With the ramifications of the pandemic forcing most of us to turn to online resources to keep our company cogs turning, it’s no surprise that the accounting sector has turned to cloud-based products.

Cloud-based accounting systems allow companies to have access to their system anytime – and from anywhere – something that has been a godsend for the many of us who have been working from remote locations. But cloud-based solutions go beyond aiding us through global pandemics. This article explores one of 2021’s biggest accounting trends: the cloud.

Why We Love The Cloud

1. They provide us access anywhere and anytime.

Accessing online documents, data, bank transactions, payments, invoices, and a whole host of other items has never been easier. Whether you’re working from your kitchen table or on a beach in Benidorm, you can access your firm’s info in seconds. All you need is your device and a decent Wi-Fi connection.

2. Strong security

Clouds are safe and reliable because they ensure the protection of clients’ data by eliminating the possibility of data loss or computer failure. They also include several security factors, such as login management, encryption, and multi-factor authentication within the network infrastructure to provide protection to accounting data and financial transactions.

3. Saving time and cost

The cost-saving benefits of cloud-based accounting systems are obvious. Clouds eradicate unnecessary expenses, such as maintenance, server failures, and various other costs. When a company opts for cloud-hosting services, the provider handles all tasks that reduce both capital as well as operating outgoings.

4. Your data is always backed-up

Losing data is an accountant’s worst nightmare and can be costly and time-consuming for any company. Cloud software provides accountants with ample peace of mind by offering regular automatic backups.

Fun fact: Cloud data backups will ensure accountants’ critical data is available even in times of disaster like earthquakes or cyberattacks.

5. Real-time metrics

Clouds provide real-time metrics which assist in preparing and sharing cash flow, earnings, and tax statements, and can determine how well the business is performing against its targets and will analyse the information in real-time to lower any risk of errors in reports.

6. It’s eco-friendly!

Companies looking to better manage their carbon footprint will benefit from cloud technology because it allows businesses to minimise their effect on the environment by lessening the amount of hardware/power consumption on their premises.

7. Automated admin

Prior to cloud tech, many bookkeepers typically carried out repetitive, manual tasks, which can take up precious time. With cloud computing, this work can now be automated, including changes to financial documents, reducing any human error, and saving much time and money.

8. Immediate upgrades

Cloud technology updates itself, meaning you don’t need to worry about maintenance or manually upgrading it yourself. You’ll also be warned in advance about any new features. Technical support is available anytime you need it, with providers able to assist you promptly.

Conclusion

According to a study conducted by Sage in 2018, 67% of accountants insist that cloud-based technology has significantly improved the productivity and ease of their job. And with the end of the pandemic not yet in our horizon, we adjust to the ‘new norm’, therefore it’s safe to say cloud tech is firmly embedded within that terminology. The use of clouds ensures that all accounting tasks are processed and completed within the software, which increases business growth, as well as meets the needs of rapidly changing markets.

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