In this age of advanced technology and in an era of commotion, it’s everyone’s top most priority to use the most developed tools and technological facilities.
It is important for businesses is to keep proper and secure records of all accounting data and information which can be achieved by the help of a software which is reliable, up to date, time saving and can prevent any trouble in the future.
Cloud Accounting Software can solve all of troubles and complications coming in the way of keeping a smooth and easily accessible record of accounting data. This software is hosted on a remote server. This uses internet to access the accounting records and information. Hence in cloud accounting software you don’t need to store your data in your computer i.e. your computer’s hard drive. Also, this is not based on your local server.
The data which is stored in the cloud can be easily accessed as and when required by signing in using your login and password. Your accounting data this way stays safe, secure and private. In simple terms it can be called online accounting.
Key accounting features of cloud accounting software
Easy management of intercompany transactions
Easy creation of management reports in Excel
Smart search, filters and drill-down features to slice and dice data
Submission of tax returns digitally
Easy accessibility to Microsoft Outlook
Manage account records with an audit trail
Multi-currency accounting and automated rate conversion
Multi-dimensional ledgers
Cloud accounting software versus traditional accounting software
Here is a comparison between cloud accounting software and traditional software, through this would easily be recognized the benefits and advantages of cloud accounting software
• Whilst using traditional software, you need a proper working place with a complete set up of computer and all the required gadgets. Also, for this purpose you need to stay at your office throughout the working hours. Cloud accounting software, however, doesn’t require this, you can work outside your office or wherever you are sitting as all records can be accessed remotely.
• This is quite an obvious fact that doing any type of work manually requires more time, efforts and energy. In traditional software we have to do most of our work manually which wastes times as well as working potential. Cloud accounting software on the other hand gains information online as in the cloud accounting software you get access to HM revenue and Customs service, internet banking and any other relating area.
• Whenever working through a computer, there is always a possibility of your computer or any other tool you are using, to get damaged, lost or even stole. While using cloud accounting software, you can do your accounting work confidently without having any fear that your device would get damaged or lost. In case, anything like this happens to your computer or device you are using, you don’t need to be stressed because all your accounting data and information is safe and secure in cloud.
• Cloud accounting software doesn’t require purchasing any type of servers, tools or gadgets which may be your need while using traditional software because cloud accounting system use internet for the working. This in return saves money invested on these tools as well.
• While using cloud accounting software many users can enter the system at the same time and work together regardless of their sitting areas. Traditional software, on the other hand, might not provide this type of facility and hence a limited number of people and users can work at a time.
• Transfer of information is also very easy while using cloud accounting software. Traditional software uses hard disc or emails, which sometimes make your work complicated. Using cloud accounting software, you can also get rid of such complications.
If you are looking to be setup on cloud accounting software or need more information why not have a no-obligation
chat with us with us, we specialize in cloud accounting software such as QuickBooks, Xero, Sage and Kashflow.
