What Are the Advantages of Using Online Accounting Software?

By Karl Bilby

16 July 2015

Software & Cloud

3 mins

Table of contents

Have you considered Cloud accounting for your small business, but wondered if it’s worth making the move? Here we look at eight benefits Cloud accounting can bring to you and your business.

You can use Cloud-based accounting software on any device with an internet connection, allowing you and other users to access the data from home, the office, the airport, abroad… wherever you have an internet connection, you have full access to the financial information for your business.
Your data will always be up-to-date wherever you access it, allowing a real-time overview of your cashflow and facilitating business decisions on the go. Instead of promising clients, customers, suppliers or financial advisers that you’ll ‘get back to them once you’re back in the office,’ you have the information you need to answer questions and make decisions there and then.
Backing-up your data is easy – and far more hassle-free and secure than traditional back-ups that depend on the integrity and reliability of paid data storage facilities or in-house servers and hard drives (or even, horror of horrors, memory sticks. Because they never get lost, fail, or become welded to the USB port when John’s dodgy laptop overheats, do they…?).
It allows multiple personnel in many locations to access the data, allowing collaborative working – but you can closely control that data access. Sensitive information isn’t being carried around on memory sticks that John takes home to fill with pictures of his cat, or emailed hither and thither to poorly-chosen distribution groups and accidentally CC’d contacts. It can only be seen by personnel with authorised access.
Because your data is held on the Cloud and can only be accessed via the correct login, it should be more secure than data held in traditional PC-bound accounting software that can be accessed via a stolen or mislaid laptop or mobile device. The security of your data and business details are the responsibility of your service provider. What a relief!
Problem with your office PCs – or even worse, fire, flood or burglary? You can still access your financial data anywhere you have an internet connection. Your information is safe on the Cloud and can still be accessed and worked with, whether that’s from a temporary office or from your couch, minimising downtime and disruption.
Your accounting software is always up-to-date and can handle huge volumes of data. Updates are free and usually automatic, saving you time, money and stress. Support can be provided quickly and remotely and it’s usually part of the package, meaning there’s minimal down time for fixes, debugs and new installations.
In the Cloud, your accounting software can be integrated with other business records and utilities, making it easy to manage your small business administration in one place. Scanned documents, add-ons and complementary applications can all be seamlessly integrated.

There’s definitely a silver lining to this particular Cloud, so now you’ve seen how Cloud accounting can save you time, money and stress, why not consider making the move?