Sharon McEneff, director of DB-based T8 Corporate & Business Services, explains the value of banking on the go
If you want your business to work smarter and faster, cloud accounting software is a wise investment. The way we work is changing every year and cloud accounting systems are changing the way businesses operate and manage their financial information. If you haven’t looked into upgrading your processes to include cloud accounting systems, you might want to consider the following 10 benefits:
1. Access from anywhere: The biggest benefit of cloud accounting is that you can access your bank account from anywhere and at any time from any device.
2. Data flow from the bank: The data flow from the bank is directly connected to the software so you only need to reconcile the payments, you don’t have to enter them.
3. Automated backup: Data is backed up automatically so you don’t have to worry about physical damage.
4. Secure access: Cloud accounting is a secure way to do business because even if your laptop is stolen no one can access your records without a secure login which is protected by a multifactor authentication system.
5. Quick decision making: With your financial numbers at your fingertips, you can make certain decisions quickly. After all, time is money.
6. Automated reports: There are several reports that you can download, including the cash flow statement, balance sheet and profit and loss statement, which reduces your workload.
7. Paper-less records: Traditional accounting systems are supported by a lot of paperwork. Digitised records save a lot of paper, as well as time and space.
8. Centralised database: With the accounts on cloud, it is easy to share them with any colleagues and auditors to whom you have given online access, which makes it easy to work across a team.
9. Accuracy of records: The cloud accounting software enables you to make edits and changes in the records online. These changes go live instantly so the accuracy of your digital records is much higher.
10. Integration with other systems: Some of the popular accounting systems integrate with HR and Sales systems, which streamlines the processes and increases the efficiency of the business over time.
IS IT SUITABLE FOR ME?
Because of its many benef its, high security standards and accessibility, cloud accounting is suitable for virtually every business, from sole proprietorships to multinational enterprises.
Finance and accounting are at the root of every business. Without these, you can’t monitor the financial health of your business and you can’t make informed decisions. Therefore, an accounting solution that is efficient, reliable and
up-to-date makes life easier. Many new companies use a cloud accounting solution from the start, partly due to its low upfront costs. But even if you currently are on a traditional accounting system, you can switch to cloud accounting.
At T8 Corporate & Business Services, we pride ourselves on delivering a comprehensive and dedicated service that is guaranteed to help you take your business to the next level and get your IRD filings completed on time. As Xero partners we can also offer a discount on an annual subscription.Cloud Accounting, Mobile Banking