{"id":2417,"date":"2021-09-22T06:20:43","date_gmt":"2021-09-22T06:20:43","guid":{"rendered":"https:\/\/www.zakoom.com\/?p=2417"},"modified":"2021-09-22T06:20:46","modified_gmt":"2021-09-22T06:20:46","slug":"7-powerful-benefits-of-cloud-accounting-software","status":"publish","type":"post","link":"https:\/\/www.zakoom.com\/7-powerful-benefits-of-cloud-accounting-software\/","title":{"rendered":"7 Powerful Benefits of Cloud Accounting Software"},"content":{"rendered":"\n
Before going straight to the simplifications that Cloud Accounting<\/a> offers, let\u2019s begin with the root concerns. So, let\u2019s understand what a \u2018cloud\u2019 is and what the problems in traditional accounting management techniques are.<\/p>\n\n\n\n You must be familiar with internet banking, right? Thus, every time you make any transactions, you use the cloud. So, what\u2019s your mind telling you now? Transaction performed but no hardware involved, no big machines involved, just you and your smartphone\/tablet\/PC. Just a few taps and you\u2019re all done! <\/p>\n\n\n\n Hence, basically, the cloud is a massive server over the internet that is accessible from anywhere, any device. Now, this platform acts as your central hub. No involvement of your local hard drive.<\/p>\n\n\n\n Before the rise of the \u2018cloud\u2019, businesses used to store accounting records on desktop systems. They used to manage the records either in spreadsheets or on-premises applications. Also, a dedicated team of professionals is appointed to perform day-to-day operations of bookkeeping, transactions, bill payments, and invoice generation, etc.<\/p>\n\n\n\n As manual power is involved in order to execute the aforementioned operations, many tasks remain undone and postponed to the end of the timeline. Whereas, merchants often prioritize spending their greater time on clients than working on accounting and bookkeeping. And, lack of revenue does not allow them to hire resources. This results in a scenario where a greater workload is divided into lesser people. This poor management of resources and balance lead to several ripple issues. Here\u2019s a list of such common issues.<\/p>\n\n\n\n As you have studied the errors of on-premises accounting management, let\u2019s read how Cloud Accounting Software benefits your organization.<\/p>\n\n\n\n There are many benefits of Cloud Accounting Software. So, in this article, we are going to discuss the most amazing ones!<\/p>\n\n\n\n Classical practices involve the manual processing of invoices and record entries. With a cloud-based accounting system, you don\u2019t have to spend time doing these tiring operations. The tool frees up your time and generates invoices on its own \u2014 at regular intervals. This means, no more need to manually scripting invoices to keep track of transactions. Many cloud accounting systems have integrated payroll and HRMS systems as well. SMACC is one such life-saving tool for SMEs. <\/p>\n\n\n\n Everything is managed on a central hub; cloud. Simply access anything, from any device, anywhere. Look at the factors below to understand how your working mode becomes easier!<\/p>\n\n\n\n All online banking systems are working on the basis of this feature. Therefore, the cloud-based accounting software lets you handle your transactions within the tool. For making any sale or purchase, you don\u2019t have to interact with the app of that particular bank where your account is created. Also, yo All you need to do is, sign-up with your account number in a few clicks and it\u2019s ready!<\/p>\n\n\n\n Moreover, automated bank feeds allow you to track your business\u2019s balance sheet in a more convenient way.<\/p>\n\n\n\n The most amazing feature is the quick, iterative, and automatic updates. Unlike spreadsheets or desktop applications, you don\u2019t have to manually update the balance sheets. It\u2019s a big hassle, especially when records are massive. So, no matter how massive the record is, the system automatically updates records in real-time.<\/p>\n\n\n\n For instance, there is a global update in a payment schedule of a particular department. So, the salary fields of every employee of that department from all the branches will be updated within no time. <\/p>\n\n\n\n As your data is saved on a secure cloud server and is constantly backed up, you don\u2019t need to worry about your data being hacked or compromised. Even if yourcomputer crashes, everything is still saved in the cloud.<\/p>\n\n\n\n If different people manage different elements of your business, it\u2019s easy to add multiple users to your account and tailor permissions so that people with specific job roles only see what they need to.<\/p>\n\n\n\n The report generation is a huge feature on which the business plans and decides the course of future actions. So these reports have to be very accurate. Thus, the cloud accounting software, with every change, quickly updates every relevant record. Therefore, these reports reflect the actual values and fields of the accounts. Whereas, such systems generate many types of account reports that professionals can use to get an insight into the business\u2019s finances. For examples can be listing reports, general reports, payment reports, debit reports, invoice reports, and many other financial reports.<\/p>\n\n\n\n Hence, online financial accounting software provides a clear connection between your business and its finances.<\/p>\n\n\n\n Besides that, with the help of these reports, you can forecast the budget and make a budget comparison as well. These accurate reports will help you improve your financial planning and decisions.<\/p>\n\n\n\n With cloud-based financial accounting software, you can review all the expenses in a simpler way. Extract the insights of all incoming and outgoing money within few clicks. Unlike, traditional spreadsheets, you don\u2019t have to switch through a bulk of tabs and rows to track the transaction history. Just one single screen is enough to display what you need to see. So get rid of the hassle to review the scattered massive transaction records. You can smoothly track all receipt types in a few clicks. Either it\u2019s cash, cheque, deposit, or e-Transfer – track them categorically and quickly.<\/p>\n\n\n\n<\/a>What do you call a “cloud”?<\/h1>\n\n\n\n
<\/a>Traditional accounting management practices<\/h1>\n\n\n\n
<\/a>Traditional accounting management problems<\/h1>\n\n\n\n
<\/a>Benefits of Cloud Accounting Software<\/h1>\n\n\n\n
<\/a>\u2794 1. Automation saves time and effort<\/h2>\n\n\n\n
<\/a>\u2794 2. Access anything, from any device, anywhere<\/h2>\n\n\n\n
<\/li><\/ul>\n\n\n\n<\/a>\u2794 3. Easily connect your bank account to your software<\/h2>\n\n\n\n
<\/a>\u2794 3. Up-to-date data<\/h2>\n\n\n\n
<\/a>\u2794 4. Keep your information secure<\/h2>\n\n\n\n
<\/a>\u2794 5. Give access to multiple users and set permissions<\/h2>\n\n\n\n
<\/a>\u2794 6. Forecast budget with quick & accurate reports<\/h2>\n\n\n\n
<\/a>\u2794 7. Seamless transaction tracking<\/h2>\n\n\n\n
<\/a>Final Words<\/h1>\n\n\n\n