Cloud Computing

Cloud accounting is the practise of using an accounting system that can be accessed through the internet. All your accounting information is on the cloud and you can access it through an accounting software platform such as Xero, Quickbooks or Bench. You can now access your financial data and bookkeeping transactions anywhere on any device; allowing you to streamline, simplify and automate your business workflows.

Cloud based accounting systems bring a wide range of advantages, but the following stand out.

  • Leverage your Financial Information to grow your Business.
  • Use Automation to reduce Errors.
  • The Cloud allows you to rapidly scale.
  • Integrate your data with your business lines.
  • Let us take care of your cloud accounting needs.

Cloud accounting: Say goodbye to your accountant and say hello to your digital CFO
SMEs face many difficult challenges in their day-to-day business before they have to consider the collection, presentation and clarity of their financial information. But cloud accounting has made it easier for business owners to make their financial data more comprehensible and actionable, allowing them to transform their business overnight. Here are 4 key reasons why you should switch to cloud accounting and ditch traditional bookkeeping.

But before we get into cloud accounting, let me explain what the term means. Cloud accounting is the practise of using an accounting system that can be accessed through the internet. All your accounting information is on the cloud and you can access it through an accounting software platform such as Xero, Quickbooks or Bench. You can now access your financial data and bookkeeping transactions anywhere on any device; allowing you to streamline, simplify and automate your business workflows.

4 Key benefits of Cloud accounting that you need to know:

Cloud based accounting systems bring a wide range of advantages, but the following stand out.

Leverage your Financial Information to Grow your Business.

Maintain up to date information on the financial health of your company easily, allowing you to leverage your data to improve your business. For example with the help of cloud accounting, you can access more efficient financing options and drive your enterprise value not just your compliance value. For example, a digital CFO can look at your financial dashboard and can see if you should use equity or debt financing.

Use Automation to reduce errors.

Many accounting and banking tasks can be automated by moving your financial information to the cloud. For example cloud accounting software can import daily bank feeds, produce and receive e-invoices, post transactions to the general ledger and more. This vastly reduces the repetitive manual labour involved and leads to fewer data entry errors and improves your productivity totally.

The Cloud allows you to rapidly scale. 

One of the core strengths of cloud accounting is that it allows businesses to scale efficiently as they grow. Initially a startup may get along with excel sheets but once it gets to a certain size, that process becomes unwieldy. An in house accountant may help but after a while they might get overwhelmed. If you are a growing company, you don’t want to be stuck with a process that doesn’t scale after a year. Cloud based accounting platforms grow seamlessly when your business adds more and more transactions. Furthermore you can start with a core set of accounting functions and add more complex ones as your company scales, thereby achieving scale efficiency.

Integrate your data with your other business lines.

Many cloud accounting platforms offer non-accounting modules that allow you to integrate your business workflows. For example; Xero offers basic payroll solutions that allow you to process your payruns efficiently online without the need for a payroll director. But if you need more complex systems to organise your employee data, then Talenox(HR Software) can connect with Xero to give you more robust solutions. As a result of these integrations you’ll have a real time financial view of your company, and use these insights to create real time financial projections. This allows you to set future business goals more accurately, thus allowing stakeholders to focus on creating enterprise value rather than just compliance value.

Let us take care of your cloud accounting needs.

Whether you are looking to move your accounts to the cloud or just want to explore this growing industry, our expert team can help you with your needs. We have been supporting our clients since 1950 and we can be your sherpas, as you and your business undergo its digital transformation. Drop us an email today for your free consultation!