Benefits of Using Cloud Accounting Software

Benefits of Using Cloud Accounting Software

Business owners have so many tasks, which require their attention, and accounting is not an exemption. Cloud accounting software simplifies accounting tasks while ensuring accuracy and data security. Aside from this, there are other reasons cloud accounting software gives you an edge over your normal accounting software, but first, what is cloud accounting software?

Simply put, cloud accounting software is online business software that helps to manage finance over the web. You are not required to install any software on your computer, for as long as there is an internet, you can access the financial standing of your business. The benefits online accounting software offers to users are enormous and must be considered.

  • It provides easy access to your account. Accounting software that is not cloud-based must be installed on the user devices before it can be used on such devices. However, with cloud accounting software, you will have access to your account balance, check invoices, update accounting information and monitor your business profits using your smartphone, tablet or notebook.


  • It ensures security. Most people are concerned about the safety of their financial data with cloud accounting. With MyBooks cloud accounting software, your data is safe and secure. The automatic and constant backup, which it provides helps to prevent loss of information. Frequent security upgrade also eradicates the fear of compromise to your financial information even if your computer crashes.


  • You can share and connect with other people. Cloud accounting software allows you to collaborate with your employees, team and other entrepreneurs. Many people can work on the same file simultaneously from different locations. With MyBooks cloud accounting software, you eliminate the need to share financial information via email and you save the time waiting for the other person to finish working on the same data.


  • It is affordable to use and maintain. Cloud accounting software eliminates the constant need to buy a newer version of accounting software. The software is updated in real time and at no cost to the user. There is no need for a professional accountant and IT support staffs, therefore the cost of hiring these professionals are removed. The money can be used in other areas of the business and this promotes growth.


  • Cloud accounting software is easy to use. You do not need a crash course or a degree in accounting to utilize the software. MyBooks cloud accounting software guides the user through its simplified, systematic process that reduces the monotony of bookkeeping. You can be sure of precision while also managing your account conveniently.


  • It increases productivity. The time spent on calculation is drastically reduced through the software. The automation feature it possesses helps generate an up-to-date report and real-time statement. The software calculates VAT, gives you your profit or loss for the year, serves as a constant reminder for your account payables and receivables and prepares your payroll account. This gives you the time to focus on other aspects of your business.



Do Your Small Business Finance Without an Accountant

Small businesses just like big ones need to monitor their expenses and incomes. This, among other things, is what most referred to as accounting. Accountants, using pen and paper traditionally analyze the financial standing of businesses – irrespective of their size. It is believed by many that one needs a good knowledge of technical accounting lingo to carry out the task of an accountant. However, with the help of accounting software, a small business owner can now carry out simple accounting, personally, without an expert.

Accounting software is application software that records financial and accounting transaction. Many accounting software are available now at the disposal of an entrepreneur. However, accounting software needs not be installed on the users’ computers, and this is where cloud accounting comes in. This is because modern the methods of doing things over the internet have also extended to financial analysis. What then is cloud accounting?

Cloud accounting –also known as online accounting- is an aspect of cloud computing which deals with the management of accounting software on the cloud instead of the user’s computer. It allows business owners to manage their finances online using common web browsers and applications.

There are many reasons to use cloud accounting software like MyBooks by an entrepreneur. Apart from the obvious fact that it saves small business owners the money to hire a professional accountant, it also reduces the cost of purchasing and updating accounting software.

The convenience which cloud accounting gives to small business is tremendous. You can navigate among the different devices you own at any time. From your smartphone to your tablet and your laptop, you have the advantage of managing your finances on the go. You can also share financial information with other people easily.

The security of your financial data is integral to the survival of your business. Therefore, MyBooks cloud accounting software helps secure your information against theft while maintaining regular update. Furthermore, the loss of any of your devices does not hinder your use of the online software.

In addition, precision is important while dealing with numbers in order to avoid an unnecessary loss to the business. Mistakes in calculation are eliminated with cloud computing. Accounting history, trends, profits, and losses become easy to keep track of by small businesses and thus increase efficiency.

Other important benefits of cloud accounting are the analysis tools it provides which reduce the complexity of accounting. It also helps to manage tax compliance, pays account receivables, displays trends, manages inventory, remit invoices and prepares tax reports.

Cloud accounting software carries out so many functions for entrepreneurs who are just starting a business and those who already own a business. For small business owners, especially those without many employees, there are so many tasks to be carried out and the ease of carrying out these tasks are usually appreciated. Micro business owners can carry out accounting like a pro with cloud accounting software. It is like having a personal human accountant but with so many other features.