It is highly likely that you already use a service that is based “in the cloud” for storing or accessing important information – be that for you personally, like backing up your photos, or for your business.

More and more services are moving to become cloud-based because of the huge benefit of accessibility – you can get hold of data anytime, anywhere, from any device. Small business owners are using this accessibility to their advantage, let’s explore how.

1. Accessibility – so what?

A service based in the cloud means you aren’t restricted to access via one machine in your office. There’s no software to download and maintain, or a USB stick to lose. As long as you have internet access and a computer or mobile device, you’re ready to go.

Accessibility isn’t just about where, it’s also about who. Cloud accounting allows you to offer multi-user access which makes it easier for you to collaborate online with your team or your financial advisers. You’re in control of what information they have access to, saving you time in downloading and sending information they need.

2. Information in real-time

Make informed decisions about your business based on real-time data. You can view your financial position on the go, wherever you are. You’ll know exactly where your business is today, and make decisions with confidence for tomorrow.

Reports can also be created at the push of a button, and you can trust that they will be accurate and insightful.

3. Save time and get more productive

The flexibility of accessing the information about your business at any time, from anywhere, means you can utilise time that previously would have been wasted. Consider the time you spend commuting, or waiting for your next meeting. How useful would be it be to send out invoices as soon as you’ve left the customer, or upload copies of receipts for expenses as you acquire them. Rather than hunt them down in your pocket at the end of the month…

4. Secure and backed-up

Avoid the frustrations of searching for information stored in various spreadsheets, or worse, losing data you’ve invested hours in creating and updating. The cloud service provider will have a solution that includes firewalls, data encryption and multi-factor authentication to keep your data fully secure.

5. Think accessibility comes at a cost? It’s cheaper than you think!

Previous technologies would mean buying an annual licence for software to sit on one machine for one user. With the cloud service provider responsible for things like system admin costs, server failures, maintenance and version upgrades – you simply pay the monthly subscription fee.

 

Want to know more?

If you’d like to discuss the benefits of using cloud accounting for your business get in touch today or call 0808 1644 222.

You can also read more about the specific benefits of using cloud accounting provider Xero, which includes some useful videos.

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