Cloud-based Accounting Software means that users subscribe to an online accounting software solution and move their books to the “cloud”.
The cloud makes data and software accessible online anytime, anywhere, from any device. The hard drive on your computer or laptop is no longer the central hub.
From then on, the user can access their accounts from any web browser, or from an app on their phone.
Most users connect the software to their business bank account/s so that banking transactions flow automatically from the bank to the books. This saves them from a lot of data entry.
Here are our 5 top reasons for running your business accounts online:
#1 Data about your sales or income and purchases can flow straight from your bank to your books so you don’t spend hours transcribing them.
#2 You can see your current financial position at any time.
#3 Multi-user access makes it easy to collaborate online with your team and advisors.
#4 It’s online software so there’s nothing to install or update, and all your data is backed up automatically.
#5 You can set up a dashboard showing important financial information like who owes you money, what bills are due, and how your cash flow is looking.
Whether you are running a small business on the side, looking to expand, or have just always done it manually – cloud-based accounting software is something you should consider.
At STS Accounting Group we partner with the #1 cloud-based accounting software – Xero. Give us a call today to talk about how teaming with us & Xero could do wonders for your business planning and efficiency.