Benefits of Cloud Based Bookkeeping Software



May 15, 2023

computer with accounting software and a person entering numbers into a calculator

As a business owner, you wear many hats, and managing finances is one of the most crucial and time-consuming tasks. Bookkeeping can be overwhelming, especially if you’re using outdated methods. But don’t worry! We have good news for you. With the evolving bookkeeping software choices available, managing your finances has never been easier or less stressful. That’s why we want to talk about cloud based accounting. Cloud-based accounting is a game changer for businesses! It uses safe and easy-to-use web-based software to streamline your financial processes. This means you and your finance team can access all your important data from anywhere, at any time, making collaboration and financial reporting a breeze.

Plus, with cloud-based software, you don’t need to set up individual desktops with software, since everyone in your company can access the cloud on their own devices. This makes it easy for remote teams to access the same key data and financial records, bringing everyone on the same page. And best of all, cloud accounting saves you time and money! Let us show you how cloud based bookkeeping software can help you streamline your accounting processes and take your business to the next level!

Advantages of cloud based bookkeeping software

Access Your Finances Anytime from Anywhere: With cloud-based accounting software, you can access your financial data from anywhere, at any time, without worrying about downloads and updates. This can give you more flexibility and freedom to manage your finances on-the-go, using a mobile app if needed.

Get an Up-To-Date View of Your Business: With real-time financial data, you can get a complete and up-to-date view of your current financial situation. This can help you make informed decisions about the future of your business.

Save Time with Automation: Many cloud-based accounting programs allow you to automate your workflow, saving you time and effort. For example, you can set up automatic payments for recurring expenses or automate sending invoices to customers.

Make Collaboration Easier: Cloud-based accounting software makes it easier to collaborate with your accountant and other team members. You can easily generate reports and give access to specific financial information as needed.

Improve the Accuracy of Your Accounting: With all your financial data in one place, cloud-based accounting systems help reduce the risk of errors. Regularly entering your expenses and income, and categorizing transactions, can help you get accurate reports quickly.

No Installation Required: Since cloud-based accounting software is hosted online, there’s no need to install any programs on your computer. This can save you time and money on IT support.

Access to Tech Support: Cloud-based accounting software providers typically offer tech support to their customers, providing access to technical professionals to help with any issues you may face with the software.

Go Paperless and Declutter Your Office: With cloud-based accounting software, you can import your financial data from your paperwork, reducing the need for physical filing and paper clutter. This helps minimize the risk of manual errors and makes managing your finances more efficient.

As you can see, there are numerous benefits to cloud based bookkeeping software. But not all of them are the same and they serve different purposes for the type of business you are running. Whether you prefer a cloud-based solution or a proprietary software, the benefits of bookkeeping software are numerous and can be beneficial to a growing company. 

Features of bookkeeping software

First, think about what you want your bookkeeping software to do for you. Do you need automation to save you time? Do you want to reduce errors and improve accuracy? Are you looking for real-time financial information so you can make informed decisions? All of these factors can help you narrow down your choices.

Next, consider your budget and technical expertise. While some software may have all the bells and whistles, it may not fit within your budget or be user-friendly for your level of technical expertise. Make sure to choose software that works for you and your team, and won’t cause undue stress or frustration.

Finally, think about how the software will integrate with other programs you use. Compatibility is key, so make sure your bookkeeping software can communicate with your other software seamlessly.

By taking the time to carefully consider your options, you can choose the right bookkeeping software that will help your business thrive. Remember, the right software can save you time, money, and stress in the long run!

Types of bookkeeping software

Cloud based software is our preferred choice but there are a few other options you can consider and we are going to give you the differences with each of them below:

1. Cloud-based software: The winning choice for our company! Cloud-based bookkeeping software allows you to access your financial data from anywhere, at any time, as long as you have an internet connection. This means you can work remotely or on-the-go, and still have access to your financial data. Cloud-based software often offers automatic updates and backups, so you don’t have to worry about manually updating or backing up your data. 

2. Open-source software: This type of software is free to use and can be customized to suit your specific needs. Open-source bookkeeping software is ideal for businesses that want more control over their software and are willing to invest the time and resources needed to set it up and maintain it. However, open-source software may not have all the features or support that proprietary software offers. 

3.Proprietary software: This type of software is developed and sold by a specific company. Proprietary bookkeeping software often offers more advanced features and support than open-source software, but it can also be more expensive. This type of software is best suited for businesses that require more advanced features and have the budget to invest in the software.

Wondering what software we prefer at Steadfast? Quickbooks Online is what we use and recommend to all of our clients. 

QuickBooks is a cloud based accounting software package designed for small and medium-sized businesses. It allows the business to accept payments, do payroll, and manage accounts online. 

Choosing the right type of bookkeeping software for your business is an important decision that can have a significant impact on your accounting processes. Consider the pros and cons of each type of software and choose the one that best meets your specific needs and budget.

Factors to consider when choosing bookkeeping software

Are you worried about the safety of your financial data on cloud-based accounting systems? You may be relieved to know that cloud accounting providers use advanced encryption techniques to secure your data. Your data is encrypted, which means it’s converted into a coded form that’s impossible to decipher. Cloud solutions use the same level of security that’s used to protect financial data and online banking. This means that your financial data is in good hands.

Implementing the new software

Once you’ve selected your new software, it’s time to put it to work. While this next step may require some patience, it’s critical to ensure that all your financial records are accurate and up-to-date. You wouldn’t want to make important business decisions based on faulty or incomplete data, right?

The implementation process may vary depending on the size of your business, but it’s always a good idea to make sure everyone who needs to use the software is properly trained. This includes not only you, but also your team members who will be responsible for handling financial transactions.

With everyone on board and using the software effectively, you can say goodbye to the days of manual bookkeeping and hello to the benefits of automation, error reduction, and real-time financial information. Plus, with your financial records in order, you’ll be able to make more informed decisions that will positively impact your business.

Are you considering adding this to your business? Bookkeeping software can be a game-changer for businesses of all sizes. It automates routine tasks, eliminates human error, provides real-time financial information, improves communication, and saves time and money. By choosing the right software and implementing it effectively, you can streamline your accounting processes and focus on growing your business. So, what are you waiting for? If being “technically savvy” is holding you back we would love to help your business get on the right track!

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