What is cloud accounting software?
The easiest way to grasp the principles of cloud accounting software is by considering like online banking. Put simply, cloud accounting software is a platform that presents you with data and software online. This data and software is accessible anywhere, anytime and from any device – all you need is an internet connection. So, with that in mind, why use accounting software in the cloud? What are the benefits?
Firstly, let’s look at the shortcomings of traditional accounting software, in order to understand why the need for cloud accounting software arose in the first place.
The drawbacks of traditional accounting software
- Traditional accounting software will only work on the one computer and data is transferred from one location to another through means such as USB sticks, which is neither secure nor reliable.
- Only one person has user access, which makes it difficult to share information or to collaborate with others.
- Data in the system will not be up-to-date, and nor will the software.
- It often proves time-consuming, difficult and expensive to upgrade traditional accounting software.
- It is costly and complicated to back up your data, if backups are kept at all, leading to huge operational risk in the event of a loss of data.
As a result of the above, a need arose for accounting software that fixed these issues, and so cloud accounting software was born.
The benefits of cloud accounting software
- Cloud accounting software offers a clear and succinct overview of your current financial position, right at your fingertips and in real time.
- Multi-user access allows collaboration between teams and advisers. It also allows you to control who has access to your data, along with the level of access granted to them, which is a far more secure means of data transfer.
- Any updates to cloud accounting software are instantly available, automatic and free of charge.
- The software runs entirely online, which means there’s nothing to install and your data is all backed up automatically.
- Cloud accounting software reduces a number of upfront business costs, such as software upgrades, maintenance, system administration costs and service failures. These are managed remotely by your cloud service provider and are thus no longer issues for the firm itself to have to worry about.
Could your organisation benefit from moving its accounting software into the cloud?
If you wish to start reaping the benefits of cloud accounting software within your organisation, the Fabulous Group can help. We have a wealth of experience implementing and operating cloud accounting software for our clients and will be more than happy to advise you on how a shift to the cloud could benefit the everyday function of your accounting software, and indeed your business as a whole.
To find out more about cloud accounting software for your business, please do not hesitate to call the Fabulous Group on 0800 112 0880, or email us at firstname.lastname@example.org, and we will be happy to help you. Alternatively, you can fill out an enquiry form on our website.