To assist and engage with our clients and potential clients we are engaging on this series of articles on cloud-based accounting and financial services. It is a bigger subject than many realise and over the next few months, we will examine the many benefits that can be derived by working with cloud-based accounting experts.
As the title suggests the sky really is the limit once one adopts this form of accounting and for various reasons it provides businesses with better options and services. For the purpose of this article though, for the uninitiated, we feel it is better to begin at the beginning…
WHAT IS CLOUD-BASED ACCOUNTING?
Essentially anywhere and anytime, through cloud accounting, data and software is made accessible online from any of the company’s devices. Not only is data always up to date and therefore relevant, but it can be accessed by multiple users.
A few of the plusses – It’s more reliable, scalable, secure and cost-effective than using desktop software on the computer. You don’t even need to install and run applications on a computer – it’s in the cloud. As a business owner, you stay easily, permanently and more securely connected to your data and your accountant.
SECURITY IS PARAMOUNT
One of the myths surrounding cloud solutions is that they are less secure than desktop solutions. This is simply not so. Providing you have a strong password, preferably with 2-factor authentication, your data will be more secure than for over 99.9% of desktop users. If a data loss disaster strikes, however, because your data is stored off-site, there’s no loss of valuable time for the business during data recovery.
THE TIP OF AN IMPRESSIVE ICEBERG
Just the tip of the iceberg regarding the benefits of accounting in the cloud are that it’s more consistent and eliminates a lot of legacy accounting errors caused by pen and paper, spreadsheets and desktop software being out of sync with each other. Simply put, everyone is better connected and the processes are more seamless. In essence, you and your accountant are working with the same numbers and through API (Application Programming Interface) apps, you can more easily communicate information and figures.
WHAT’S TO COME?
We have really just touched the surface here to introduce those who are not utilising cloud-based accounting technology to the concept. In future articles, we will go deeper and talk about how cloud technology is revolutionizing accounting for SMEs.
We will explore many other benefits like real-time accounting & reporting dashboards, daily bank feeds, document storage on the cloud and OCR (Optical Character Recognition) which is scanned document analysis technology.
USE THE EXPERTS
We strongly advise that you utilise cloud-based accounting through an association with cloud-based accounting and financial management experts like Sky Financial. Utilising the cloud is not just one of our offerings, but the way that we work and we have a consummate understanding of its workings and potential.
We are a professional accounting, tax and advisory practice registered with SAICA (South African Institute of Chartered Accounts) and with this leading cloud accounting technology, we seamlessly support our clients in achieving their financial goals.
Contact us to find out why when it comes to cloud-based accounting. It is not the sky, but Sky Financial that knows no limits!