Cloud accounting is another term for online accounting, and operates similarly to online banking services you may already use. Accounting processes for SMEs have usually required specialist software, installed onto the business’ own computers or servers with all the processing done from there. Over time the software requires upgrades, along with increased storage space and training. With cloud accounting the specialist software is located on the software provider’s own server and it’s accessed from any Internet browser. The provision of this kind of software in the ‘cloud’ is also known as Software-as-a-Service (SaaS). Cloud based accounting allows your business to work smarter and more efficiently, and here’s how …
10 Benefits of Cloud Accounting for your Business
1. Reduction in upfront costs
With cloud accounting you have no specialist software or hardware to purchase, software solutions are all deployed by the provider (e.g. Datamolino) online on their servers. With all your data stored in the provider’s cloud (servers) there are no costs for physical or off-site storage.
2. Lower IT costs
The IT training, skill and knowledge of the software provider is all included in your subscription to a cloud accounting service. The provider manages all software upgrades, maintenance, administration, storage, backup and troubleshooting so you don’t have to.
3. Security
All your data is stored in an offsite location not on laptops that can be stolen or USB drives that can be lost. You determine who has access to your data, and only you can grant access to it. There can be no theft or unauthorised access. Cloud accounting providers know that data security is paramount and their servers are actively monitored, secured and maintained.
4. Up to date software
SaaS providers make updates to their software automatically and in real time without interruption. There’s nothing extra for you to download or install.
5. Scalability
As your business grows your cloud accounting software service grows with you. There’s no need to procure more resources (licenses, IT professionals, servers, storage) because your service provider is designed to manage all your increases in usage automatically
6. Lower energy costs
SaaS offerings use only the resources the business requires and nothing more. There’s no electricity wastage from servers sitting idle or from a lack of optimization. The provider optimizes usage and they bear all the costs.
7. Access & Collaboration
The flexibility of cloud accounting allows access to any document, from anywhere, and at anytime. Multi-user access allows any number of people to update files and documents in real time.
8. Improved document management
With documents stored in the cloud there’s no paper to get lost or misfiled. Everything is searchable and retrievable in seconds.
9. More efficient staffing
Easier collaboration means reduced staff time working on individual documents. Quicker document management processes means more time for higher-level work.
10. Disaster recovery
Fire, flood or giant lizard attack won’t destroy your data because it’s stored and backed up off site. There’s no longer a need to store your data onsite or back it up at another location. As soon as your impending doom from giant reptiles is over you can login and work away.
Cloud accounting solutions allow your business to outsource IT infrastructure and streamline workflow processes simply and inexpensively.
– Andrej Glezl (CEO – Datamolino)
With Datamolino you can also outsource the work by automating your invoice and receipt processing.
