The accounting software that is hosted on a remote server is known as cloud accounting software. The users of the cloud accounting software or the online accounting software send financial data to the cloud, where it is processed and then returned to the user.
Users can access the software via the internet or any other network through a cloud application service provider. Unlike traditional accounting software, using cloud-based accounting software like ACOUNTE, you don’t have to set up individual desktops with software because everyone in the company can access the cloud using their own devices.
By this, remote teams or branches can access the same financial data and the same version of the software from anywhere. A major advantage your get by using cloud-based accounting software is that all the data is backed up automatically, and disaster recovery is part of the software.
1. Save Time with Automation
With cloud-based accounting software, you enjoy the feature of automating most of the accounting tasks, which in turn saves a lot of your time. For instance, when you enter the vendor information, the software sends you notifications regarding the due payment. You can even set it up for automatically paying that vendor on the same due date of every month. You can also automate other tasks like sending out invoices to recurring customers.
2. Ensure Accuracy of Your Accounting
With cloud-based accounting software, there are lower risks of accounting errors as all the relevant financial data is at the same place. When you enter your daily expenses and categorize transactions daily, you can get an accurate report at any time you want.
To get an accurate report of your cash flow and financials, you don’t need to know different accounting formulas, shortcuts, or practices as you need for an excel sheet. All you need to do is make sure that you enter your expenses and incoming on a daily basis.
3. Access Your Financial Data Anytime from Anywhere
With cloud-based accounting software, you can access your financial data anytime and from anywhere. As the cloud is hosted remotely, so you don’t need to worry about wasting time with updates and downloads that come with other regular software. There is also cloud-based accounting software that has a mobile app making it easier to access the financials while you’re on the go.
4. Makes Collaboration Easier
Cloud-based accounting software makes it easier to collaborate with the accountant. With the software, you can not only easily generate reports but can also make your accountant access them easily whenever needed. With this software, you also get control of the amount of access you can give to any employee. For instance, if your software has an employee processing payroll module, you can give access to your employees only to payroll without them be able to access other financial data.
5. Go Paperless
While handling your finances, paperwork can add up and can become a challenge for you. Filling receipts, invoices, and expenses manually can be quite difficult. With cloud-based accounting software on your side, you can easily import the financial data from the papers straight into the cloud. When you move the data into the software, you can access it anytime and get a convenient real-time view of your finances without going through the pile of papers. It minimizes the risk of losing crucial data and also the risks of manual errors and results in a more efficient method of managing your finances.
Cloud-based accounting software uses encryption; it rewrites all of your information into a secured, unbreakable code in order to send and store your data. This software requires far less maintenance as compared to the traditional one. The cloud provides all the updates and backups, and nothing needs to be installed or downloaded on the company computer.