5 benefits of cloud accounting

Cloud Accounting Online Invoicing

5 benefits of cloud accounting

The use of desktop accounting packages and spreadsheets for accounting is declining as more and more start-up businesses take to cloud accounting for all their bookkeeping needs.

There are lots of benefits to cloud accounting, including the fact that you can work from anywhere to access your cloud accounting system. Some more of the top benefits are highlighted below:

Less administration time required

With cloud accounting, you don’t need to constantly perform backups to ensure the security of data that is uploaded. This frees up valuable accounting time, meaning professionals are spending more of their time wrestling with daily accounting activities to grow their business.

Software never needs updating

With cloud accounting, the software is always up to date, so there’s never any need to spend time loading more modern versions of software that include all the latest tax and accounting updates. All new accounting rules and tax updates are automatically loaded into cloud systems in real-time making it easier to work with systems and more time effective.

Use of automation

Many repetitive tasks can be entirely eliminated when cloud accounting systems are in place. For example, you don’t need to spend time manually importing all your bank and credit card transactions as a few clicks of the mouse will see this task automated. You can also schedule all the recurrent reports you need to keep the business ticking over and you’ll always be aware that the figures you’re looking at on-screen are shown in real-time and are much more reflective of the current state of health of the business.

Compliance effective

It’s much easier to comply with tax and reporting liabilities when cloud systems are in place. You’ll always have the most up-to-date figures in place and complying with yearly or quarterly regulatory reporting can be just a few clicks away. What’s more, there’s never any risk of under or over-reporting when cloud accounting systems are in place.

Environmentally friendly option

Traditional accounting methodologies rely on reams of paperwork to back up and evidence all actions. With a cloud accounting system, you’re taking the eco-friendly approach. You can ensure all suppliers send invoices electronically to cut out the need for inputting invoice data manually and this will not only save time but also save on paperwork. With your cloud system, there’s no need to print out reports as they can be transmitted in digital format to all stakeholders.

Get in touch with SQK Accountancy today to discuss your cloud accounting requirements in the Manchester area!

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