Cloud accounting is one of the best things to come out of modern technology in the Finance industry. There once was a time when it was much harder to get information on your bank account. You had to visit a branch office, make a phone call, or send something in the mail. Today, we have many options that are much faster and more convenient when we need to check balances, move money, or review investments. What cloud accounting benefits are you missing?
1. Access to Accounts from Anywhere
If you are connected to the internet, then you are connected to your financial accounts. Cloud accounting makes it possible to login from anywhere. You could be sitting in your car, a café, or on lunch at work and get the same information you would get by stopping by your bank.
2. Business Hours Don’t Matter Anymore
Banks usually only provide customer service during weekday business hours. Cloud banking allows customers to manage their accounts during the off-hours. You don’t have to speak to a person, so you can login and handle your money anytime – even in the middle of the night.
3. Accurate Data When You Need It
Data is presented accurately, just as it appears in your bank’s system. Many also offer quick updates that show up almost instantly. See recent transactions or deposits along with pending transactions.
4. Multiple User Access for Accounts
Cloud accounting lifts the one-user limit that often came with traditional software products. Allow multiple users to access financial accounts at the same time. This is a great benefit for businesses who need access for more than one owner, manager, or financial officer.
5. Integration with Third Party Software
Many cloud accounting products integrate seamlessly with other third party applications. That means business owners can connect their financial accounts with their payroll system or other systems to streamline daily operations.
6. Spend Less on IT Equipment
Businesses can save money by lowering IT equipment costs each year. Cloud accounting operates off-site, which means you won’t have to upgrade equipment to keep using it. The host handles all the hardware while you get access to the data.
7. Access Control & Security
Cloud accounting software often includes built-in user roles with customizable options. You can determine who should receive access to specific areas and accounts for greater control over security and privacy.
8. Online Financial Records
All activity is recorded through an online-accessible record. That means free storage for transactions and related documents. If you have questions or need to verify something, just login and look it up!
Get the most out of your cloud accounting software with the help of a skilled professional. BIS Cosgrove is available to answer questions and make recommendations when switching to a cloud accounting platform. Contact us today to learn more!