Real time cloud accounting is accounting for the future and the way forward for any business that wants to propel and prosper in the digital age.
Although the concept may seem scary to some, welcoming cloud accounting to your business could be the best decision you ever make.
What Is Real Time Cloud Accounting?
Real time cloud accounting software provides you with all the right tools needed to meet your company’s financial objectives. Unlike traditional software, it doesn’t have to be installed and keeps your information safe and secure. Also, because it’s connected through the cloud, updates are more swift and efficient as they are done online and not through the computer.
One of the biggest benefits of cloud accounting is that it alleviates the stress of running a business by eliminating the hinderance that the financial side can cause. It saves a company time and money. For those not so financially inclined, this modern way of accounting is seamless and cuts out unnecessary technological jargon and for those with less time to spend manually entering information or arranging time to spend on the financial side of the business, cloud accounting allows owners to stay connected to their data at all times.
Why Is It Better Than Traditional?
Real time cloud accounting is more valuable to businesses because it allows individuals to manage their accounts in real time. All financial information and data is kept in one place, so nothing is misplaced, lost or unreadable. As it’s not traditional software, it doesn’t have to be downloaded onto each, individual computer and can be accessed across branches or remotely by more than one person if necessary.
Cloud accounting is proactive and updates itself automatically, so businesses do not have to refresh or worry that an expense is not showing up. Accounts can be monitored throughout the day and night, so the day doesn’t have to begin and end when the banks open and close!
Traditionally, accountants clamber to find documents once a year when filing needs to be done. Conventional accountants used to record every transaction in books called ledgers before computers made this process digitalised. However, although data is now stored on computers, it doesn’t make it any safer or more controlled than it was when kept in a filing cabinet. Information is still sporadically organised and has the potential to be deleted, lost or corrupted by human or computer error. Any physical damage is eradicated as all information is stored in the cloud, so rebuilding and locating financial documents becomes a thing of accounting past.
Benefits of the Cloud
Cloud accounting helps to find problems and allows opportunities to increase efficiency in the business. Therefore, this modern way of accounting provides an overview of your company and not only takes the worry out of finance, but also aids in business improvement and productivity.
Real time cloud accounting works with other technology to improve a business and its finances. For example, scraping technology helps to pull transactions straight from a business’s bank account, so someone does not have to manually enter deficits or payments.
With cloud accounting, the sky really is the limit.