Companies worldwide are increasingly embracing cloud accounting — accessing accounting applications hosted by service providers on remote servers over the internet — because it offers the key advantages of reducing costs, supporting business continuity, and improving efficiency, data security, financial management and collaboration.
Reduced costs and greater efficiency
Cloud accounting involves the use of add-on apps that automate and streamline business processes, facilitating management of manpower costs as well as improving efficiency and performance. For instance, it reduces the time required to process staff salaries and payments to suppliers and minimises the risk of payment errors.
Better data security and business continuity
On-premises data backup and updating traditional accounting software can be costly, time-consuming and complicated. With cloud accounting, data backup and software updates are automated. This reduces IT support bills and ensures that financial data remains secure and business owners will always have the latest version of the cloud software. It also supports business continuity when unforeseen disasters such as power outages, floods or other natural calamities strike.
Better financial management
Cloud-based accounting systems have the ability to provide business owners with real-time information on their finances. A professional cloud accounting advisor can also help business owners to combine key financial and non-financial data, creating meaningful information that can be used to better manage their operations and cash flow. Financial and operational information will not be meaningful unless they are current, relevant and presented in a manner that is easily understood.
Enhance collaboration
Sharing financial information with your business partners, accountants, managers and other staff based in different locations can be challenging with traditional accounting systems. Cloud-based software makes accessing such data and documents convenient. Information is stored and accessible at a single source through the web using desktops, laptops and mobile devices, making collaboration with others hassle-free. It also allows the provision of accounting advisory services to business owners in real time, enhancing their experience.
Avoid common pitfalls with the right cloud accounting advisor
AccountServe helps business owners to implement cloud accounting solutions that meet their unique requirements. Our experience in serving businesses ranging from start-ups to large enterprises gives us an understanding of an organisation’s growth needs and pains at different stages. We help businesses to foresee oncoming challenges and avoid pitfalls for unobstructed growth.
Leverage Cloud Accounting for better financial control today
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