Cloud accounting, also known as online accounting, is a platform/software that is hosted on a cloud based remote serve, rather than on a local hard drive or server. This means that data can be accessed anywhere, on any device as long as you have the internet.
Cloud Accounting tools allow users to perform a wide range of accounting activities such as paying bills, claiming expenses, reconciling bank transactions, and more through the internet.
The ultimate benefit of cloud accounting is to help your business save time and increase efficiency, so that more resources and manpower can be allocated to business growth. Let's take a look at some specifics:
1. Automate many accounting and bookkeeping processes to save time
Cloud-based accounting software allows users to set up workflow automation for processes such as manual data entry, reoccurring payments, or issuing invoices.
2. Access data anywhere, on any device
Since data is hosted online, you can access the data anywhere on any device as long as you have an internet connection. Some cloud accounting software, such as Xero, simplifies the data viewing process with their mobile app.
3. Access real-time data and insights
Whether have 10, or 100 transactions, cloud accounting software can process the data in real-time and generate actionable insights, letting you make informed decisions faster.
4. The software scale with you
Scaling up no longer requires a huge infrastructure upgrade. It is as easy as adding additional users, or a simple plan upgrade.
5. Easy and quick implementation
Cloud Accounting software experts such as NOVA can shorten and simplify the implementation process, while also providing training and support to ensure a smooth transition from your old system.
Most cloud accounting software is designed for non-accountants. However, having basic accounting knowledge is recommended to make the best use of cloud accounting tools. We offer basic accounting knowledge training for onboarding clients, as well as accounting and bookkeeping services for those who want professionals to monitor their numbers.
If you are worried about Cloud Accounting security, you shouldn't be. Cloud Accounting is one of the most secure ways to store information, or at the very least, significantly safe than traditional accounting storage.
1) Automatic Data Backup
There is always a risk of losing data when it comes to traditional accounting tools. For example, your laptop can be stolen, data can be hacked, or your local data servers can experience an outage. You don't need to worry about such risks when you use Cloud Accounting software, since data is stored on the cloud instead of on physical devices. Most Cloud Accounting software enforces stronger layers of security by backing up your data in multiple physical servers, in different geographic locations, so that your data is still safe even if one server goes down.
2) Data Encryption
Cloud accounting software encrypts your data and transfers it through encrypted connections, leaving no trace of your data on physical devices.
3) Complies with International Security Standards
Cloud Accounting solutions, such as Xero, comply with International Security Standards such as ISO27001 security standard compliance, SOC2 security assurance audits, and more.
Cloud Accounting is the new norm. It offers the financial clarity, agility, and efficiency that are all essential for businesses to stay ahead of the competition. Even if traditional accounting does the job fine for your business, you should definitely consider the switch at some point.
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