What is cloud accounting software?
- Data is stored and accessed online
- Allows collaboration
- Gives cash flow visibility
- It is scalable to your business
- A cost and time-efficient solution
In small businesses, it’s important to be able to keep track of your finances, sales, and inventory.
This is possible through cloud accounting software.
With this, you can stay on top of your finances with up-to-date information.
If you’re not yet familiar with cloud accounting software, continue reading!
This article gives you a guide on this IT solution.
We talk about what exactly cloud-based software is, some of its features, and the different benefits it gives to your business.
Data is stored and accessed online
With cloud-based technology, data from files and software programs can be stored online.
The term “cloud” is another term for the internet after all.
Cloud accounting solutions allow you to say goodbye to traditional desktop accounting where you’ll need to install the software on the computer itself using a CD.
When made into cloud-based software, accounting becomes virtual and hosted on remote servers.
These are responsible for processing all the accounting data on the software while storing it in a secure cloud.
In terms of storing data, cloud-based software can store and back the data up across numerous data centers.
It’s well-protected with various security measures like fire-wall protected servers and password-protected logins.
This protects small businesses from experiencing data loss and privacy issues.
Allows collaboration
Oftentimes, important decisions could only be made after in-person meetings and discussions.
With cloud accounting software, you can see reports and sales in real-time.
This allows easy collaboration with employees across the board.
There’ll be no need to wait for personal meetings to make an informed decision.
Even if various members can view files and reports, access is still controlled by the server.
This keeps the information secure while being able to share it remotely with other team members and accountants.
Gives cash flow visibility
In any business, it’s important to see your cash flow.
This is even more important for businesses that are just starting up and would like to find better ways to manage their finances.
With cloud software, all employees can see the numbers in real-time.
Your business is able to run more efficiently by tracking inventory, expenses, and income as it happens.
Through reports made in the system, you can pinpoint where expenses need to be reduced as well as how to shore up the cash reserves.
With immediate access to your accounting, all employees and management can stay on top of not only inventory but also payments that need to be collected from clients.
It is scalable to your business
Cloud accounting software is made for small businesses since most are available on a subscription basis.
However, it is not only limited to that size.
This software is designed to grow with your business, so it is easily scaled as the company grows.
Scaling this software is possible because of the unlimited capacity of transaction data in the virtual world.
The cloud allows the software to keep up with your financial needs as you progress with sales and income.
Since all of its data is stored on the internet, there is no need to worry about purchasing more equipment for upgrading.
It’s up to the server to upgrade the software’s functionalities and storage.
A cost and time-efficient solution
Cloud accounting software allows businesses to be more cost and time-efficient, meaning you’ll be able to save lots of time and money.
Tedious tasks can be automated thanks to technology. Take, for example, bookkeeping.
With the software, you can cut back on manual data entry with an automated bookkeeping workflow.
This eliminates the need to install applications and updated desktop-based bookkeeping.
Why choose EasyFS for your cloud-based accounting?
EasyFS is a software-as-a-service sales, inventory, and accounting software made specifically for micro, small, and medium enterprises.
It features an integrated system that has sales, inventory, and accounting on one digital platform.
Since its three functions are integrated into one, you can automate tasks.
This provides you with more accurate data and real-time reports.
The software is also able to create high-quality reports on demand based on the data in the system.
With EasyFS, you are also given a variety of features that help you cater to your growing business.
If you’re opening multiple branches, the software offers a multi-branch function on the same platform to see data from different locations at once.
When you start dealing with international clients, there is also a multi-language and multi-currency function to help you with those transactions.
Key Takeaway
Cloud accounting software has changed the way that businesses deal with numbers and reports.
Through this innovation, you can track everything on a digital platform that can be accessed by all your employees.
If you’re interested in installing cloud-based accounting software for your business, contact us here at Human Incubator.
One of our products, EasyFS, has all the features you need to innovate the way your company deals with accounting.
It is also compliant and ready for Computer Accounting systems following the guidelines of the BIR.
