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Things to consider when choosing cloud accounting software

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There are many benefits to switching to cloud accounting that allow many organisations to better manage their financial data. Companies using cloud accounting software enjoy the flexibility that it affords them, by having access to all of their data in real-time from any location.

The ease of access provided by cloud accounting software is a valuable feature, as this enables both the accountant and the business owner to access financial data from anywhere with an internet connection. There is no need to install any accounting software, complete version upgrades or pay out for system administration costs as all vital information is stored in the cloud while maintenance is taken care of by your service provider.

Pay less and increase your business’s performance

As cloud accounting inherently rids you of the need to purchase separate accounting software, accountants eliminate a number of costs automatically. A valid worry for any accountant is that paying less can often result in a poor quality product. In the case of cloud software this is not in fact the case, but rather you are simply saving money on a lump sum overhead.

Many cloud accounting applications are subscription based, and therefore will offer accountants the opportunity to scale their resources according to their needs and those of their clients. Accountants and clients are also both able to implement necessary updates according to changing business conditions; this greatly aids the process of generating financial reports in real time, and therefore creating a far more efficient process.

What should you be looking for in your cloud accounting software?

The advantages to switching to cloud accounting are clear, it is a much quicker, cost effective and efficient way of keeping track of a business’s financial data. But how do you work out which supplier is best suited to your needs?

Small businesses won’t want to spend unnecessary time lost in complex reports, nor will they want to purchase expensive business accounting software programs. The majority of cloud accounting software suppliers provide specifically designed packages for small businesses. These simplify the accounts process and come with the capability to build detailed invoices, keep up to date with the business’s bookkeeping, view inventory and organise payroll.

These are crucial features when shopping for your cloud accounting software, as they are vital tools in maintaining the smooth running of a company’s finances. With cloud accounting software accountants can enjoy the benefits of logging in remotely via any device, using a secure system with manageable resources.

Making the switch to the right cloud accounting software supplier can vastly increase accountants’ productivity as there is no cause to make numerous trips to several businesses, or keep large quantities of sensitive information in one place.

Rishi Patel is from Sage Exchange.

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