When it comes to cloud accounting, users can gain access to it with the help of their devices and smartphones, considering the fact that 3.6 billion smartphones are used on a daily basis in the world. So, let us look at some of the major benefits of cloud accounting in detail:-
Benefits of Cloud Accounting
1. Concurrent Analysis
The complexity of managing redundant data files comes down to the minimum level with real-time cloud accounting updates. The financial data gets gathered easily for work, and due to the lack of need for sharing attachments over emails, the substitute time can be utilized in managing the core tasks.
This proves to be a blessing during the busy tax season, and with instant access to data, decision-making also becomes feasible. This is the reason 53% of companies that invested in the cloud have witnessed more revenue growth.
2. Scanning Documents
Purchase orders, invoices, account statements, etc. form the basis of accounting, and these documents in the electronic form can be easily scanned and processed through cloud accounting. With the integration of the banking app with the accounting software, the information on various transactions can be shared easily.
3. Storing Files
The accounting files are some of the heaviest files, and with the business growth, managing them becomes painstaking. However, by using the cloud accounting services, the storage space can be increased as per the requirement, and the files can be stored at the minimal cost.
Apart from this, the files containing the data get backed up with cloud accounting, ensuring the safety of your data forever. According to PCWorld, 50% of businesses adopting a cloud accounting approach needed less IT infrastructure, adding to the overall cost-saving benefit.
4. Enhancing Client-Accountant Relationship
With cloud computing, accountants get the opportunity to change and nurture the relationship between them and the clients.
The accounting files are shared easily with permission-based sharing, providing transparency in work. Due to a reduction in operations costs, accountants can offer discounts to attract clients.
As per the InformationWeek survey, 65% of businesses said that cloud accounting helps in meeting the business demands more quickly and efficiently.