5 Benefits of Cloud Bookkeeping Services
New and innovative technologies are changing our lives every day, and we rarely ever stop to look at the benefits of the ones we overlook. Not that it’s something to feel responsible about – after all, every week there is a new way to do something, be it bookkeeping or locking your own door, and it’s all thanks to the internet. The internet has allowed for the inclusion of cloud technology in almost everything, but below, we will speak about the benefits of cloud bookkeeping services, because these might get overlooked by busy entrepreneurs and small business owners, and really, every person that needs to outsource their bookkeeping, or wish to do it by themselves but do not have the right tools for it.
Cloud services, in essence, means keeping information in the cloud – remotely – on servers that might be miles away, physically, from you. But, all the information that you’ve stored is available to you as long as you have internet access and a mobile device – laptop, phone, or tablet. Cloud bookkeeping means having your bookkeeping records available to you anywhere, at any time, and many additional things that are highly beneficial for anyone who wishes to focus on improving their business. Remember, numbers are important when running a business, and a lot of your business decisions will depend on having relevant information available to you at any given moment. On the other hand, business that run desktop bookkeeping services, or still use traditional bookkeeping spend more than 35% of their working time chasing away documents, reports and inputting latest data in the program.
1. Immediate, updated access
As previously mentioned, one of the greatest benefits of cloud based bookkeeping is having access to your financial records anywhere, from any portable device that has an internet access. However, in theory, a person that uses traditional bookkeeping can also have that if they carry a bulky briefcase filled with documents and reports. On the other hand, the information that they’d carry would be old – a day, a week, or a month. With cloud bookkeeping, you can sync it with your bank, and have updated reports all of the time. That way, every time you check the records on your device, you will get real-time information, and you will know exactly in what shape your finances are at all times. This is highly beneficial if your finances play a role in making a business decision – which will speed up your working process because you will not need to wait for the report to be made.
2. Low overall cost
Bookkeeping services are not cheap, but in this case, compared to getting a desktop based software, cloud bookkeeping services are usually paid monthly, but you don’t have extra costs about upgrading software, system administration or maintenance. And if there is a problem with your software, you will probably be charged a fee for reinstallation or repair. On the cloud, the service provider takes care of all of these for you, and all you need to do is make sure that those services are included in your fee. Additionally, if the service provider offers a basic package with add-ons is really good for you, because you can simply add the services you need to your package, and not pay for other services that are being provided.
3. Sharing information
A major benefit of cloud based bookkeeping services is the opportunity to share the information with the members of your team (or anyone else who needs that information) with ease. You will no longer need to create emails with detailed reports and explanations, instead, both of you can view the information on the cloud at the same time. Once again, with cloud bookkeeping, your business will smoother, your team members will be in sync with each other, and you will save a lot of time that you can use on other aspects of your business, or simply have more free time.
4. Automatic backup
Not many people and business owners pay attention to creating backups and archives of their records, simply because creating backup manually can be a tedious process and difficult to learn. This means that you might need to spend a lot of time simply learning how to manually backup your data, especially if you’re not that good with technology. On the other hand, with cloud bookkeeping, you don’t have to worry about that. Your information is automatically backed up, and you can rest easy that you will not lose weeks or months of work just because you never managed to create a back up of your data file. In addition, if you’re using a desktop software, you might need to create more than one data files in order to keep your bookkeeping straight – which can actually cause problems in the future for you if you input the wrong information in the wrong data file.
5. Constant improvement
Using a cloud based bookkeeping service means, in essence, that any new improvements upon the software, and any new bookkeeping methods that will make the whole process faster and easier for you will be made automatically available to you. You will not need to pay a fee for additional services, or for an upgrade, and still get to enjoy all the benefits. And since cloud communication is always being improved upon, you will constantly be on the receiving end of the improvements, and by proxy, your finances and your business will benefit greatly over time.
Technology really is improving our daily lives all the time, especially in terms of communication and sharing information. With the cloud based software, and software such as the annodex, which you can use to share time-continuous data and have your browser recognize videos, image and media files the same way as a text article, the future of communication looks very bright indeed. Soon, it will not only be just cloud bookkeeping that will benefit your business or allow you to delegate a lot of tasks to a software. Quite simply, the way we communicate will be additionally improved, and we will be able to share information, be it personal or business related, with incredible ease and speed.
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