What exactly is cloud accountancy?

What exactly is cloud accountancy?

Chances are you’re well equipped to know what an accountant does. From VAT advice to VAT registration, payroll to end-of-year tax returns, there’s a lot that you can gain from hiring an accountant. But when you hear the words ‘cloud accountancy’, it can feel a little like a foreign concept. What does it even mean?

No, it’s not a huddle of accountants all sat up in the sky like the Philadelphia cream cheese TV advert. What it actually means is that the accounting software is hosted on remote servers. This means that anyone can access the software from any computer or device, anywhere in the world, as long as they have an Internet connection. That’s not to say it is open to every Joe Bloggs though, and it remains a secure and highly protected space in which only those that are allowed to access it will have the information it contains.

A more flexible solution

It’s very similar to traditional on-site accounting software but just allows for greater flexibility. It is also able to automatically update financial information and can provide financial reporting in real-time. This means that when you come to check your account balances, they will always be accurate and fewer errors will have occurred in the data through manual data inputting.

Alongside this, cloud-based accountancy software is more suited for handling multiple currencies and can more efficiently and effectively handle multi-company transactions. This is particularly important if your business regularly operates with a number of businesses or across various countries.

Low maintenance

Cloud-based accountancy is much less hassle than traditional on-site accounting and requires far less maintenance. It completes automatic backups, updates and there are no downloads or installations required on a company computer. This helps to protect your company against the threat of virus attacks invading your devices.

The fact cloud accountancy is so flexible is one of its greatest selling points. Not only can you access it anywhere in the world (ideal if you regularly travel on business trips) but it also means your financial information is particularly safe. It doesn’t matter whether a laptop gets lost or stolen, or if there is a burglary or fire at the office.

Cloud accountancy keeps everything secure in one place, but also ensures there is no financial data available to access on any device – meaning in the event of a robbery, there’s no risk of critical information being breached or stolen. Access to any data is password protected and encrypted. In the event of a fire, never again will you have to worry about information being unrecoverable – it is always safe.

Get in touch with us today to find out more about how cloud accountancy can help your business.

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