How to make the most of cloud-based accounting software

The cloud is king in the world of accounting, with a vast range of software and applications available, designed to be easy to use by businesses and their owners.

The beauty of cloud accounting is that the software can be accessed anywhere that has an internet connection on a range of devices.

Good accounting software can be critical for business leaders. It makes it easier to get a handle on company data and understand how the company is performing at any time.

This empowers you to work with your accountant to make effective decisions quickly and confidently.

Here are some areas where you can do more with accounts software:

Controlling budgets

Planning and controlling spending are key areas for business success, especially at this moment in time. Successfully implemented software can help your business grow by allowing you to allocate your budget to the areas of your business that make you the most money.

Once you have allocated budgets, your teams can record spending in the latest accounts software so you can always see if you are on track or overspending in less profitable areas.

Multi-user access

Using traditional accounting software can be expensive, difficult and time-consuming to upgrade. In comparison, most cloud accounting platforms update automatically for free and under most licenses, giving you multi-user access, without the need to install expensive software on multiple computers and devices.

Multi-user access makes it easy to collaborate online with your team and advisors and allows your accountant to access your data in real-time to provide insights that help your business thrive and grow or warn you of potential risks on the horizon.

Staff access to the software and security

You may not want everyone to see everything, which is why you can grant different levels of access to different people within your organisation.

The cloud is one of the most secure ways to store information thanks to the sophisticated encryption used by many platforms’ servers.

This means that no one can access your data unless they have a login to the online account and permission to view the information saved there.

There is an app for that

The growth of platforms has been outpaced by the incredible number of connected apps that support the main functions of cloud accounting by helping with analysis and automation.

There really is almost an app for everything when it comes to cloud accounting. These provide you the tools to achieve incredible things.

Although much of the focus in recent years has been on the essential role of cloud accounting in compliance with Making Tax Digital, more and more businesses are learning about the great benefits on offer beyond this.

Link: Eight tips to make the most of your accounting software