Five SME benefits to utilising cloud-based accounting software

10th October 2014

Cloud computing is rapidly changing the way businesses are able to operate, prioritise and plan for the future. As part of this revolution, small to medium sized businesses are embracing the benefits of using cloud-based accounting software to keep on top of their finances. Here are five ways cloud-based accounting can make a valuable difference to your business:

1. Cost-effectiveness

Cloud-based accounting software has quickly proven to be a cost-effective short and long term solution for any small business. This is because the technology used enables the accounting process to become a lot more efficient. Invoices can be prepared and turned around in a far smaller timeframe and users can chase payments without delay. Because cloud-based accounting is online, businesses do not need to purchase the costly equipment such as data storage hardware associated with traditional accounting practice.

2. Usability

From the relatively straightforward to the incredibly complex, the account setup and financial situation differs from business to business. Luckily, cloud-based accounting systems are designed with usability as a defining feature. This allows users to get the hang of the software much more quickly, unlocking the usage potential in a shorter timeframe.

3. Accessibility

A key feature of cloud-based accounting software, and cloud computing in general, is its accessibility. Important financial details and documentation can be made available in moments and with very little effort. This has proved to be a valuable asset for users as the flexibility of cloud accounting software means that such matters can be addressed on the go.

4. Collaboration

Using cloud-based accounting software makes it possible for businesses to access key data much more efficiently. This in turn allows for greater collaboration between team members. A simple quote generated by a member of the sales team can be instantly made available and accessible to the rest of the team saving firms time and money.

5. Security

One question that often gets raised about cloud-based storage, and rightly so, is how secure these systems are. Firms want to be assured that important documentation and company/client data is going to be kept private and confidential at all times. Developers are fully aware that security is absolutely paramount to the integrity of cloud computing, meaning that these systems have been designed using a complex concoction of encryptions, algorithms, authentication and authorisation procedures to ensure that this remains the case.

We think you’ll agree that these five features showcase just some of the benefits to using cloud-based accounting systems. If you think that cloud accounting software would work for your business, why not get in touch and we will gladly provide more information.

From now until the 31st October 2014 we are offering a free 4 week full access trial to Xero accounting software with no obligations.

Please call 01273 737307 or email us: info@bainbridgelewis.co.uk.