Benefits of cloud-Based Accounting
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Your Business Needs To Be “In the Cloud”
1. Protect yourself from data loss
Don’t be the one who said “I forgot to back it up!” Here’s a simple – and powerful – stat: 80% of Americans who own a computer have backed up all the data on their computer—which is up from 2018—and that nearly 58% of these use the cloud as the primary method.
However, you’re a busy business owner, and that means you may not be backing up as often as you should… Fortunately, with cloud accounting like QuickBooks Online, backups happen automatically every single night.
But what about security? We hear you! Your data (and your business) are super-secure. Even better than a trusty computer behind a locked door, cloud-accounting software runs on highly encrypted servers offering security that never sleeps.
2. Access your data anytime, anywhere
Imagine that you’re waiting for a meeting with a potential client when you remember that you need to send an invoice to a different customer. You could either make a mental note (and hope to remember!) for when you’re back at your computer, or you could send the invoice right then and there from your phone or tablet.
Cloud-based software is accessed via the internet so you won’t be stuck at your business location. You can check your company’s financial information anytime from the office, while traveling or from your home.
When you’re a business owner, every moment matters. Working in the cloud allows you to complete your accounting tasks efficiently—exactly when it’s most convenient for you.
3. Get the clearest, most up-to-date picture of your business’ financial health
You’re looking through a report, getting an idea of your business’ financial standing for this quarter. Then you realize that this report is outdated and missing several important pieces of data, meaning it isn’t at all accurate.
Now you need to invest hours tracking down different spreadsheets and manually updating digits to get a grasp on how your business is performing.
Cloud-based accounting software connects directly to your business bank accounts and can help you easily track sales and expenses. As long as you keep everything up-to-date on a regular basis, you know you’re always seeing real-time data in your accounting software.
4. Collaborate seamlessly with your partners and accountants
You spend more hours than you’d care to count compiling financial reports for your accountant. It’s a task you dread.
Using cloud-based accounting software means you can remove this chore from your plate entirely by setting up access for your accountant so they can log into the software as needed.
You’ll have total control over how much financial information other people—from your employees to your accountant to an outsourced team—will be able to see by customizing their access. For instance, if you have an employee processing your payroll, you can give that employee access to the payroll portion of the software without letting them have access to your bank accounts.
You’ll make collaboration seamless (and save yourself a lot of headaches), while still keeping your data secure.
5. Improve your cash flow
Still printing and mailing your invoices? Are you frustrated by needing to wait weeks (or even months) for that money to land in your business bank account?
Cloud accounting software lets you easily create professional-looking invoices and send them to your clients by email soon after the purchase—even the same day if you choose.
You can also accept payment directly through this online invoice by credit card, debit card, and ACH bank transfers. The easier you make it for your clients to pay, the more likely they are to do so right away—putting less time between you and your money.
One of the best parts about cloud accounting is that you can get a grasp on your cash flow in real-time. Whether you want to check a payment or look at a customer’s history, you can do that conveniently from whatever device you’re using and get an immediate grasp on your financial status.
6. Capture receipts on your phone
Expenses. Love ‘em or hate ‘em, you know that you can’t monitor your business growth or prepare financial reports without tracking them. Unfortunately, logging and categorizing your expenses can be a pain, especially if you’re just throwing all of your receipts in a shoebox to be entered during crunch time.
With cloud accounting and the QuickBooks mobile app, you can snap and save photos of your receipts wherever you are. Powered by AI, QuickBooks scans those receipts for things like date, vendor, amount, and payment method so that they are automatically uploaded to your accounting software and matched with existing transactions.
You’ll have a detailed log of all of your expenses, as well as all of the receipts you need to back them up. That’ll be especially helpful when tax time rolls around and you need to categorize your write-offs.
7. Ensure your software is always up to date
Your software has updates available. Install now? If you’re like a lot of people, you immediately close out that distracting popup—and then you do that very same thing for the next several months. Before you know it, you’re operating with software that’s several versions behind (and, as a result, vulnerable to all sorts of threats and bugs).
QuickBooks Online rolls out updates every single month. They’ll happen automatically, so you’ll always be working with the most current version.
You might think that moving to cloud-based accounting software is a hassle. But in reality, it’s a bigger hassle not to. Making this simple switch offers plenty of benefits for your business.
The biggest perk of all? Less time obsessing over clunky and outdated accounting software means more time for doing what you do best: running your business.
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