• Matt Alessi

4 Benefits of Implementing Cloud Accounting

Hard-copy, paper accounting will soon be extinct for small and new businesses. The “cloud” generation has been gaining steam for the last decade or two, and it is time to update your accounting systems to increase efficiency and security.


Whether you are currently on a desktop accounting software such as QuickBooks, Sage, Zoho, or something similar, you will find that nearly all accounting system providers offer a remote or “cloud” version to their clients.


Cloud Accounting Benefits


1. Upgraded Security

Your data becomes more secure when using a cloud accounting software. Cloud servers and applications are encrypted when data is transferred between its user and its host. When data is encrypted, it cannot be read by a third-party. Desktop accounting software version security is only as strong as the computer and network it is linked to.


2. Automatic Backups

Desktop-based accounting software typically stores your financial data in one local location. When your network crashes or your software fails in between manual updates, your data is at a higher risk of being lost than a cloud accounting system. With cloud accounting your data is automatically and continuously backed up and stored on remote servers in various locations.


3. Access Your Financials Remotely from Anywhere

With a cloud accounting system, you can access your financial records from anywhere that has an internet connection. You can also input and review your numbers from your mobile device or a local coffee shop. Desktop-based accounting software can only be accessed by the computer it is installed on.


4. Immediate Cost Savings

Desktop-based accounting software is notorious for being expensive, difficult to make reliable, and very time consuming to have upgraded. You can immediately realize a cost savings with cloud accounting that will free up cash that can be better allocated towards more important parts of your business.


If your business is in the market to transition to a cloud accounting software or needs any accounting help, please contact us at info@cfoxadvisory.com.


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