How cloud technology is transforming accounting
The profound impact of cloud technology on society is far from lost on the accounting industry. Here, it doesn’t just mean being able to store years of photographs to a cloud or saving documents in a virtual drive. Cloud technology is transforming the way that we – and by extension our clients – do business.
The development and roll-out of new, innovative cloud accounting software has facilitated a metamorphosis of the way in which you can receive accounting services and support from your adviser. Rather than navigating complicated software, trying to get your head around old-fashioned graphs, or waiting to be told about the status of your finances, cloud accounting puts your business’ financial data at your fingertips.
But how exactly is cloud technology transforming the accounting services you receive? Let us break it down for you…
- Accessibility, collaboration and flexibility
It’s no secret that running a business can be hectic at the best of times. Quite often, the last thing you’ll have time for is sitting down to go through the intricacies of your business’ finances. With access to cloud accounting software, you can access your accounts from anywhere, at any time and from any device! Even better, such accessibility promotes enhanced collaboration; both amongst your team and with your accountant. The ability to check your accounting information with such ease will revolutionise how you work, freeing time to make sure everything runs smoothly across all aspects of your business.
This is transforming the way we work as accountants, as it means that we’re able to provide enhanced support that is tailored to the information you have in front of you, answering your questions and solving problems as they arise.
- Security
When it comes to security, there’s typically one main worry; your financial information getting into the wrong hands. Whether these hands belong to hackers, employees or anyone else, the elevated security of cloud accounting means that now, more than ever, your business’ data is protected. Your cloud accounting software providers use data encryption to ensure that only authorised users can access your accounting information. Furthermore, you are able to set individual permissions for users, making sure that employees can only see exactly what you want them to see!
- Access to real-time information
One of the biggest transformations that cloud technology has brought to the accounting industry has got to be real-time reporting. While monthly, quarterly and yearly management accounts are still crucial to understanding how your business has performed in a period, access to real-time information empowers business owners to identify discrepancies and make key decisions on a day-to-day basis.
- Integration
Cloud accounting software can be further enhanced to suit your business needs, thanks to seamless integration with other applications. Whether these are tools that streamline the transfer of transactions over to your business’ books, or customer relationship management apps that facilitate invoicing, it means that everything is kept within your chosen cloud accounting software, rather than transferring between accounts.
- Enhanced service opportunities
Cloud technology is transforming the way we carry out administrative tasks. For example, we are able to automate traditional bookkeeping processes, with data transferring seamlessly from your business’ bank account onto your books, rather than requiring manual input. This inevitably provides more time for strategic planning and analysis of your data, amplifying the benefit you’ll receive from working with an accountant.
This is just the beginning of how cloud technology is transforming accounting. If you would like to find out more about how our cloud accounting services could revolutionise the way you also do business, get in touch with our in-house specialists, to schedule a free discovery call: cloud@mgr.co.uk.
