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In Britain, where we are often subjected to four seasons in one day, we could all be forgiven for wanting to see the back of clouds for good. However, there’s a new cloud on the scene and it’s one that business owners need to embrace…
What Is “The Cloud”?
You wouldn’t be alone if the terms “cloud computing” or “cloud accounting” confused you but, the reality is that almost all of us are already in the cloud, whether we know it or not!
“The Cloud”, is an invisible storage space for data and software. The cloud eliminates the need for data to be stored on a device, where it would take up memory and restrict your access to when you are using that device only. Using the cloud means that you can access your data and files at anytime, anywhere and/or on any computer or device, simply by logging into software accessed through a website or app.
Take your emails for example, you can log in from any computer or device, to view, send or receive them. The same goes for internet banking, all you need to do is log in to your bank’s website or app and all your information is right in front of you. The cloud has revolutionised how we operate and that includes managing your accounts!
Why Move to The Cloud?
The cloud doesn’t just sound like a nice place to be, it really is useful too. Here are some of the benefits:
Save Time – Cloud accounting software can automate and streamline day-to-day tasks. From automatically importing your bank transactions and streamlining your bank reconciliations, to easy and professional-looking invoicing.
Save Money – Of course through saving time spent on accounting, you often save on money spent too; you could even put that time to better use to increase time given to other areas of your business. In addition, cloud accounting solutions themselves often have low-cost monthly subscriptions so no need for any large initial investments, expensive servers or costly internal IT teams, not to mention bespoke systems that you can now avoid or get rid of by moving to the cloud.
Collaborate – Multi-user access makes it easier than ever to collaborate with your team and your advisers through a single source of data. No more time consuming, unsecured backups, your adviser can instantly access your up-to-date, accurate financial figures to provide you with better advice.
Secure – Your data is automatically backed up so in the unfortunate event of a fire or robbery, just log in on another device and you can get straight back up and running. All professional cloud applications use secure, encrypted connections which means that no one can see what is being sent or received.
On the Go – Access your financial figures anywhere, at any time. Running a business leaves you with little time to keep track of your finances but with cloud accounting you can raise invoices, reconcile your bank and view up-to-date meaningful reports on the go, wherever you are.
In the long term, everyone will operate in the cloud but there’s no need to wait, the benefits are available now and the revolution is only getting better.
Cottons Chartered Accountants are Xero Platinum and QuickBooks Gold Partners. We also have a specialist cloud accounting team who can provide both setup assistance and training on the software of your choice. Contact your local Cottons office today to find out more. We have branches in London, Rugby, Daventry and Northampton.
Read more about Cloud Based Accounting