Benefits Of Cloud Accounting Software
Overall speaking, cloud-based software brings many benefits over other solutions. From allowing you to work from anywhere at any time to improving accuracy and compliance, automation of time-consuming manual processes, and the ability to accelerate financial close processes with less effort are just some of them.
Depending on the software that you choose to use, you may gain more benefits. For example, the software may allow you to lower IT overhead, more predictable software costs, better disaster recovery, higher levels of availability, sophisticated threat and security monitoring, and greater scalability and performance.
14 Benefits Of Cloud Accounting Software
#1: Less Administration:
One of the main benefits of using a cloud accounting software like Flowlu is that you will simply reduce the time you usually spend with software installation, backups, and other administrative tasks. After all, you'll be accessing it all over the internet.
When you are using Flowlu, you won't need to buy or manage servers to run your accounting software. You don't have to perform regular backups either. This will give you and your staff more time to spend on more productive activities that can actually grow your business.
#2: The Software Is Always Up-To-Date:
When you are using a cloud-based software like Flowlu, you don't need to worry about updating it. Since it's in the cloud, you will always be using the latest version.
Overall speaking, your provider will be the one responsible for taking care of all the changes to tax rates and accounting rules.
One of the best things about using cloud-based software is that these platforms usually allow you to automate many accounting and banking tasks which would juice manual work. For example, a software like Flowlu can automatically schedule reports, produce recurring invoices, import bank, and credit card transactions, pay subscriptions, and much more.
#4: Paper-Free Business:
When most people think of accounting they automatically think of paperwork. However, in today's digitized world, it's not efficient and it's completely unnecessary to continue to physically store archived paper records or manually distribute paper reports to lenders, investors, and other parties. Instead, you should turn to sending invoices electronically and ask them from your vendors as well.
#5: Data Security:
One of the main concerns, when you are taking care of your accounting, is related to security. You may have some concerns about storing sensitive information in the cloud. However, we can assure you that your data is secure. Not only do cloud providers apply multiple levels of security but they also automatically back up your data so you don't run the risk of losing crucial financial records. Even if one of your employees loses his laptop, all your financial information will still be on the cloud.
One of the main advantages of using a cloud-based accounting software instead of a traditional one is scalability. As you know, as your business expands, managing finances with spreadsheets becomes unbearable. On the other hand, when you are using a cloud-based system like Flowlu, you will have a system that grows with your business.
Overall speaking, comprehensive cloud-based accounting software can scale and flex to match your business needs.
#7: Single Source Of Information:
When you are using cloth accounting systems to store all financial information in a single database, you are guaranteeing that everyone in your company works from the same information. There won't be any more time wasted trying to discover the latest version of the spreadsheet. As you can easily understand, such a system that includes a single, central, authoritative data set ensures consistency across all accounting processes and financial reports.
Since every business is different, you will be glad to know that you can adjust or customize your cloud accounting software to your own needs. When you are using Flowlu, you can build your own personalized dashboards that give each user an at-a-glance view of their most important metrics and other information.
One of the main benefits of using a cloud-based software for accounting is that you can access it from any location, 24/7, through a web browser or mobile app. You don't need to be at your office to access your data. As long as you have an internet connection, you can access your data and work.
#10: Real-Time Reporting And Data Visualization:
When you continue to rely on old spreadsheets or paper, it's difficult to get a quick, accurate, up-to-date view of business performance. And this can lead to many bigger problems in the future. This means that the sooner you change your system to a cloud-based software for accounting, the better.
One of the biggest advantages of using a cloud-based accounting system is that you can access centralized financial data in real-time. This means that instead of waiting for historical reports that may take a lot of time to complete and are completely erroneous when they finally arrive in your hands, you can now have an up-to-date view of your company’s current financial position.
In addition, the way you visualize data is also important. With Flowlu, for example, you can get reports that also include graphs and charts that give you immediate insight into your company.
#11: Many Integration Possibilities:
Depending on the cloud-based system that you choose, you may have the option to integrate other applications. This is the case with Flowlu. With just a couple of clicks, you can easily integrate as many apps as you want. The main benefit is that they will all share the same central database which is always accessible.
As your business grows, you can add more apps that may help you manage other aspects of your business.
When you're using a cloud-based system like Flowlu, you'll also see an improvement in the collaboration between team members. For example, there's no need to manage multiple versions of the same file or copy data onto thumb drives to share it with others.
As long as everyone in your company has Internet access, they can access the system and retrieve the information they need.
Using a cloud-based system like Flowlu allows you to automate certain processes and tasks, gives you access to accurate information, and will ultimately contribute to a more efficient accounting function.
The truth is that by using this kind of technology, your staff will waste much less time manually entering and checking data, and increased accuracy and built-in controls mean they expend less effort tracking down issues, such as mismatched invoices. And remember that more automation and accurate data mean that your staff members won't have to waste precious time consolidating data to meet deadlines.
Above all, since all this accurate data is available in real-time to everyone, your company can also use it to make decisions that improve business performance.
When you're using cloud-based accounting software, you'll notice an increase in accuracy. This is the result of the elimination of many of the manual steps that are required when you're using spreadsheets. But you can even take a step further and use automatic categorization for some transactions and even for calculating taxes. A cloud-based system may also help you match received invoices to payments and shipments and even automate reconciliation processes, matching internal transactions to bank records and flagging errors.