By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Icy Tales
  • Entertainment
    • Books
    • Games
    • Gaming
    • Movies
      • Bollywood Movies
      • Hollywood Movies
      • Music
  • Icy Tales Exclusive
  • Food For Thought
    • Humanity
    • Inspirational
    • Issues that Concern Us
    • Personality
    • Environment
  • Living Life
    • Lifestyle
    • Fashion
      • Beauty
      • Hair
      • Makeup & Skincare
    • Fitness
    • Food
    • Health
    • Life Hacks
  • Stories and Poems
  • Student’s Corner
Search
  • Contact
  • Complaint
  • Advertise
© 2022 Foxiz News Network. Ruby Design Company. All Rights Reserved.
Reading: 10 Advantages of Cloud Accounting Software for Businesses
Share
Notification Show More
Latest News
The diary of a teenage girl
The Diary of a Teenage Girl: 8 Exclusive Facts Before You See
February 7, 2023
A group of friends sitting at a table at a cafe on their laptops. Photo by Brooke Cagle on Unsplash
Why People Prefer Entertaining Hobbies to Personal Growth Hobbies
February 7, 2023
Explore The Isles Of Scilly : All You Need To Know About It 1
Explore The Isles Of Scilly : All You Need To Know About It
February 6, 2023
Dog waiting for its food.
Types of Dog Food Every Dog Lover Should Know About (2023)
February 6, 2023
Anti anxiety.
Unveiling the Science of Anti-Anxiety Properties in Cake Disposable 
February 6, 2023
Aa
Icy Tales
Aa
  • About Us
  • Advertise With Us
  • Icy Tales Writing Agency
  • Icy Tales Recruitment Help
  • Privacy Policy
  • Cookie Policy (CA)
  • Terms & conditions
  • Code of Ethics
Search
  • Entertainment
    • Books
    • Games
    • Gaming
    • Movies
  • Icy Tales Exclusive
  • Food For Thought
    • Humanity
    • Inspirational
    • Issues that Concern Us
    • Personality
    • Environment
  • Living Life
    • Lifestyle
    • Fashion
    • Fitness
    • Food
    • Health
    • Life Hacks
  • Stories and Poems
  • Student’s Corner
Follow US
  • Contact
  • Complaint
  • Advertise
© 2022 Foxiz News Network. Ruby Design Company. All Rights Reserved.
Icy Tales > Living Life > 10 Advantages of Cloud Accounting Software for Businesses
Living Life

10 Advantages of Cloud Accounting Software for Businesses

Icy Tales Team
Icy Tales Team January 5, 2022
Updated 2022/01/05 at 8:05 PM
Share
6 Min Read
SHARE

Are you still using standalone legacy accounting software for your business?

If you’re, it could just explain why you are not getting the results you expect from it. Most businesses today have moved to cloud accounting, which brings a lot of advantages like cost savings, increased productivity, instant access to information, and more!

67% of accountants vouch for cloud accounting while 58% of large companies have already adopted the solution. By 2020, 90% of small businesses will solely use cloud technology making way for mass adoption in a few more years.

10 Advantages of Cloud Accounting Software for Businesses 2

But what makes cloud accounting so lucrative?

For starters, companies that use 100% cloud-based accounting experience a 15% year-over-year growth in revenue. Companies that use the cloud are also able to add 5 times more clients than organizations that don’t use cloud accounting. It’s why you need the right. 

Now does it make sense why the cloud is a preferred option for your accounting needs? To help you decide whether you should move to the cloud, here are 10 advantages that cloud-based accounting software brings!

  1. Work from Anywhere

You don’t need to be restricted to a desktop in your office when you move to the cloud. All you need is an internet connection to access your financial details and do your accounting. Some providers like Xero also have mobile extensions so that you can work on the go!

  1. Automation Saves Time

Do you spend your day posting and chasing invoices? Cloud accounting can save you from the trouble by automating invoice generation and can also provide timely reminders at regular intervals. 

Cloud-based accounting solutions like Xero automatically keeps tracks of debtors and can also be integrated with HR to manage payroll and automatically generate payslips and more!

  1. Reduce Costs

Cloud-based accounting software doesn’t need you to make huge upfront payments. You can take advantage of affordable monthly subscriptions and make the most of your business’s cash flow. 

Moving to the cloud can also cut back your labor costs through automation and efficiency. According to Forbes, a cloud accounting solution can reduce your labor costs by 50%!

  1. Secure Your Data

When you are using on-premise accounting software, you can lose all your information if the hard disk crashes or the server goes down. But your data is always safe on the cloud with constant backups and mirroring ensuring 24/7 availability. 

Cloud helps you to navigate disasters by securing your data effectively. 

  1. Encourage Collaboration

Cloud accounting makes it easy for your employees and departments to collaborate on projects. You can control the access of information by granting individual permissions. For example, when you are using Xero, you can restrict your employees from managing payrolls to view only payroll-related data.

