You have heard about the cloud, but what does it mean?
If you have a smart phone and can access the same photos on the go via your cell phone, on your home computer or your tablet, you are already connected to the cloud. It simply means that your data isn’t stored on your home computer, the information is stored remotely on a cloud server. The big advantage of using the cloud, you can access the latest version of your data from anywhere as long as you have an internet connection. Netflix, online banking, online gaming, they all use the same principal.
Cloud accounting works the same way. It works anywhere, anytime on any device, so you get a real-time view of how your business is doing. In addition, cloud software and add-ons such as Square or Receipt Bank reduce or even remove the need for manual data entry.
Why should I move my bookkeeping to the cloud?
There is no more procrastination or need to set aside a big chunk of time to do your bookkeeping at the end of the month. Nothing gets lost because it can be done instantly. For example, you can have your employee that’s out in the field create an invoice during a client visit via their phone or tablet. They can accept payment right then and there, without sensitive information being exchanged. This means your books are updated daily, and even better, your books are ready when tax season rolls around. This massively increases your efficiency, and you can focus on what you do best.
Having a clear look at your always current books, you are able to make strong financial decisions. Using cloud accounting helps you do just that.