Without even considering it, you are probably already using cloud technology in your daily life. Uploading your photographs to online platforms, using social media or viewing your emails on mobile devices each involve using cloud technology. Therefore, it makes perfect sense that we incorporate cloud technologies within accounting processes and the way that you operate your business.
What is Cloud?
In simple terms, cloud refers to data storage and accessing programs available on the internet. Traditionally, most businesses completed their accounting processes on computers, using desktop accounting software or spreadsheets. This information is stored on your computer’s hard drive.
The downside of this method includes:
- Updates need to be completed manually by a person.
- Backups need to be performed regularly.
- If your computer crashes, is lost or stolen, your data could be in jeopardy.
- You can only use the computer that your software is installed on.
- Your data can be hacked or fall into the wrong hands.
- Only one person can access the information at any one time.
Although each cloud accounting platform offers different features, the main benefits of cloud accounting are:
- Automated accounting and bookkeeping processes, saving both your time and ours, resulting in cost-effective, increased efficiency.
- Remote access, up to date information and real-time communication with the Price Mann team to ensure quick responses and easy access to documents by both parties.
- Supports a paperless environment and eliminates the time spent filing, storing and searching for documents.
- Automatic updates and maintenance mean cost reductions and timesaving.
- Stricter security means that your sensitive information is encrypted and will not be compromised if your computer is hacked or stolen.
- Compatible and easily integrated with other cloud platforms such as online banking. This saves your time on manually entering information.
Alongside using Receipt Bank for capturing receipt documentation and Fluidly external link to for cash flow forecasting, Price Mann is proud to partner with Xero. Xero is one of the largest and most reputable online accounting software providers.
Although you are under no obligation to transition to cloud accounting, Price Mann can make your transition to cloud accounting as smooth as possible. We can advise you on the best provider to suit your needs and answer any questions that you may have. Contact us today for more information.