Traditionally, accounting applications and their related data needed to be installed on specific computers or servers somewhere within your business. Cloud accounting puts the application and the data on servers that are accessed over the internet, through a web browser. The essence of cloud accounting is that it enables efficient access to real time financial data anytime, anywhere, allowing for greater flexibility in working and enhancing your ability to make calculated and timely business decisions.
As the business landscape evolves, business practices also need to evolve in order to maximise new opportunities and mitigate new risks. The impact of technology on the way we do business is evident for all to see and cloud accounting is changing the way businesses and accountants manage, maintain, access and gain useful insight from financial data.
Why the cloud?
There are numerous benefits to cloud accounting solutions and if used correctly they can gift you back time to focus on improving your business rather than on day to day operations. Benefits include:
- Accessibility – you can use cloud-based software from any device with an internet connection – laptop, tablet or mobile phone – providing the flexibility to manage your business on the go;
- Accuracy – with the improving capabilities of AI and OCR technology, accuracy levels are now surpassing that of human input. Data is automatically re-populated to other relevant areas, without the need for, nor the accuracy risk of, manual re-keying of data;
- Real time data – with bank feeds, the advent of open banking and data automation, it is now quicker and easier than ever before to have transactional data at your fingertips. The ability to raise invoices and approve transactions on the go means it is easy to maintain your finances daily rather than process in bulk once a week or once a month. All of this means real-time data to give you full visibility of your finances at any point in time – making it easier to make business decisions;
- Collaboration – single ledger systems allow the same data to be accessed by multiple users across multiple locations online, making it easy to collaborate with your team. Accountants and advisers can access and share your data providing opportunity for a collaborative approach to bookkeeping, provision of management information, and the year end compliance process;
- Secure – data is secure and backed-up automatically with cloud accounting software companies ensuring the security and privacy of your data is always airtight. All of your information is stored offsite so can no longer be adversely impacted by theft of a computer, or other physical factors. You invite users to access your data, and you control the level of access granted;
- Cloud ecosystem – with a whole ecosystem of apps and add-ons, cloud software is scalable and can grow with your business. Industry and sector specific add-ons can be used to create a bespoke system to meet your business requirements, now and into the future;
- Driving business performance – technology led accounting platforms help your business operate at maximum efficiency, to allow you more time to spend on business critical tasks. This includes integrations with payment services to assist with cash collection, dynamic reporting solutions and dashboards to provide complete visibility of your financial position; and
- No hidden costs – no need to install upgrades or purchase new hardware. You pay for the software by monthly subscription. Automatic updates are free and instantly available.
Transitioning to the cloud
At RSM we will take the time to understand your business. We work with you to understand your objectives, and your future business plans, tailoring a transition that works for your business.
As a Xero platinum partner, RSM are experienced in providing cloud accounting solutions through Xero applications.
To find out more about how RSM can help you and your business make the switch to the cloud, please get in touch by filling in the form below: