The term cloud accounting tools can seem a bit intimidating to some people, however in reality it is a simple concept. Anything that is described as being cloud based means that it can be accessed remotely via a website, as long as you have an internet connection. This makes it much more convenient than software that has to be downloaded onto a specific computer. So, a cloud accounting tool is software designed to help you carry out accounting tasks for your business, from anywhere you want.
Using accounting software helps you to save time, as it manages lots of different responsibilities for you. For example, it will automatically generate invoices at the right times using the right information, send them and chase them up if they are not paid. Having an automatic rather than manual system also helps to cut down on human error; minimising mistakes, complications and therefore improving the reputation of your business.
Furthermore, using cloud accounting software gives you more value for money than hiring a member of staff to look after it, just check out this Xero vs Quickbooks comparison for example. Accountants are notoriously expensive but if you prefer to have a real person looking over your accounts, it is easy to blend your software with their methods on a part time basis as it has also been designed for this.
Cloud accounting software has been designed with the user in mind so don’t be intimidated by the perception of accounting being complex. It’s a way to have more access to your accounts without having to organise them yourself. The remote aspect of cloud-based software makes it highly convenient, and ideal if you’re always out and about looking after various aspects of your business.
Another benefit of using accounting software is that it stores your and your customers’ information securely, with easy access to it. If you use a service like Piesync to sync the various apps you use for your business such as marketing, accounting and email apps you can access useful information from them all and use it for accounting purposes, such as customer contact details.
By using software to help you with your business operations, you benefit from the most up to date industry information as it is updated all the time. Constant improvements are also made to the software itself via automatic updates, and you can communicate with a network of other business owners to discuss and help each other with the various challenges you’re facing.
Using cloud accounting software is a great idea for businesses for a number of reasons. Firstly, it uses time far more efficiently thanks to its automatic processes, in comparison to you attempting to handle your finances manually or hiring an accountant. It also carries out a better-quality service. It is designed to be easy to use and is remote so you can use it anywhere. Furthermore, you can sync your apps to be able to access information like contact details easily, and you benefit from industry updates and a community of like-minded users. Take a look at imafish.co.uk for more business tips such as small business accounting principles.