Top 10 Benefits of Accounting in the Cloud
Blog: iDatix Blog
Traditional accounting software sucks up far too much of your business’ time and effort. The data in the system isn’t up to date (and neither is the software), making it difficult to have a real-time view of your company.
So it’s no surprise that cloud accounting has become the biggest trend as of late. Business accounting software means a less expensive and more productive processing environment for your organization – and who doesn’t want that?
If you want to work smarter and faster, cloud software is a crucial investment. With this, we’ve compiled a list of the top benefits that cloud accounting will provide for your company.
Top 10 Benefits of Cloud Accounting
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Any Time, Anywhere Access
Cloud software gives you the flexibility to run your business from work, home or on the go. No more delays or waiting until you get back to the office. Now, you can take or make payments from anywhere – even your mobile device.
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Real Time Metrics
Cloud tools provide a clear overview of your financial position in real time, perfect for growing small businesses. Users can see their organization’s current bank balance as well as accounts receivable and accounts payable balances in a simplified dashboard.
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Automatic Upgrades / Backups
In a recent study by MS Dynamics World, respondents cited “the ability for backups/disaster recovery” as the No. 1 component for a successful cloud deployment. By organizing automatic software upgrades and backups, your team can spend more time doing high-value tasks.
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Security
In the same study by MS Dynamics World, respondents cited “data security” as the No. 2 most important component to successful cloud deployment. Despite public perception, cloud services provide the safest method for storing documents and secure information. Users can set access permissions, and service providers guarantee that your information is kept safe and secure at all times.
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Reduced Costs
Business environments typically include costly, physical assets including hardware, software and support. In a report by CIMA Global (Chartered Institute of Management Accountants), fifty-six percent (56%) of respondents site “cost efficiency” as their reason for adopting cloud technology. Cloud software eliminates maintenance and server failures and removes the upfront costs of these infrastructures.
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Increased Profits
In addition, tools in the cloud offer many features at an affordable cost to help both large corporations and small businesses manage their time better. In the same CIMA Global survey, respondents reported the top advantages of cloud technology as: more efficient business processes (55%) and time savings (50%).
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Scalability
The CIMA Global study also reports that fifty percent (50%) of those surveyed cite “better system scalability” as another reason for adopting cloud technology. Cloud accounting applications provide the option for larger servers for storage, allowing your company to better manage the documents that come with your business’ growth.
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Productive Relationships with Vendors / Clients
Working out of the cloud also provides the option for an online client portal. This provides visibility into your business processes and a better understanding of the work being done. Cloud accounting tools also rid version control problems between you and your clients.
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More Collaboration
Multi-user access makes it easy to collaborate with your team and advisers…
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Increased Productivity
…And because of the increase in collaboration, your organization will increase productivity. Equipped with accurate, up-to-the minute information, users of cloud accounting software have the ability to do and see more in less time.
DocuPhase is helping AP environments take the next step in business process improvement with cloud services that digitize and unify assets. To learn how DocuPhase can help your accounting department improve processes, schedule a test drive.
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Cloud-based software offers users access to technology on a subscription basis. The software provider securely hosts all necessary databases and servers, and small-business owners access their data anytime, anywhere via the internet connection. Accounting information stored in the cloud can be added or accessed anywhere, team members can quickly and easily complete their work regardless of their physical location. Having cloud-based accounting software in place makes organizing and accessing important information as easy as taking a picture of a document or searching by vendor, amount or date.