Say goodbye to old school accounting software and prepare to embrace the future – cloud accounting. Many major organizations and government agencies around the world are already leveraging the cloud to manage their financial data. They fully appreciate the benefits that come with the ability to access their data in real-time, via a browser from anywhere in the world.
Benefits of Cloud Accounting
Cloud accounting is a very cost effective solution for all enterprises regardless of their size. It eliminates the need to purchase hardware or accounting software. And unlike the conventional accounting software, it requires absolutely no updates. Overhead costs, version upgrades, maintenance, system administration costs and server failures are now no longer issues – all those things are managed by a cloud accounting service provider.
Ease of access
Cloud accounting applications enable users worldwide to access their company financial data from anywhere, at any time without having to download and install anything on their desktop. All you need is an Internet connection.
One example is a Multicompany feature. Managing finances for multiple companies is never an easy task. If you need to maintain records of several organizations, Multicompany is going to come in handy. It will allow you to customize each organisation as you please while maintaining the ability for them to work together in one system.
Cloud accounting applications tend to be subscription based and can scale according to your company’s needs. Usually there is no major up-front investment in hardware and software. Companies using cloud accounting technology benefit from better cash flow and are able to allocate their IT staff to more strategic projects. Upgrades are also managed seamlessly allowing users to enjoy the new features that come along. What’s better – all this is at absolutely no cost.
Improves Business Performance
It gives an organization the scope to respond to changing business conditions and helps a finance team to generate real-time financial reports and dashboards while allowing a shift of focus to more strategic initiatives.