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Cloud accounting software is computer software that allows you to record your financial information digitally. Important financial documents such as your profit-and-loss statements, financial performance, financial position, and cash flow are all stored online.
Traditional accounting software occupies large amounts of space on your device, requiring constant maintenance and other upholding costs. On the other hand, cloud accounting software mainly runs on remote servers over the internet, allowing businesses to run large software applications without needing to download and store large amounts of data.
Based on this research, there are currently less than 50% of SMEs that are using cloud accounting software in 2020. Many businesses are still not on board with how cloud accounting software can be beneficial for their company. Read on to find out how it can help your business and take it to the next level.
Why is cloud accounting software important?
1. Keep your document secure with Data Security
Cloud accounting software keeps all your data safe as it will automatically back up your files constantly and store them securely on third-party servers. It will allow your business to avoid missing any financial information recorded in the software. Even if the IT hardware gets damaged, your data is safe on the cloud drive. On the other hand, traditional accounting software relies on your device. When your device gets damaged, your data will be difficult or impossible to recover.
2. Find the history or data record easily
You’re able to look up and retrieve financial history records of your business conveniently with cloud accounting software. Store your financial data in the cloud accounting system, and retrieve it simply by accessing it from a compatible device.
3. Check current financial status
Cloud accounting software allows you to check for the current financial status of the company at any time. You will be able to get an overview of the financial condition of your business, such as your cash flow performance, and generate reports for your company’s key decision-makers.
4. Multi-users access to record the financial information
Cloud accounting software also allows multiple users to gain access to financial transactions at the same time. The team in your company could collaborate to fill up financial transactions to save time and reduce mistakes by cross-checking. Multi-user access can also increase visibility and transparency to allow your administrators and managers to have better oversight of your business.
5. Access to your account anytime anywhere with any devices
Cloud accounting software is also accessible at any time. You’re able to access your financial data anytime and anywhere by logging in from any compatible device. Meanwhile, traditional accounting software allows access only if you’re in the office and from a particular computer.
Cloud accounting software is considered a convenient tool to manage your business for financial recording, report generation, and it’s an important decision-making tool for any business.
Clients who register for Biztory have expanded over 6,000 businesses across 60 cities and states and it’s growing over time.
Biztory cloud accounting software provides all the advantages listed above to help digitize the financial process of your business. Sign up to Biztory to get a 30 days trial or learn more from the Biztory website here.
This article is written by our guest contributor: Melinda from Biztory, and edited by Yellow Bees editorial team.