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Friday, 8 May 2015

Should your business adopt cloud accounting?

Cloud accounting refers to online accounting systems where data is stored and updated online, and can be accessed using different devices from multiple locations.

Benefits of using cloud accounting include:
  • Access to live data, which reflects the most up-to-date information about the business;
  • Downloading bank account transactions directly from the bank to eliminate the majority of manual data entry mistakes;
  • Easy access, which only requires log-in details and may eliminate the need to install accounting software;
  • Auto-update for changes in accounting and tax laws is available with some systems, which eliminates the need to manually upgrade the business system as a new software version is released; and
  • Flexibility – users can access to and work on the online data almost anytime and anywhere, provided that they have internet connection.

Factors to be considered before moving to a cloud environment include:
  • Which business processes or systems should be moved to the cloud;
  • How business processes can be streamlined and simplified before a shift is made;
  • Whether the cloud system enables a business to meet its reporting obligations;
  • Which cloud accounting providers provide the most suitable package and how much it will cost; and
  • Whether the cloud system can cope with the business changing conditions

8 comments:

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  2. Thanks for sharing the benefits of using cloud accounting Software.
    This information helps when switching your on premise accounting software to online accounting software.

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  3. This is very useful information so i would like to thanks for your information and Keep sharing your post.

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