Every cloud has a silver lining
The increasing prevalence of cloud based business solutions is providing businesses with real opportunities to streamline and maximise efficiencies allowing businesses to seize opportunities for growth rather than getting embroiled in the detailed day to day record keeping.
Over the last five years there has been a revolution going on in the cloud based accounting solution market and it offers fantastic benefits for businesses.
Being able to access your financial data from any computer or mobile device at any time means that you, your accountant and other stakeholders have instant access to your records allowing you to collaborate around the business finances. Opportunities to save money and make efficiencies can be grasped immediately. Your data is securely held using sophisticated data encryption and because it’s held remotely there is no need for regular backups thereby simplifying your disaster recovery planning.
Cloud based accounting is also easier to use and process information than the more usual desktop systems Data from your bank and credit cards can be fed automatically into your accounting system removing the need to manually input transactions. Sales invoices can be generated automatically and emailed to your customers and purchase invoices can be scanned into the purchase ledgers. This level of automation makes it possible to reconcile your books as often as you like.
Cloud based accounting platforms suit most types of business and can easily be integrated with third party applications to provide your business with an all-in-one business solution. For example a hotel or restaurant operator can integrate their front of house booking into the sales system thereby eliminating tedious manual data entry.
Adopting cloud based system for accounting is a cost effective solution for new and more mature businesses alike. Software-as-a-service (SaaS) is becoming increasingly popular as an alternative to the standard software installation and accounting software is no different. With an increasing number of vendors bringing their innovative solutions to the market, there is plenty of choice for businesses and the competition means that subscription costs are comparatively low.
Increasing numbers of BHP clients are transferring to cloud accounting platforms. Those who have made the change are glowing about the business benefits that it brings; they have quality information at their fingertips and can really keep their finger on the pulse of their business. If you would like to explore how cloud accounting could benefit your business why not get in touch.