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5 Benefits of Using Cloud Accounting for SMEs

July 3, 2020 - by Priyan Sharma

Just over 53% of businesses have integrated the cloud into multiple aspects of their operations, such as client communication, project management, accounting, etc.

With today’s valued-crazed and fast-paced business environment, accounting work is no longer limited to the traditional 9-5 job. Traditional accounting software is seen as cumbersome for small and medium businesses because they are limited to the computer they are installed on. It is neither up to date nor does it grant multiple user access. To counter this problem, cloud accounting software came into being.

So, if you want your business to work smarter, faster, and more efficiently, cloud accounting software may be the wisest investment. Working in the cloud can not only give you a better overview of your finances but can also help you improve collaboration with your team.

Here is a jiff of the many benefits of cloud accounting for small and medium enterprises: –

  • Cost-Efficiency

Times are gone when businesses required additional IT infrastructure and incur additional costs involved with updating and maintenance to keep data safe & secure. With cloud accounting, you can do away with keeping all your data stored on in-house servers and allow restricted access. The best part – it doesn’t require additional keep-up or expensive upgrades.

  • Enhanced Security

Security is always on the mind of business owners, especially with confidential financial data on their hands. With cloud accounting software, you can store all your data, files and can set access permission, enhancing security and mitigating data loss.

  •  Real-Time Information

After moving to cloud accounting software, you can access your data anytime, anywhere. So, no more waiting for the accountant or staff to fetch data. Moreover, with access to real-time financial information, you can make quick and informed business decisions.

  • Increased Productivity

Cloud accounting software gives you the versatility to work from anywhere with seamless transition and uploading of data. So, you can access data on the go, increasing the productivity of staff so they can focus on other critical aspects of the business.

  • Greater Access on the Move

Since all the data is stored on a cloud, it is stowed securely on servers and can be accessed over the internet. It only takes a few keyboard clicks to view crucial business insights in real time from any device.

Work Smarter & Faster with Accessible Data on the Cloud

Using cloud accounting software enhances the power of accounting tools already popular among SMEs, equipping them with: –

  • 24*7 access from anywhere
  • Automatic backups
  • Dedicated customer support
  • Multiple device access
  • Easy-to-use interface

And, that is almost everything SMEs are looking for in accounting software. So, no more worrying about installing the latest version or loss of confidential financial data. With cloud accounting software, you can run your business smoothly, remotely, and efficiently from anywhere in the world.