Small-business owners generally prefer to devote their time to growing their business—not financial recordkeeping (unless said business is an accounting firm, in which case...). For the rest of us, cloud-based online accounting software can help make the bookkeeping process easier and more efficient. These platforms can help business owners capture and organize data in a paperless double-entry accounting system protected by a high level of security, while allowing users to access information whether they’re in the office or on the road. Here are four ways cloud-based online accounting software can take the headaches out of bookkeeping:
Accessible on Desktop, Phone, Tablet…
One key advantage of cloud accounting is accessibility on a variety of devices, including traditional Internet browsers, tablets, and phone apps—all it takes is an Internet connection. All financial data can be stored in one central system, and a business owner can assign multiple users varying levels of access. Paper receipts can be scanned and attached to expense line items directly in a mobile app for recordkeeping, even if the user is out of the office.
No Accounting Degree Necessary
Online accounting software is designed to be clear, understandable, and easy to navigate. No accounting degree is required to operate many systems, and help screens and tutorials are geared toward small business owners with limited accounting knowledge.
Cloud-Based Storage and Bank-Level Security
The cloud-based data storage offered with an online system saves the expenses associated with building an in-house financial system; with online accounting there's no need to purchase hardware, and no down time when software updates are rolled out. Many cloud-based systems also offer bank-level security, which can be difficult for companies with limited technology budgets to duplicate on their own.
Integration with Other Company Systems
Bank account activity can be imported directly into online accounting systems for reconciliation, which decreases the potential for reporting errors. Checks may also be printed directly from online accounting software, making bill payment faster and easier. In some instances, payroll information may also be transferred into the general ledger, reducing the chance of data entry errors.