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What is Cloud Accounting?
If you’re wondering what “cloud computing” is and why you should be using “the cloud” to manage your accounts then read on.
We try and explain what these terms mean, along with outlining some of the benefits.
Let’s start with cloud computing?
In 2008 cloud computing was in its infancy, largely only utilised by the progressive large corporations, mainly because it was expensive.
Now the cost of data has tumbled and the efficiency of the data network combined with the proliferation of high speed internet has meant that cloud computing can be brought to you, wherever you are.
In essence cloud computing is the use of computer hardware and software applications delivered as a service over the Internet. It allows you to store files and use applications using many different devices and from many different locations in a very simple way.
Most cloud computing is now delivered using applications within a web browser. If you’ve used internet banking before, you are probably familiar with this type of service. Applications delivered this way are sometimes referred to as “Software as a Service”, or SaaS for short.
It is this type of service that Cloud Accounting uses.
What is cloud accounting?
Cloud accounting, also referred to as “online accounting”, serves the same function as accounting software that you would install on your computer, except it runs on servers in a data centre and you access it using your web browser, over the Internet. The most popular providers are Xero and Quickbooks, with whom we’re partners
Your data is securely stored and processed on servers “in the cloud”. This means you are able to access your business financials from anywhere and using any device, as long as you are connected to the internet.
There are many benefits to using cloud accounting. The biggest ones being the security of your data, the flexibility of accessing your data from anywhere in the world, and you’ll never need to install software on any device and updates are automatic.
The servers that host your data are monitored, backed up and maintained by professionals, so you don’t have to.
But the real power comes next.
Knowing your numbers is vital when running a business. So having that information available, 24/7 is key. It will become a critical aspect of your business and this is why Cloud Accounting deciding to use Cloud Accounting shouldn’t be your decision. Agreeing when you’ll move to use Cloud Accounting should be your decision.
Online software will give you a whole new way of doing your bookkeeping, accounts, invoicing, payroll and reporting – from anywhere, at any time and on any device.
- You can manage your accounts online with instant access to your bank feeds and your financial information.
- It goes way beyond basic bookkeeping, providing you with realtime data and reporting on your cashflow and invoicing.
- You’ll have your numbers to hand when making big business decisions – no more relying on out of date management reports.
- Most have free Apps for mobile and iPad giving you the figures you need at your fingertips; anytime, anywhere. Some even can push notifications straight to your wrist if you have an Apple watch.
Cloud Accounting gives you an easier way to run your whole business.
So are you, on the cloud? You should be and we can help you get there, quickly and painlessly.
Ask us about Xero – call 01483 80 22 30