They will not be able to access other portions of the solution like bank transactions.     

  1. Real-Time Information

Cloud accounting software can easily integrate with other business solutions to provide real-time data. You can link the solution to your bank accounts and easily keep track of expenses, sales, and inventory. 

You can get a clear picture of your finances and have a clear idea of where your business is heading.  

  1. Automatic and Free Updates

You don’t need to pay or do anything to update your software. But with a reliable resource like Irene’s bookkeeping you can have affordable book keeping services, you can check their rates here. Cloud-based accounting solutions are automatically updated by the vendors and come as a part of your subscription. You can always be sure that any change in accounting standards is done automatically without you having to put in any effort.  

  1. Improved Accuracy

27.5% of companies consider manual data entry to be the source of accounting errors. Cloud computing can get rid of manual data entry processes and automate the process for greater accuracy and data quality. 

For example, accounting solutions like Xero can directly fetch details from paper invoices using a smartphone camera to reduce errors of manual entry.  

  1. Overview of Financial Position

You do not need to go through several spreadsheets or accounts to know how your business is performing. Cloud-based accounting provides a complete overview of your financial position with detailed reports, visualizations, and custom metrics. 

  1. Responsive Tech Support

You don’t need to hire or pay for IT expenses when you run into trouble with your accounting software. Vendors of cloud-based software provide round the clock technical support through phone, chat, and email so that all your issues are resolved as soon as possible.  

Cloud-based accounting solutions are easy to use and intuitive to your needs. You can scale as your business grows and receive meaningful financial insights that help you make data-driven decisions to increase your profitability and bottom line. 

Storing information over the cloud makes your accounting highly accessible and cost-effective, improving the efficiency of your accounting process.

10 Advantages of Cloud Accounting Software for Businesses 3

Originally posted 2020-06-14 17:42:47.

You Might Also Like

Unveiling the Science of Anti-Anxiety Properties in Cake Disposable 

10 Countries With the Strongest Military in the World

What to Drink for Acid Reflux : 8 Excellent Drinks

What to Wear to a Bridal Shower? 9 Beautiful Options

How to Curl Hair with Flat Iron: 14 Easy Pointers

Icy Tales Team January 5, 2022
Share this Article
Facebook TwitterEmail Print
What do you think?
Love0
Sad0
Happy0
Sleepy0
Angry0
Dead0
Wink0
Leave a comment Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Stay Connected

22.2k Followers Like
13k Followers Follow
11.6k Followers Pin
56.4k Followers Follow
334 Subscribers Subscribe

Latest News

The diary of a teenage girl
The Diary of a Teenage Girl: 8 Exclusive Facts Before You See
Entertainment Movies February 7, 2023
A group of friends sitting at a table at a cafe on their laptops. Photo by Brooke Cagle on Unsplash
Why People Prefer Entertaining Hobbies to Personal Growth Hobbies
Lifestyle February 7, 2023
Explore The Isles Of Scilly : All You Need To Know About It 4
Explore The Isles Of Scilly : All You Need To Know About It
Travel Advice Places to Explore February 6, 2023
Dog waiting for its food.
Types of Dog Food Every Dog Lover Should Know About (2023)
Things To Know About February 6, 2023

You Might also Like

Anti anxiety.
Living LifeHealth

Unveiling the Science of Anti-Anxiety Properties in Cake Disposable 

February 6, 2023
strongest military in 10 countries in the world
Living Life

10 Countries With the Strongest Military in the World

February 6, 2023

What to Drink for Acid Reflux : 8 Excellent Drinks

February 6, 2023
what to wear to a bridal shower
Fashion

What to Wear to a Bridal Shower? 9 Beautiful Options

February 5, 2023
// @Icy Tales

A Property of Icy Media https://www.icymedia.ca

#1407, 3083 East Kent Ave N,Vancouver, V5S 4R2,

Canada

Whatsapp – +1-778-951-2734

Disclosure statement:

Every time you make a purchase from one of the products we talked about, we may earn a tiny bit of commission – at no cost to you! This doesn’t influence our decision-making; it just helps keep our small business alive!

  • About Us
  • Advertise With Us
  • Icy Tales Writing Agency
  • Icy Tales Recruitment Help
  • Privacy Policy
  • Cookie Policy (CA)
  • Terms & conditions
  • Code of Ethics
Follow US

© 2022 Icy Tales. All Rights Reserved.

  • About Us
  • Advertise With Us
  • Icy Tales Writing Agency
  • Icy Tales Recruitment Help
  • Privacy Policy
  • Cookie Policy (CA)
  • Terms & conditions
  • Code of Ethics

Removed from reading list

Undo
AdBlock Detected
Our site is an advertising supported site. Please whitelist to support our site.
Okay, I'll Whitelist
Welcome Back!

Sign in to your account

Register Lost your password?