What are the Advantages of Cloud-Based Accounting Software?
You’ve heard of the movie “Planes, trains and automobiles,” right? Well, that title also describes where you can do your business accounting when you have cloud-based accounting software!
All jokes aside, cloud-based accounting allows you to work on your business accounting anywhere you want, 24/7, 365. This is completely revolutionary compared to the old-fashioned paper and pencil, spreadsheet, and 1 location accounting access that many are used to. In the past decade, the old way of accounting has become more and more obsolete as new programs, software, and platforms have entered the market to make accounting more streamlined and efficient for business owners.
So what is it about cloud-based accounting that has businesses switching from the tried and true way? We’ve named just a few of the many benefits and advantages below!
Cost and Time Effective
As an SMB (Small/Medium Business) owner, your time is already limited. You are most likely doing everything you can for your business, and that includes accounting. Using a cloud-based accounting platform can save you time and money! The accounting software you choose is intelligent and intuitive, as well as automated. The system learns as you use it, and you’ll be able to save at least half the time you typically spend on accounting! In addition, you’ll get valuable time back to focus on pushing your business forward.
Another benefit?
It is cost-effective because you pay for what you need. Compared to standard accounting systems that cost a small fortune, cloud-based accounting software is customizable to your business needs. If you decide to grow your company and or are at the point where you need accounting services, you won’t need to hire an in-house accountant; you can hire a virtual one!
Collaboration
This brings us to our next benefit, which is collaboration. If you need assistance with your accounting, you can connect and collaborate with a virtual accounting firm (like us!). You can also choose the help you need from payroll to CFO to controller and even virtual bookkeeping services. You won’t need an in-house accountant, and you won’t need to put them on your payroll. Instead, a virtual accounting expert can connect to your cloud-based accounting platforms and help you from wherever they are in the world!
For example, here, at Redmond Accounting, we are a 100% online and paperless business, which means we can work with companies all across the country, without ever having to step foot in an office (unless, of course, you invite us to a holiday party!). We work with you in the same capacity and with the same dedication that an in-house accountant would, just on the other side of the computer screen!
Integration
The last but one of the most significant benefits of cloud-based accounting software is the ability to integrate with other accounting programs.
QuickBooks Online is the most popular accounting software on the market today and allows users to streamline all of their accounting information in one simple place. However, even though QuickBooks online is the most used accounting software, it does not do everything. This is where other online accounting platforms like Gusto, Expensify, and Bill.com come into play. They all integrate with QuickBooks Online, making it even more efficient for your business accounting needs!
If you’re interested in learning more about software integration, review our other blogs like “Top 3 Tips on How to Use Bill.com !”
Let Redmond Help!
If you’ve never used cloud-based accounting software and would like to start implementing it into your business, it’s time to schedule a consultation with us today!
As we said above, we are 100% online, so wherever your business may be, we are here to help! We have the knowledge, tools, and resources to take your accounting and business to the next level. Our accounting technology professionals can help set you up for success with our DIY services or take on the accounting tasks themselves to free up your time!
No matter what your accounting needs, we can see that you are taken care of! Schedule your complimentary consultation today!
