Many companies think that cloud accounting is a risk and refuse to use it. Why trust your company's financial information to a server that you do not know where it is?

What is accounting in the cloud?

Cloud accounting software is similar to traditional, local or self-installed accounting software. The only difference is that in this case it is hosted on remote servers, similar to a SaaS ( Software as a Service ) business model. The data is sent to "the cloud", where it is processed, and returned to the user. All functions of the application are performed on those remote servers, not on the user's desktop.

In cloud computing, users access software applications remotely over the Internet, using a cloud application service provider. The use of accounting software in the cloud frees the business from having to install and maintain the software on individual computers. It also allows employees from other departments, remote offices or branches to access the same data and the same version of the software. If you are looking for bookkeeping services monthly in Singapore then must visit KCA.SG.


5 additional reasons why your company should use cloud accounting

  1. Disappear multiple versions of data and have automatic backups. Data version control is no longer necessary. It is not necessary to spend time on updates to the server that has the accounting software, nor do you need space to store large accounting data files. In addition, no more data backup copies are required. All this is done by your accounting provider in the cloud.
  2. The files remain in real time, all the time. Several people can work with the data in real time and at the same time. This allows the accounting staff to interact with other users in real time and obtain support about any questions about the data or what the finances are reflecting. Cloud accounting promotes better communication.
  3. With cloud accounting, the entry of some data can be automatic. Why in the information age, when all the transaction data are easily available in our banking system, do we have to manually re-enter everything in our accounting software? It is a waste of time and money. Cloud accounting systems allow you to automatically upload or retrieve that data from your bank accounts. The data entry time is drastically reduced. Rapid data download in real time and smooth operation with intuitive software allow you to spend less time managing and more time growing your business.
  4. Improves decision-making. Traditional software that requires everything to be entered manually puts the business at a disadvantage. The accounting data arrive late and the real advances them. A modern company needs information in real time and always updated. How else can effective decisions be made? With accounting in the cloud, you can access the accounting data live from anywhere, from any device with an Internet connection, with full mobility.
  5. Cloud accounting offers mobility, flexibility and a better lifestyle. It is possible to view account balances, outstanding invoices, total cash position and much more from anywhere 24/7, as long as you can access an Internet connection. Today you can manage a company from an iPad, tablet, mobile phone or similar since most accounting systems in the cloud have applications that can be downloaded on these devices. This translates into a more flexible lifestyle since you can be calm about finances, even when you are not physically present in the company.
Author's Bio: 

Angelina is a regular contributor at Selfgrowth.