This time a few decades ago, ‘the cloud’ would have meant nothing more than a miserable weather forecast. There was certainly no connection to be made between nimbostratus and the piles of spreadsheets and paperwork mounted up on the desks of accounting professionals.
These days however, the two have been amalgamated into what has proved to be one of the industry’s most triumphant digital developments.
Before we delve into the ways in which the concept of cloud-based accounting can help boost your business profits, let’s first answer the question that many people in the sector are still asking…
What is cloud accounting?
Cloud-based accounting software isn’t too dissimilar from traditional accounting software but it just means that all of the data is stored on and accessed via remote servers referred to collectively as ‘the cloud’. This means the process of cloud accounting is a systematic combination of cloud computing and cloud storage.
This was developed as an alternative to storing data internally or on individual desktops for reasons we will explore further next.
It really isn’t as complicated as it sounds but if you’re still feeling a bit baffled at this point, just pick up the phone and one of our experts will be more than happy to explain before you continue on through this article.
How cloud-based accounting can boost profit-making
So, how exactly can this digital way of doing things impact your bottom line of business? Allow us…
Better retention of clients (and their money)
Two of the main premises behind shifting accounting software over to the cloud are:
– To boost efficiency and streamline systems company-wide
– To significantly improve the security of data storage and therefore the safety of confidential information
Both of these advantages allow you to deliver a much more effective and secure service to clients so you’re less likely to lose business over data protection issues or process oversights – both of which are common with traditional methods.
Cost-saving through scalability
One of the other main benefits that comes with cloud-based accounting is the flexibility in scalability. You are able to pay for what you use or per user so that you can scale up or down as and when your business requirements grow or shrink.
This means you can avoid paying for unnecessary software or internal server space when it isn’t needed.
Avoid shelling out for expensive servers
The fact that data can be stored remotely means that you no longer have the potentially monumental costs of servers and software licenses hanging over your head.
All of this is integrated within the cost of the cloud and is a much more affordable alternative, which is particularly attractive to small businesses or start-ups with limited budgets.
If you’d like to find out more about our cloud-based accounting software, Pandle get in touch with one of our experts who will be more than happy to talk you through your options.
Give us a call on 0203 393 7434 or send an enquiry email to the firstname.lastname@example.org inbox.