Stacey Leonard No Comments

Benefits of Cloud Accounting

There are several benefits of cloud accounting. If you do not know what cloud accounting is, it is accounting using software that is hosted on the cloud, or rather, online. Cloud accounting thus differs from the traditional accounting software hosted locally on a computer’s hard drive. Most importantly, cloud accounting holds many benefits over traditional accounting.  Read further to discover the many benefits of cloud accounting.

No More Hoarding Receipts

Is one of your pet peeves having to store physical records of all your business receipts? If so, I have good news for you! There is no longer a need to store physical records of your business receipts. For cloud accounting, you use receipt apps like Hubdoc and Receipt Bank and simply take photos of your business receipts. They are then stored digitally on your chosen receipt app that is accessible by you and your accountant.

Available Anytime, Anywhere

Since your data is stored in the cloud, it is available anytime, anywhere. This means that while you are traveling, whether it be for work or pleasure, you can still access and manage your business’s financials. Moreover, you can submit your business receipts immediately instead of hording them for the entire trip.

Real-Time Overview of Financials

Another one of the many benefits of cloud accounting is that your data is able to be updated in real-time. This allows you to have a clear overview of your current financial position. By being able to access your financial data and information quickly, you will be able to make more informed business decisions with less delay.

Greater Efficiency, More Time Spent Where it Should

Cloud accounting software has automatic updates so you can spend more time doing what you love. Furthermore, the time saved from eliminating the need for sorting receipts and driving them over to your accountants office means more time spent where it should. Instead, the minute you get your receipt you can quickly take a picture of it on your receipt app and then forget about it. Let the receipt app do the sorting and labeling for you. On top of that, you no longer have to worry about downloading and emailing or printing all of your business bank statements on a monthly basis. Cloud accounting software such as Quickbooks Online or Xero and receipt apps connect to your bank accounts and update your transactions and statements in real-time.

Save Money

Another one of the benefits of cloud accounting is that you are able to significantly reduce upfront business costs. Cloud-based software does not incur costs such as upgrades, maintenance, system administration costs, and server failures like those associated with traditional software.

Environmentally Friendly

Cloud accounting facilitates a paperless environment by eliminating the need to physically store paper documents. This is beneficial not only to the environment, but also from a cost and office space perspective.

Security

As a small business owner, there is much concern about the security of the cloud. Contrary to popular belief, the cloud is actually a more secure way of storing information. There are several reasons for this. First of all, cloud accounting software has automatic backups. This ensures that your data is never lost and ensures that your information is always protected and accessible. Secondly, if your device is stolen, no one can access your data without your login information. This is because your data lives online instead of on your hard drive. Finally, in the event of a fire or natural disaster, your data is not affected because all of your information is securely stored off-site. As long as you have access to the internet through a computer or mobile device, you are good to go.

The cloud is the future and it is important for your business to keep up and work smarter and faster. Cloud software can save your business valuable time and money. If you want to learn more about growing your business and maintaining a competitive edge, please contact our team. We would be pleased to help you through this transition smoothly.

upsideacct No Comments

Cloud Accounting While Traveling

Recently, I traveled to Costa Rica for two weeks on vacation. While it was not an opportune time to travel, the time was needed to recharge and experience the sun, nature, and beaches of the Nicoya and Central Valley.  The plan was to do some work to test the cloud accounting while traveling experience of working while away in an exotic locale.

However, I mentioned to my business partner, Mike Widdis that I was skeptical on how this would work.

My Doubts Included:

  • How good are the wireless connections?
  • Can I really get motivated at the beach, beside the pool, in the hotel?
  • Will all my programs and connections perform adequately to be productive?
  • Does working abroad, in the cloud, really work?

Did it Work?

After a few days of exploring, parties, and R&R, I found myself in the village of El Castillo, in the shadow of Volcan Arenal. After a few ill-fated attempts at the wireless, I was connected and… getting some things done! Before long I was working on a QBO customer, publishing Hubdoc receipts and reconciling bank accounts. My biggest challenge was dodging the direct sunlight so I could see the screen! All in all, life is good if dodging the sunlight was my only struggle. There were moments when I looked over my shoulder and smiled at my accomplishment and reaping the benefits of cloud accounting as Arenal loomed not too far in the distance.

I can now profess that working on cloud accounting while traveling can produce results. Choose your location carefully, make sure your connection is strong, and hunker down for a day of work. When you are done, take a dip in the ocean/pool, have a cold drink, and enjoy your playground.

Get your head in the cloud, what app are you waiting for!

Pura Vida

Traveling