In 2024, using spreadsheets for your business accounting is clunky and inefficient. Desktop-based programs like Excel require extra hours and effort that could be spent developing your business. The answer? Digital accounting software. When operated correctly, this cloud-based technology streamlines your finances and yields reliable data you can use to your advantage. Let’s look at all the benefits cloud accounting can bring to your business.
It protects your accounting data.
If you’re using desktop-based spreadsheets, you’re totally reliant on your computer to store your sensitive financial information. If it gets damaged, your accounting data goes down with it.
Cloud accounting software gives you peace of mind; important data is always backed up. If you spill a mug of tea over your laptop, your financial data isn’t affected; it’s all safe in the cloud. Just log on from any device and you’re back up and running.
It provides up-to-date information.
Most digital accounting software integrates with your company’s bank account, automatically feeding in transactions in real-time. If you want to view your revenue figure from last month or how much cash you actually have, you can see it instantly. When you have access to reliable numbers, you’ll feel confident you’re making the most accurate, informed decisions.
You have total control over who can access what.
With cloud accounting, there’s no need to share your username and password. Everyone gets their own unique login, and you decide the permissions level of each user. For example, you might want your sales team only to access invoicing while your accountant can access everything. It’s easy to establish and adjust these permissions at any time.
When it comes to sending your information to your accountant, they can access it easily and remotely using their login. Gone are the days of exporting everything onto a USB drive you could easily lose on the way to your accountant’s office.
You can access your data from anywhere, anytime.
Digital accounting software lets you view your accounting data on any device. Say goodbye to having to wait for your colleague to finish using the “accounts computer” before you can check this month’s sales data. You and your team can see the latest information simultaneously.
It also eliminates the risk of creating reports or basing decisions on out-of-date figures. Since the online software updates automatically, you’ll never have to worry about using an old version of the file.
It makes collaboration easy.
Whether your team is in the office or working remotely, cloud accounting allows them to access the data they need from their own devices. It’s a major win for workflow, enabling you and your team to accomplish what you need, when you’re ready.
Things to keep in mind about cloud accounting:
It doesn’t work alone.
Cloud accounting isn’t a substitution for a skilled accountant. While the software has brilliant capabilities, it’s only as good as the person processing the data it produces. To truly benefit from what it has to offer it must go hand-in-hand with a quality bookkeeper or accountant.
They have the skills and experience to process your data in a way that gives you a treasure trove of actionable insights. An accountant will highlight the key numbers relevant to your business and help you use them to inform important decisions.
There are two types of software we recommend.
For small business owners, we recommend using Xero and Dext as your digital accounting software. Both are user-friendly, easy to get set up on and we know each one in-depth. If you have any questions give us a shout by clicking on the link at the end of the page.
It takes time and investment to get your bookkeeping right.
Solid bookkeeping is the foundation of your whole business, and if you get it right your whole finance function will follow. In our experience, when done correctly it can take 3-4 months to set up a bookkeeping system that’ll provide substantial benefits.
With this foundation established, you’ll save considerable time on finances, your business will be more valuable, and you’ll have far better foresight to deal with challenges and opportunities.
You don’t have to hire an in-house accountant.
To feel the full benefits of cloud accounting, you do need financial expertise – but you don’t have to hire someone new. If you work with us, you’ll have access to your very own team of bookkeeping and accounting experts. It cuts out the time and money involved in having to hire your own person, and you’ll gain the experience of an entire team rather than one individual bookkeeper or accountant.
Get set up on cloud accounting today (it’s easier than you think).
Going digital with your accounting guarantees to make your life easier as a business owner. Getting set up on the software is a smooth and quick process – and we’re here to help you every step of the way. We believe a quality bookkeeping process will add value to you and your business. To get started, fill in our form.