In case you haven't heard, there’s a huge shift happening in the accounting world these days.
Cloud-based systems like QuickBooks Online, Xero, and FreshBooks are taking over the world because they help people save time, eliminate IT issues, and radically streamline their accounting workflows. As a result, cloud accounting is rapidly replacing desktop software as the go-to choice for most small to midsize businesses.
If you’re already doing things in the cloud, you know it’s a completely different ecosystem: lighter, faster, and easier. If you’re still using traditional software, here are seven reasons to consider making the switch:
1. Easier to deploy
No more servers, no more networks, no more software upgrades. Cloud accounting systems are easy to set up, work on any device, and require minimal IT expertise or maintenance.
2. More efficient
Nobody likes data entry. Cloud-based systems allow you to automate most of the boring, repetitive work that traditionally plagues accounting by using bank feeds and bank rules.
3. Anytime/anywhere access
With a cloud-based system, you can access your accounting from any location you want: home, office, mobile hotspot, small cabin in the woods, you name it.
4. Easier collaboration
The cloud enables people to collaborate on the same system, in real time, from any location. You can also give your accountant access to the system and let them do their work remotely (a win-win for both sides).
5. Real-time financials
Thanks to bank feeds, it's easier than ever to download and code your accounting transactions. As a result, business owners can get accurate financials whenever they need them — not just at the end of the month.
The app ecosystem allows small businesses to start with a basic accounting system and add more functions when they need them: payroll, POS systems, online timesheets/time tracking, e-commerce add-ons, cash flow management, etc.
7. data safety
It’s now widely accepted that online services like banking, shopping, and accounting are completely safe and secure. Also, the best place to keep your accounting data is in the cloud, because you’ll never lose it.
If you’re starting a new business from scratch, cloud accounting is practically a no-brainer. It's faster, better, and more efficient than desktop software. If you have an established business and you're thinking of moving to the cloud, it will involve some conversion costs and a 2-4 month learning curve — but the payoff will be worth it. The bank feeds and anywhere access alone will make you glad you switched.