Have you heard the words ‘cloud accounting’ but not quite sure what it actually is and what is does? Well you’re probably not alone, but don’t worry, we are here to clear things up!
The ‘cloud’ is not a new concept, with some arguing that the idea has been around since the 1960’s. However, with the recent improvements in internet connections and speed, online or cloud financial services are becoming the norm. Many small businesses are also becoming more involved, particularly because of the benefits.
What is cloud accounting?
Cloud accounting is a platform for storing your financial data on a server and accessing it remotely – anytime, anywhere and from any device. The data is stored in what is referred to as the ‘cloud’ – usually huge server farms with a sole purpose of storing data securely. Take internet banking as an example, every time you log into your online banking system you are using the cloud.
Accounting software for small businesses that’s not available via the cloud can be monotonous and tedious. It can suck up far too much of your business’s time and takes the fun out of your business venture. Other problems with traditional accounting software include: only one person has user access, it’s costly and complex to keep backups, it only works on one computer and risky when transferring data from one place to another – computer to USB
What can you do with cloud accounting?
A few of the many things you can do with cloud accounting include:
- Create invoices & pay bills – Manage taxes
- Track expenses – Track supplier bills & payments
- Track profits & cash flow – Monitor budgets
Of course we think that Pandle is the best cloud accounting software around and with good reason! It’s quick and easy to use and covers everything you need to keep your business bookkeeping in order. To get more details on cloud accounting, head over to the advantages page. If you need the full low down on all of the Pandle cloud accounting features, take a look at our features page.