How Moving to Cloud Accounting Will Help a Business

The pandemic has changed how the entire society works, forcing people to reduce their social interactions. Non-essential businesses are now entirely online-based, with many finding that working from home or remotely is more efficient and effective than working in offices.

This move has exposed the inefficiencies in traditional bookkeeping and accounting for accounting professionals, which was largely outdated even before the pandemic. The pandemic seemed like a catalyst to change to more modern systems- most significantly, the cloud for those still using traditional systems.

Cloud computing allows the accountant to

Remove outdated processes
Eliminate manual and paper-based processes
Enhance controls and visibility

This article will cover how moving to cloud-based computing will help a company and enhance its performance in the following ways

Significantly Lower Costs
Enhanced Customer Experience
Flexibility
Communication and Innovation
Reliability
Security
Mobility

There are multiple benefits of adopting cloud technology, which is why so many businesses, from corporate giants to new start-ups, are embracing it. Whether you’re looking to protect data or reduce your company’s carbon footprint, cloud computing can help.

Significantly Lower Costs

Working online helps you reduce your IT costs and keeps you constantly connected to the business. Desktop-based systems require investment in IT hardware and the maintenance of such hardware.

It would be useful if you had a server to house that application and the related data. And you’ll need to pay an IT expert to maintain both the server and office network – that can be an expensive overhead.

With cloud-based accounting, you don’t need to maintain an IT infrastructure and access the cloud from anywhere.

Enhanced Customer Experience

Cloud-based solutions will enable businesses to deliver better standards of customer service. Cloud helps businesses offer their services in

User-friendly
Saves time
Transparent manner

Accountants can share accounting documents and data with their clients. Further, the remote access of documents enables accountants to assist their clients from any location, making it convenient for accountants and clients.

Flexibility

Cloud-based services are celebrated for their flexibility in general. In the modern world, flexibility is a vital watchword. The needs, requirements of the clients are changing all the time.

With cloud accounting, accountants can

Free up resources
Satisfy clients and their needs

The on-demand access to accounting information and resources enables accountants to accomplish essential tasks such as filing tax returns or any other financial tasks without being dependent on on-premise infrastructure. Thus, it gives businesses great flexibility as they can serve clients at any time.

Communication and Innovation

Communication is crucial to succeeding in any business; the cloud has made it possible and made it easier to collaborate with clients, advisors and colleagues worldwide. Working and sharing information with colleagues is a straightforward process when done on the cloud.

Unlike using the old desktop approach, where you have limited access to accounts, you can have access to unlimited accounts of your company by moving to the cloud.

Reliability

With the help of cloud accounting, a business can enhance its reliability and efficiency of its financial processes and manage or control them in a better manner. This is because cloud accounting has a better understanding and overview of debts. It also has information such as

Expected income
Debtors
Due payments to be made or received

Security

Every accounting firm is concerned about its security its sensitive financial data, considering the number of cyber-attacks. Data stored over the firm’s desktop software, the records are always at risk of being tampered with due to some human-made mistake. Some security features like

High tier encryption
Strong passwords
Network firewalls
Access filtering process

As per the accountancy report 2020, around 78% of businesses depend on cloud accounting. It also provides robust quality backups of the important financial information, which can be recovered at any given time.

Mobility

The greatest convenience of cloud accounting is that you can have access to financial information stored from anywhere and at any time. This means that you do not have to be present in your accounting firm to oversee the financial records.

And with the help of accounting software, you can access such information from the comfort of your smartphones as well.

Why choose Jaxa Chartered Accountants?

We at Jaxa Chartered Accountants understand that every business is different. But every business needs expert financial advice and accountancy of its own. With over 15 years of experience, our accounting and auditing experts will guide you at every corner of your business, be it decision-making or tax compliance.

We offer a wide range of services, including Auditing, Accounting, Management and Software Consultancy, focusing on business excellence and professionalism.