The services we offer

Cloud Accounting

What is cloud accounting?

Traditionally, accounting was executed using software installed locally on a desktop computer’s hard drive. “The Cloud” is just a metaphor for the internet and so cloud accounting is that which is executed using software hosted remotely on the cloud – i.e., online.

What are the benefits of cloud accounting?

Although benefits will vary between cloud accounting software solutions, on a general level, some of the benefits of cloud accounting applications include the following:

  • The ability to automate many manual accounting and bookkeeping processes. These automation capabilities enable business owners and their bookkeepers to save time and increase efficiency, allowing them to spend more time on business growth.
  • The ability for data to be accessed regardless of location or device. This facilitates remote services and “anytime” communication, which will help to build stronger relationships between an accountant and their clients.
  • The ability for data to be updated in real-time. Being able to access financial data and information quickly (i.e., in real time) will empower businesses to make informed decisions sooner rather than later.
  • The ability to easily scale to meet growing business needs. Let’s say your business currently makes 0-100 transactions per month, but experiences rapid growth that causes this number to jump to 10,000+ transactions per month. Your cloud accounting software should be able to easily support this growth.
  • The ability to facilitate a paperless environment. This will eliminate the need to physically store and manage paper documents, which is not only beneficial from a cost and office space perspective, but also for the environment.
  • The ability to provide automatic updates. This will help to further improve the functionality of the application and better enforce security.
  • The ability to reduce costs. Cloud-based software does not incur the costs associated with traditional software (including maintenance, upgrades, system administration, etc.).
  • The ability to integrate with other cloud solutions. These integration capabilities will improve the efficiency and increase the power of your cloud accounting technology stack.

Is the cloud secure?

Given the sensitivity of the data associated with cloud accounting applications (e.g., banking and financial data), security is a top concern in the cloud accounting space.

When compared to traditional desktop accounting software, which could be compromised if a company computer is stolen, lost, or damaged, cloud accounting software has many security advantages. Each cloud accounting solution should have its own security policy outlining how it protects sensitive data. Most solutions use state-of-the-art measures such as multi-factor authentication and encryption, ensuring sensitive data will remain secure.