Once reserved for only the largest corporations, businesses of all sizes are now using cloud technology to reduce costs, drive efficiency and streamline financial processes, particularly within their finance function. Within the last few years, particularly post-pandemic years, technology has made a significant impact on almost all sectors and made it cost effective for even the smallest of businesses to benefit from this kind of technology.
Cloud accounting software allows companies to securely store, and access, financial data remotely through the cloud without the need for sometimes costly on-premise software.
When it comes to cloud accounting software the benefits it can bring to your business are undeniable.
Many business owners are concerned about the security implications of cloud accounting software but, the enhanced security is one of the biggest benefits offered. Think about it this way; if you lose your laptop nobody can access your financial information without your password as data lives on secure servers rather than your hard drive. Servers are equipped with world-class security measures, and if you invite users to view information you can control the level of access they have which is far safer than sharing files via email or USB drives.
When using on-premise software your access is limited to one machine, however cloud accounting software means you can access information from wherever you are, on any device with an internet connection. It allows businesses to work more efficiently and protects you in the event of unforeseen circumstances such as fires or natural disasters as your files are protected, and work can carry on as normal without any downtime.
Financial data flows seamlessly meaning you don’t need to manually input or transfer figures, and data can be accessed in real-time at the click of a button. This gives you real-time insight you’re your financial position and supports your decision making.
Believe it or not, cloud accounting software is typically much more cost-effective than on-premise software as you can pay for what you need, often in monthly payments, and don’t need to pay for software licenses, infrastructure, installation or maintenance.
As your business grows it is easy to increase your storage capacity with cloud accounting software and add more users and additional features. This ensures your software remains cost-efficient and effective.
Cloud accounting software makes updates and maintenance easy as these are all done remotely so you can rest assured you’re working on the most up-to-date, secure version without having to experience downtime while IT consultants run updates and maintenance physically, which can be disruptive.
Cloud accounting software streamlines the way you connect with employees as anyone can login in to view and manage financial data as needed, with restrictions in place where necessary to control access levels. It eliminates the risks associated with sharing files via email, and means employees are all working from the most recent data.
Cloud accounting software offers a wide number of benefits over on-premise software such as cost savings, increased efficiency, security enhancements and collaboration benefits. Thanks to advancements, cloud accounting software has now become affordable and feasible for even the smallest of businesses to benefit from. To learn more about cloud accounting software and whether it is right for your business, contact us today to discover Pegasus Business Cloud.
Posted On: August 30, 2023
