Stay On Top of Your Finances Through Cloud Accounting

Are you having difficulty with your accounting tasks lately?

Is your manual system already taking a toll on you?

Rather than hiring accountants and bookkeepers, it is more efficient and cost-effective to migrate to cloud accounting.

However, the cloud is not for everyone so, as always, you need to weigh the pros and cons for your business.

As mentioned, staying on top of the finances of the business is the primary reason for having cloud-based management software.

Because knowing how well you do in the business is what really matters.

The second consideration is they want to improve efficiency and they need more real-time and better-quality information. 

Let us probe into the advantages of cloud accounting first and weigh it later on with its disadvantages. 

1. Cost-Effective

For many businesses, cloud accounting is more affordable and cost-effective than having in-house accountants or a department specifically doing accounting tasks.

Cloud accounting normally operates on a subscription basis with a price that is all dependent on the extent of the task plus the number of users and the modules required.

2. Access 24/7

One of the greatest advantages of having cloud accounting is the availability of financial information on any day and at any given time.

Crucial indicators are mostly displayed on a dashboard so that it is easier to track it down.

You don’t even have to go looking for them.

3. Ease of Navigation

 Cloud accounting systems usually have easy-to-navigate user interfaces and anyone can easily learn and adapt to its navigation style.

Many cloud-based management software have mobile apps which allow you to access your accounts on the go.

4. Updated and Real-Time Information

This is what they consider the  flagship functionality and the advantage of cloud accounting.

It provides real-time information that is available.

Of course, there is a requirement needed.

Data should also be encoded and entered into the system on a timely basis.

5. Streamline processes

Many clients find that cloud-based  management software systems make them streamline their processes effectively, eliminate redundancy and allow faster team collaboration and synergy.

6. Security and backups

The cloud-based management software solution vendor focus on security and backups, so once you see that your needs are met by what they provide, this gives you the assurance that you can trust them and you can now eliminate the need for in-house systems requiring constant updates and maintenance for safety and security.

easyFS gives you a highly-accurate and real-time view of your financial statements.

Sign-up for a FREE easyFS Accounting System now!

easyFS gives you a highly-accurate and real-time view of your financial statements.

Sign-up for a FREE easyFS Accounting System now!

7. Scalability and Expansion

You can grow your business exponentially with the help of cloud accounting.

Scalability and expansion are easy to achieve when you are using cloud-based management software systems.

Usually, it’s just a matter of adding the number of users or of upgrading your package to that with modules your expanding business requires. 

Since cloud accounting may not be applicable to everyone since needs are diverse, it is critical to investigate the pros and cons before making a final decision to migrate to cloud accounting software. 

Now here are the disadvantages: 

1. Connectivity

Cloud accounting requires a good Internet connection.

Nothing more. Nothing less.

Otherwise, slow speed could impact the efficiency of the software system.

2. Data security

You have to know your provider and be confident that they can deliver.

This is extremely important.

You should be able to determine if the provider adheres to high standards of security and safety protocol. 

3. Vendor contract lock-in and commitment

There are vendors that require a lock-in period. 

Some clients worry about this if they want ‘out’.

4. Customization

There are cloud accounting systems that lack customization. 

This is a limiting factor for businesses that are fast-paced and reliant on critical data and information.

Like all other business solutions, cloud accounting software has its own share of advantages and disadvantages. 

Try to read through the ones listed and you can weigh your options. 

However, if you do decide to go with such cloud accounting software, there is a Software-as-a-Service (SAAS) sales, inventory and Accounting system designed for Micro, Small and Medium (MSME) Enterprises: EasyFS.

If you want to manage your business in real-time and at the same time stay on top of your finances, then EasyFS can provide you a turn-key solution to your most common business problems to effectively monitor your sales, checking your LIVE inventory stock quantity and most importantly the status of your business’s financial health.

And most significantly, EasyFS is CAS (Computerized Accounting System) compliant and ready for government taxation in the Philippines.

Book a free demo today and learn more about the service that EasyFS provides.

Check more details, here: https://human-incubator.com/easy-fis/

easyFS gives you a highly-accurate and real-time view of your financial statements.

Sign-up for a FREE easyFS Accounting System now!

easyFS gives you a highly-accurate and real-time view of your financial statements.

Sign-up for a FREE easyFS Accounting System now!