Technology is evolving rapidly in every facet of life. This changes almost every industry you can think of, including accounting. One of the most significant innovations, with the greatest impact in the accounting realm, has been cloud accounting. Here are just a few of the ways that the cloud has changed accounting.
Record Management
Endless filing cabinets are a thing of the past! The cloud is all about data storage and record management. Data can be securely stored in the cloud so you can easily refer back to an invoice or payment from days, weeks, months or even years ago without having to sift through dusty records. As your business continues to grow, so does your need for file storage, whether it’s in person or in the cloud. The cloud has eliminated the need to have a costly data center on-site without sacrificing security and data integrity.
Accessibility
Accessibility is a huge component of the cloud, and that is especially true for cloud accounting. Having access to your data anytime from anywhere gives you the mobility you need when managing accounts. The ability to access dashboards, reports and accurate data from anywhere is crucial to making sound business decisions.
Automation
Automatic billing and payments through cloud-based accounting solutions have been a game-changer for many businesses. Making sure bills are accurately and automatically sent out, followed up on, and paid, will help take the stress out of what was once a very manual process. Automation provides seamless recording of all transactions making it easy to look back on all transactions or find a specific one.
Real-Time Reporting
With cloud accounting, and a few clicks of a button, you are able to see fully up to date reports of your company’s full accounting operation. All of your company’s financial data is available at your fingertips for quicker and easier decision making. Having ease of access to your numbers anywhere and anytime can come in handy in a few ways. Whether it’s making business deals or securing more funding, having real-time access is a huge advancement thanks to the cloud.
Efficiency
When it comes to cloud accounting, efficiency comes in many forms. You are saving valuable time that was being spent on manual processes and you can now use that time on managing rather than processing that data. Additionally, by removing redundant data entry and repetitive processes (and saving money by doing that), your existing team can do higher value work.
