6 Ways Cloud Accounting Is Changing How Businesses Manage Finances

Managing business finances, especially for small businesses, used to mean muddling through desktop accounting software or outsourcing accounting work to an expensive accountant. Cloud accounting has changed financial practices for businesses all over. A system that’s efficient, cheap, and extremely accessible might sound like a fairytale, but if you’re familiar with cloud document storage, you know how easy it is to drag and drop, to share, and to manage data via the cloud. Cloud accounting software is the new way to do business finance.

Instant Updates

If you ever did old-school accounting work, you know how annoying it was to change data in your documents. Even something as simple as changing a value in a single box on a spreadsheet sometimes meant updating tons of information in lots of different locations. Cloud accounting software automatically alters everything relevant when you change one variable. As a result, you’re focused on how that simple numeric change affects your business, not on remembering all the files you need to update.

Access From Anywhere

You can access your cloud accounting software from anywhere you have an internet connection. That means you can monitor your business’s accounting processes in real time, check on team members with software logins from anywhere, and update information as you travel. You don’t have to wait for your team accountant to show you the data, nor do you have to print out a bunch of records to take with you to a financial meeting. If your team members have accounting trouble while you’re away, logging in to investigate the problem is easy.

Streamlined Processes

Because you’re buying software from a company that manages it online, any problems or bugs get fast fixes. New updates are instantly available, and tech support is just a click away. When you want to add a new feature, it’s easy to upgrade your accounting software from the cloud. When you want to add employees to the account, create logins for them in a snap so that multiple people can work on the books at once.

Valuable Analytics

Know which parts of your business are making (or using) the most money. Figure out whether your overhead is eating up too much cash and whether certain clients are consistently paying their invoices late. Business insights and analytics like these offer the kind of valuable information you used to need a professional (or a degree) to unlock. Leverage Sage One's cloud accounting software for reports and insights that will help you maximize profits and minimize expenses.

Better Scalability

When you start with a small business, you get the cloud accounting software package that offers you the tools you need to do the accounting for that small business. When your business starts to grow, you can buy extra packages and add-ons for more tools and features. Scalability is invaluable for growing businesses. Moving from one type of accounting software to another is time-consuming and expensive. Start with something scalable, however, and you’ll save yourself time and money.

Simple, Secure Storage

Data saved in only one or two places is at risk of being lost. If you have your data on a single hard drive, all it takes is a virus to wipe out that data. Hard copies get lost, fall apart, or end up accidentally thrown away. Laptops break and get stolen. Cloud accounting stores your financial information, just like SpiderOak stores your business data. The cloud uses secure login information; even someone who steals your laptop or smartphone won’t be able to access your business accounts. As long as you have an internet connection, you can access your data.The best quality of the cloud is how little it limits you. You have access to your financial data whenever you need it and on any device that gets an internet connection. Upgrades and new features are ready for you as your business grows and your needs change. As you take on more employees who need access to financial information, sharing that data in a secure way is easy.