How accounting has entered the modern world of data storage and why you should too
We sometimes get accused of working with our heads in the clouds…
While usually, that’s not ideal, in the world of cloud-based accounting, there are some sweet benefits to operating on a cloud-based platform. If you’ve ever lost accounting data in a computer crash or found yourself desperately needing information while you’re out of the office, you’ll want to read on.
At Tradies Accountant, we use cloud-based accounting software in servicing our clients, saving clients time and increasing the accuracy of their financial reporting. Here are the top 6 reasons we live with our heads in the cloud.
#1 – Access your data from anywhere, on anything
If you’re constantly on the go, jumping from your laptop to your phone to your tablet and back again, you’ll know the pain of realising the file you need is saved on your other device.
With a cloud-based system, you can jump on via your online login and get access to everything from anywhere, at any time. And because it’s accessible via the web, there is no need to download programs to your devices, meaning there are no lengthy download times or difficult installation processes.
Being able to access your accounting system 24/7 will also encourage you to stay on top of the numbers; no more throwing receipts onto the floor of the ute because you’ll ‘definitely file them when you get back to the office’. Simply pull out your device, enter the information and get on with your day, knowing your accounting is up to date.
#2 – Put more than one person to the task
‘Many hands make light work’.
Since you’re able to access the system from anywhere, on anything, at any time, you can work collaboratively within a team of people.
Perhaps it’s time to outsource your accounting to a financial professional. You can easily share vital information across the online platform, without the need to export, attach to an email and then download at the other end. Individuals have their own login and it’s easy to track who made what changes when meaning you retain full control.
#3 – Tech support and automatic updates
Most cloud-based platforms have tech support and free automatic updates built into their subscriptions. The quicker you can solve a tech issue and move on, the less time lost in the day (after all, time is money when you own your own business).
Automatic updates mean you’ll never be stuck working with outdated technology or systems. Why is this important? Other than making sure you don’t embarrass yourself in front of the kids, it also ensures that you’re compatible with the latest devices and are working with the fastest, most powerful platform possible.
There is nothing more frustrating than watching a screen load at snail’s pace…
#4 – Online quoting and invoicing
Imagine turning up to quote on a job and before you drive away, you have an electronic quote professionally presented to your potential customer. Or packing up the tools at the end of the day and knowing that your customer has their invoice before you’ve cracked your first beer.
Quick and efficient invoicing processes mean improved cash flow and greater peace of mind. When a quote is accepted or an invoice is paid, you’ll get a notification and you can get on with the job at hand.
#5 – Automated payroll
Keeping track of superannuation contributions, PAYG tax and leave management can eat up your day. An automated system can not only give you back valuable time but make sure you are following the laws and regulations of employment.
Plus, when your employees are consistently paid on time and correctly, it’ll contribute to a feeling of being valued and appreciated within the business.
#6 – Never lose data again!
Losing important information about your business because of computer fault can be an extremely frustrating and costly exercise. And while we may tell ourselves we back up regularly, it’s easy to go months before remembering to hit Save As onto a USB or hard drive.
When everything is stored in the cloud, you never have to worry about losing data again (even on sunny days).