With the advancement of technology, new terms are coming into the light. One of those popular terms is ‘cloud’ that is now applied to bookkeeping software. Gone are the days when bookkeeping was solely performed manually in a physical ledger. Now, with the advent of the latest technology, you can do bookkeeping anywhere in the world with internet access using cloud bookkeeping software. Read on to find out more about it and its benefits.
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What is Cloud Bookkeeping?
Handling the finances of a business is a stressful process. Especially, when you perform the bookkeeping tasks manually, as it takes a lot of time and there are more chances of errors that can lead to hefty penalties. Thanks to cloud bookkeeping, which has evolved and automated the bookkeeping process. It allows you to access data anywhere and anytime in the world. So as a whole, it makes the life of entrepreneurs easier.
Now, internet-based software can be used for bookkeeping purposes, allowing business owners to store encrypted data online in software or a cloud. Additionally, it allows you to have access to your data from anywhere in the world, which means now you can do the bank reconciliation whilst you’re on the train.
Furthermore, the cloud-based system enables 100% visibility and audit trail. And it also does a seamless integration of your books with other platforms for managing inventory, documents, invoicing, and so on.
Let’s see what benefits it can bring.
Benefits of Cloud Bookkeeping Service
Here are some of the major benefits of cloud bookkeeping software:
1) Data Security
One of the biggest advantages of using a cloud system is its security. If you are doing manual bookkeeping, there are more chances to lose the data. On the flip side, the cloud system keeps your data secure even in case of theft or natural disaster. Here, data is constantly backed up in a cloud, and this system also allows you to view your data.
2) Seamless Record-keeping
With cloud-based bookkeeping software, you no longer need to keep piles of receipts. In cloud software, all your accounts are connected, which allows you to automate and streamline the record-keeping processes. It tracks and manages all your business expenses with a seamless record-keeping system.
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3) Strengthen Business Relationship
When it comes to strengthening business relationships, you may consider manual bookkeeping more effective to build stronger customer relationships, however; it isn’t the right assumption. You can build better connections with your distributor, vendor and clients by interacting with them. Communication becomes more convenient, faster and easier with cloud-based bookkeeping software.
By employing it in your normal day-to-day tasks, you never have to worry about overdue invoices and missing receipts as the cloud system automatically updates data.
4) Compliance
One of the great advantages of a cloud-based bookkeeping system is that it keeps your business in compliance with the standards of the government. The computerised system of the cloud manages data in an orderly form where there’re almost no chances of any errors.
On the other hand, humans are more prone to mistakes in manual bookkeeping. In this way, cloud-based bookkeeping saves you from a lot of hassle during tax time. In addition, it protects you from an HMRC audit, investigation, and penalties.
Quick Sum Up
So by implementing cloud bookkeeping software, you can easily record, store, track, alter and organise the data anytime, anywhere in the world just with a device and an internet connection. Unlike manual bookkeeping, you can keep your data secure and prevent errors during the process. Additionally, you don’t need to do the hassle of piling up the receipt. In a nutshell, cloud bookkeeping is cost-effective, time-saving, secure and reliable than manual bookkeeping.
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Disclaimer: This blog is intended to provide general information about the topic.
