balances, outstanding invoices, overall cash position and much more from anywhere 24/7 as long as you can access an internet connection. These days, you can run your business from an iPad or similar tablet device and mobile phone as most cloud accounting systems have apps you can download to the device. This translates into a more flexible lifestyle while running your business. You can have certainty over the financials and banking even when you are not physically present in your business. So go on — call that travel agent now.

Come fly into the cloud. Who ever thought accounting software could be so good?