Cloud Accounting is accounting using software accessed over the internet that is hosted remotely on the cloud. All functions are performed off-site and users access the applications remotely through the internet. It allows access to real-time data between different parties, improves collaboration and assists in making financial decisions.
Gone are the days of sending a backup of your accounting file to your accountant so that they can work on and prepare the year-end Adjustments along with tax returns. How does it work?
It brings data from your bank account, credit cards, PayPal etc into your Cloud Accounting software like Xero automatically.
Some advantages of using Cloud Accounting:
Effective reporting: With up-to-the-minute processing comes more effective reporting, making it easier for businesses to make decisions with live data at their fingertips
Hardware: Software as a service removes hardware requirement and it gives the ability to scale up quickly
Bank feeds: By linking business bank accounts to cloud accounting software, much of the effort of posting banking transactions is removed.
Time savings: It makes the business more efficient and frees up the time for value-added activities
If you are interested in learning more about how adopting cloud Accounting and other connected apps can help your business, Please book an obligation free consultation.